Switzerland-based financial technology firm X8 AG has successfully gained a certification from the Shariyah Review Bureau (SRB) for its Ethereum-based stablecoin, X8 Currency. The certification guarantees X8’s Ethereum based tokens’ compliance to Sharia law and thereby, invites investors looking to invest in Shariah-compliant assets. It also provides an elaborate set of guidelines for trading in currencies while preserving its value.
One distinctive feature of this digital currency is its advanced artificial intelligence wealth value preservation solution. X8 Currency is the first to receive the certification for its ARM-AI (Automatic Reserve Management, Artificial Intelligence) driven portfolio which preserves value with its 100% backed reserves of eight major fiat currencies (US Dollar, Swiss Franc, Euro, Pound Sterling, Japanese Yen, Australian, New Zealand and Canadian Dollar) and gold.
Francesca Greco, Director and Co-Founder of X8 AG, commented, “With the changing environment of banking and asset management primarily due to fintech-driven shifts, the market for wealth preservation in Islamic finance is poised to see disruption, and it is for this reason that we are seeing an increasing demand for our Product in the Islamic markets. We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive new business opportunities for investors in the marketplace compatible with their faith-based values.”
As part of its plans to expand its business to the Middle East, X8 is reportedly planning to launch a crypto exchange that would include a Sharia-compliant trading platform. The company has, therefore, held meetings with local exchanges in Abu Dhabi, Dubai, and Bahrain.
SRB is one of the world’s leading Sharia consultancy and audit firms licensed by the central bank of Bahrain. The organization offers banks, insurance, and asset management institutions a range of Sharia-compliant certification, review, and supervisory services across all major asset classes. It also offers its advice to wealth management companies, high-net-worth individuals and family offices.
Meanwhile, Yasser S. Dahlawi, Founder and CEO of SRB said, “We are keenly looking forward to X8’s vision to advance digital currency capabilities by systematically using Blockchain and Artificial Intelligence techniques. Moving forward we will work closely with the team at X8 to ensure that they have access to the levels of expertise required for attaining Sharia compliance in their business facilities.”
Back in July, altcoin Stellar (XLM) had won a Sharia compliance certification within the cash switch and asset tokenization box. Even earlier in March, Noorcoin obtained Sharia certificate from the Global Sharia Advisory Committee in March.