Cryptocurrency Exchange To Modernize Islamic Finance In Malta

It appears that Malta will have a prominent role to play for alluring innovative cryptocurrency and Blockchain ventures as well as to modernize the upcoming Islamic finance space. Meanwhile, a new cryptocurrency exchange intends to get listings from Sharia-compliant fintech startups.

The exchange is called Huulk and it has applied for a license to start a digital exchange in Malta. It is optimistic about collaborating with many European exchanges soon according to Ibrahim Mohammed, the chief executive of the exchange.

According to a specialist in Islamic Finance, the initiative taken by the exchange is indeed a big step towards revolutionizing the Blockchain and cryptocurrency space pertaining to the participation of the Islamic world is concerned. It was earlier reported that Stellar Lumens is being used as a digital currency in Islamic Finance.

The cryptocurrency exchange is a part of a group called OneGram Group of Companies. In fact, the exchange is optimistic that its proposed partnership will enable it to host trading of commodities, stocks, as well as crypto assets.

Bianchi To Become An Equity Partner For Huulk

Incidentally, Bianchi Holdings Limited of Malta would become an equity partner for the exchange, the CEO said. Michael Bianchi, the chairman of Bianchi Holdings is also a part of other cryptocurrency and Blockchain ventures in association with Binance.

Binance is one of the largest digital currency exchanges in the world in the form of a bank that is applying for a license to function in Malta at present. While a large number of digital currency firms are collaborating with traditional stock exchanges to get more business, Huulk is trying their best to attract the Muslim investors.

The cryptocurrency exchange is trying to attract about 20 Islamic fintech companies, CCN reported. Some of these function in Muslim dominated nations like Malaysia and Turkey, according to Mohammed. Many financial technology companies have launched products, which are in sync with Shariya to increase their footprint in Southeast Asian nations and the Middle East.

 

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