“Islamic Coin has a huge potential in Malta”, says Malta-based Islamic financial expert Reuben Buttigieg speaking with AIBC News. “The main thing is that the mechanisms of how crypto functions are very much in line with the principles of Islamic finance provided that no speculation is done on the particular gain.” he adds.
Sheikh Hazza bin Sultan bin Zayed Al Nahyan appointed advisor to swiss based Islamic Coin
His Highness Sheikh Hazza bin Sultan bin Zayed Al Nahyan, a member of the UAE royal family has been appointed advisor to to the Swiss-based Shariah-compliant digital money venture Islamic Coin.
Bitcoin vs Islamic Coin
Reuben Buttigieg points out that the speculation on bitcoin is against the principles of Islamic finance whiles the use of coins to finance business and operations and the collection of funds from many people is exactly in line with what Islamic finance promotes.
He explains that the crowd funding element could be a huge boost for the Islamic finance world and in fact the various initiatives in various parts of the world.
Buttigieg adds that Malta had an opportunity way back to make an entry into Islamic banking in 2013. Unfortunately did not materialise. “We have have not realised the huge potential that Islamic banking has should Malta be open to the Islamic finance principles particularly given its geographic position”.
Shariah-compliant crypto is a fast emerging financial product
The advisory role of Sheikh Hazza in the Sharia-compliant crypto market is expected to attract investors from the Islamic world to the digital money venture.
“It is a great pleasure to join such a diverse and focused team and work together on bringing unique and life changing solutions to the Muslim world and beyond,” Sheikh Hazza said.
Big names in Islamic banking
Sheikh Hazza will be joining some of the big names from the Islamic finance world such as Sheikh Dr. Nizam Mohammed Saleh Yaquby, referred to by Bloomberg as ‘the Gatekeeper’ of a $2 trillion market for Islamic financial products. Hussein Al Meeza, one of the founders of the Dubai Islamic Bank and Emaar Properties will be pivotal in establishing an ecosystem for the crypto project.
A spokesperson for Sheikh Hazza added “He will also be involved in supporting the innovation and philanthropy work of the company.”
The Swiss-based Haqq Association includes other members from the Abu Dhabi and Dubai ruling families. They include Sheikh Khalifa bin Mohammed bin Khalid Al Nahyan, Sheikh Mohammad bin Khalifa bin Mohammad bin Khalid Al Nahyan and Sheikh Juma bin Maktoum Al Maktoum.
Co-founded by Mohammed AlKaff Al Hashmi, Hussein Mohammed Al Meeza, Andrey Kuznetsov and Alex Malkov, Islamic Coin has recently secured $200 million from private investors.