Swiss Cryptocurrency Firm Gets Islamic Leasing Certification - ijaraCDC

Swiss Cryptocurrency Firm Gets Islamic Leasing Certification

X8, a Switzerland-based financial tech firm that received a proper certification from Islamic scholars for its cryptocurrency, announced plans that it will expand its current businesses in the Middle East. This comes at an interesting time when it seems there are two forces at play.

On one hand, there are many different fintech firms that are trying to integrate their particular technology into Islamic leasing and Shariah compliant financial tools. This is primarily because several different regulators and financial exchanges in Middle Eastern regions are trying to attract innovation. On the other hand, some Islamic scholars are working to gauge the validity of some of these digital monies. Some are openly critical of what they see as certain volatility in the price and types of assets that can be backing up these digital currencies.

Dubai has made some moves in the renewable energy sector. Both energy experts and government officials in Saudi Arabia are stressing the importance of a move toward not just Islamic leasing and Shariah compliance but a worldwide green economy.

Group CEO of Kuwait Finance House Mazin Saad Al-Nahedh recently announced that research has shown the

presence of large opportunities in the Islamic leasing space priced at over US$2.5 trillion that will grow to reach

US$4 trillion by 2022. He also said that Islamic leasing and tools like Sukuk are good ways to tackle government deficits and these fundamental tools have a big role to play in Kuwait’s upcoming financial investment projects.

 

Shoeb M Sharieff is the president and CEO of Ijara Community Development Corp. He can be contacted at shoeb@ijaracdc.com.