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First sharia crypto exchange opens in #UAE

A new sharia-compliant crypto exchange has announced plans to launch in the UAE. Sustain Exchange hopes to offer sharia-complaint and ethical services to give Muslims a space in which to invest in the crypto market. An initial coin offering is planned for June and security tokens issued during the offering will serve as the key to accessing the exchange’s services. Sustain Exchange will introduce an independent sharia advisory to maintain compliance with sharia principles. To this end it has appointed an Islamic fintech scholar to its board, Mifti Faraz, director of Amanah Finance Consultancy.

Mena blockchain firm targets Islamic finance

Blockchain firm R3 has partnered with Dubai-based startup Wethaq to bring blockchain technology to the Islamic finance market. According to R3 CEO David Rutter, blockchain is driving an unprecedented period of innovation across capital markets, with more assets moving towards complete digitisation. Wethaq’s platform-as-a-service offering will use R3’s Corda enterprise blockchain infrastructure to digitise the pre-sale issuance, management and financing of sukuk securities. Interest in using blockchain technology for Islamic finance has increased in the last 12 months. Abu Dhabi-based Al Hilal Bank claimed to be the first firm to execute a sukuk transaction via the blockchain back in November 2018.

La Francaise launches sharia-compliant #real estate account

La Francaise Forum Securities (FS) has launched its sharia-compliant real estate securities separately managed account. The account has been developed for an unnamed Islamic investment manager based in Kuwait. La Francaise FS will select securities with an above average risk adjusted total return to form a portfolio of 30 to 50 stocks. According to Jana Sehnalova, managing director of La Française FS, the account is designed for institutional investors with an Islamic finance focus. She said that La Francaise FS was investigating the viability of developing a fund based on the same strategy as part of the existing product line managed by Groupe La Francaise.

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