EconoTimes

New York Online Investment Firm Gets Aramco Financing for Islamic Products

New York-based Wahed Invest has secured financing from oil giant Saudi Aramco to expand into the Middle East and make Riyadh its regional hub. The Saudi Aramco Entrepreneurship Ventures extended the funding to the online Islamic investment platform as part of a $25 million funding round. The three-year-old Wahed Invest, which has secured a license to operate in Saudi Arabia, aims to get regulatory approval in 20 more countries. It currently has licenses to operate in nine countries. The company's Islamic Exchange Traded Fund (ETF) holds investments in Apple, Johnson & Johnson, and Intel Corp. Wahed Invest is also contemplating listing its Islamic ETF on the Saudi stock exchange. Its ETF was listed on the Nasdaq last year.

Sharia-compliant, gold-backed digital #currency OneGram’s ICO kicks off

OneGram, a Sharia-compliant, gold-backed digital currency, has raised $461,497.59 so far in its OGC token crowdsale. The crowdsale will run for a total of 120 days, in which OneGram seeks to raise $500 million by selling over 12 million OGC tokens. For participating, investors are required to create an account on GoldGuard and purchase gold there. According to the official release, once the cryptocurrency is deployed on the blockchain, there will be a 1% transaction fee. 70% of transaction fees are reinvested to buy more gold, increasing the amount of gold that backs each token. 25% is used for development and operations, 2.5% is used for charity donations, and 2.5% is used to reward the POS miners. Sharia compliance is a key differentiator for the OGC token, the founders of OGC developed the solution so it would fit within the parameters of shariah law.

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