IslamicFinance.de

Global REIT is the first ever Blockchain based Sharia-compliant REIT to be launched in the cryptocurrency space today. It is offering investors exposure to the real estate market on a global scale without the necessity of acquiring an entire property and shift the management and compliance obligations to the fund manager. At first, Global REIT will acquire assets from the UAE and rapidly acquire more assets from other jurisdictions worldwide. The first AUM (Asset under Management) will have a Net Asset Value of USD 75 million. Gradually by the end of 5 years, Global REIT is projecting an Asset Value of USD 10 billion. Global REIT has its pre-ICO scheduled to start from 1st May and ends 31st May 2018, during which it will offer Dual Utility tokens to its subscribers: Global REIT Fund Manager Token (GREM) and Global REIT Asset Token (GRET).

A bitcoin startup based in the US is now helping Muslims get loans without breaking Islamic law. Matthew J. Martin, who converted to Islam five years ago while he was working fintech world, set up Blossom Finance which partners with microfinance institutions to make “investments” in small businesses then takes a 20 percent cut of the profits in order to still make money. In particular, Martin chose to use bitcoin since it doesn’t incur high transactions costs. Apart from that, the digital currency also features transparency, as the transactions are recorded in a public ledger called blockchain. Blossom is based in Indonesia, where there is a strong demand for financing that is compliant with Islamic law. The company has gotten its first investment from BMT Nusantara Condet, which help 10 to 20 micro businesses within Indonesia to expand.

Blossom is a fintech company that offers Sharia complaint financial services to people in countries that are predominantly Islamic. The company merges bitcoin and traditional microfinance into a single package. Blossom offers microloans for the needy in Indonesia. What sets Blossom apart from most other players is the platform. Blossom platform uses bitcoin as a background to enable investors from across the world to fund those who are looking for micro-loans. Blossom ensures that the whole process is in accordance with Sharia’s Musharakah principle and the company doesn’t support businesses involving usury, gambling, pornography and other activities which are deemed unislamic.