IslamicFinance.de

The Canadian fintech company Goldmoney has certified its gold-based financial products as sharia-compliant. The move illustrates how fintechs are broadening their footprint to include the core markets for Islamic finance in the Middle East and Southeast Asia. Goldmoney provides financial products that are fully-backed by reserved gold. Goldmoney says it has more than 1.3 million users across 150 countries and administers $1.7 billion in client assets. Several other fintech ventures were launched in 2016. In February, a group of six Islamic lenders launched an internet-based investment platform to serve as a central marketplace to finance small and medium-sized businesses. Malaysia-based HelloGold has also launched a sharia-compliant online platform that uses blockchain. HelloGold is currently rolling out its product in Malaysia with plans to enter Indonesia, the Philippines and Thailand later this year, and China by 2019.

Goldmoney announced that Goldmoney Network Accounts and Wealth Holdings have been endorsed as Shariah-compliant by the Shariah Supervisory Board of Amanie Advisors. Islamic investors can now instantly purchase, save, and transact in gold globally on the Goldmoney platform. Goldmoney's chief strategy officer Josh Crumb said that the company's platform democratizes access to 100% reserved and allocated gold-based savings, payments, and investment solutions. CEO Roy Sebag stated that compliance with Shariah law was an important step in the company's growth, enabling Goldmoney to expand its offerings to the Islamic market.