Malta registered Huulk allows the trade of commodities, stocks and sharia compliant products. It aims to partner with several European exchanges in the coming weeks.
On Monday, as per Ibrahim Mohammed, the Chief Executive of Huulk, a new digital exchange has been launched aimed at listings financial technology firms which are sharia compliant. The development underscores the need of a growing number of firms which look to modernize Islamic finance.
Huulk has applied for a digital exchange license in Malta. It hopes to partner with several European exchanges in the coming weeks, said Mohammed. He went on to add, this would allow Huulk to host trades of digital assets, commodities and stocks.
Malta’s Bianchi Holdings Limited would be an equity partner in the exchange, said Mohammed.
So as to attract more business, cryptocurrency firms are teaming up with traditional exchanges and in this instance Huulk is trying to tap into Muslim investors.
Huulk aims to list at least 20 Islamic fintech firms, including those which operate in countries such as Malaysia and Turkey.
Incidentally, OneGram also plans to list its own sharia-compliant cryptocurrency on the exchange by mid-September 2018.
OneGram has sold around $400 million in gold-backed tokens in 2017.
Many fintechs have developed sharia-compliant products to help broaden their footprint in growth markets such as the Middle East and Southeast Asia.
In 2017, New York-based Wahed Invest launched a sharia compliant robo-advisor; in July 2018, California-based Stellar received certification from Islamic scholars for its blockchain platform and related cryptocurrency.