OneGram Group to Create Sharia-Compliant Huulk Exchange for Islamic MarketAug 28, 2018, 10:05AM
OneGram's Huulk exchange will allow Islamic investors to trade digital assets along with stocks, commodities and its own native token.
Islamic banking has become an integral part of the financial mainstream, and it is now expanding into the cryptocurrency sector. OneGram, a major crypto-startup, aims to help modernize Islamic finance by offering a sharia-compliant digital asset exchange known as Huulk.
The firm has applied for an operating license in Malta and will partner with several established European exchanges to make the new project a reality.
The Outlook for the Islamic Cryptocurrency Market
Islamic banking is one of the fastest growing sectors in finance. But cryptocurrency adoption has historically been stalled by complex religious regulations. However, recently, crypto adoption has been growing after Bitcoin was declared permissible under Islamic law and the Stellar Lumens project earned the first ever Sharia certification for an altcoin startup.
According to Ibrahim Mohammed, the CEO of OneGram, quote
In recent years, the Middle East has seen incredible growth in fintech innovations including digital tokens and smart contracts. With OneGram we are providing an opportunity for investors who care about Islamic financial markets and the security of commodity-backed investments to benefit from rapid technological advances in the blockchain industry.
The Huulk exchange is not OneGram's first blockchain project. Last year, the company partnered with Dubai-based GoldGuard to create a gold-backed cryptocurrency compliant with Islamic law. The OGC project raised a staggering $400 million in capital making it one of the largest crowd sales in history. OneGram's Huulk exchange will allow investors to trade digital assets along with stocks and commodities. It will list around 20 Islamic fintech firms in addition to its gold-backed native token.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.