ABO Digital, a division of Alpha Blue Ocean, has invested an additional $200 million in Islamic Coin, a cryptocurrency that adheres to Shariah principles and prioritizes ethical practices. This latest investment brings the total funding for Islamic Coin to $400 million, surpassing the funding received by Circle, BlockFi, and Solana, and making it one of the largest investments in the history of cryptocurrency.
Islamic Coin and its underlying Haqq Network serve the global Muslim population of 1.9 billion and beyond, with a focus on innovative products and services. The digital currency has garnered global praise from international figures, state and regional leaders, as it fulfills its mission to provide the Muslim community with a digital financial tool. The coin has been presented at the UN’s COP27 in Sharm El Sheikh and has been named the Most Promising ESG Crypto at the Abu Dhabi Blockchain Awards. It has received consistent support from private investors, funds, and the financial sector.
The new partnership with ABO Digital will involve introducing Islamic Coin to ABO’s investor network and assisting in the creation of innovative, Shariah-compliant financial products for use in the digital asset space. The agreement allows for access to up to $200 million as needed, ensuring a secure future for Islamic Coin.
ABO Digital CEO Amine Nedjai expressed excitement about the collaboration with Islamic Coin, praising the project’s ambition and its transformative impact on the Shariah-compliant market through digitization.
This partnership follows another significant achievement for Islamic Coin, as it recently signed a Memorandum of Understanding with the London-based DDCAP Group. This agreement paves the way for the Haqq Network to integrate with over 300 global Islamic banks and develop a range of solutions for Islamic Finance, including a Shariah-compliant Web3 alternative to SWIFT, a digital asset platform, CBDCs, tokenization, and other initiatives.
Islamic Coin co-founder Mohammed AlKaff AlHashmi stated that they are creating a revolutionary financial platform that combines ethical principles with Islamic Finance traditions. This platform will work in harmony with traditional systems to significantly enhance global financial conditions.
Islamic Coin has received significant support from leaders in the Middle East and North Africa. Its Advisory Board includes members of the ruling families of Abu Dhabi and Dubai, as well as prominent figures in traditional and Islamic finance. The Executive Board includes Hussein Al Meeza of Emaar, a co-founder of Islamic Coin and a key figure in the establishment of Dubai Islamic Bank, and Greg Gigliotti, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors.
Islamic Coin is expected to be listed on exchanges soon.
About ABO Digital:
ABO Digital is the digital asset investment branch of the ABO group. It offers PIPE (Private Investment in Public Equity) financing to publicly listed companies worldwide and has executed over $2 billion in financing commitments in the past five years. ABO Digital uses its institutional-grade expertise to provide innovative and alternative financing to cryptocurrency projects.
Contacts:
Islamic Coin
Sham Hamayun
[email protected]
