Sharia-compliance finance is becoming a field of choice for several fintech companies as regulators and market participants in the Middle East seem keen on attracting new business. Now, Swiss-based cryptocurrency firm X8 has become the latest to acquire an Islamic finance certification.
Islamic Finance Certified for Mid-East Expansion
X8 AG, a cryptocurrency and fintech startup based in Switzerland, has managed to obtain a certification for its virtual currency from the Shariyah Review Bureau (SRB) – an Islamic advisory firm which is fully licensed by the central bank of Bahrain, Reuters reports.
The move is supposedly part of its plans to expand towards the Middle East.
Shariyah Review Bureau has also recently issued a certification to Stellar and its cryptocurrency Lumens (XLM) 00.