- The investment brings total funding to $400 million, among the biggest in crypto
- Partnership will help structure innovative Shariah-compliant financial products
Islamic Coin, an innovative Shariah-compliant crypto platform, secured a $200 million investment from ABO Digital, a company of Alpha Blue Ocean (ABO), Bankless Times learned from a press release. ABOis a sector-agnostic alternative investment firm operating worldwide as the founders’ family office.
The biggest fundraise in crypto history
This investment brings the total funding to $400 million, with which Islamic Coin surpasses Solana, Circle, and BlockFi, making it one of the biggest fundraisings in crypto history.
The platform was launched by Mohammed AlKaff AlHashmi and Hussein Al Meeza, two Emirati entrepreneurs, in 2021. It targets Muslim investors, giving it lucrative potential as the world’s Muslim population is almost 2 billion.
The platform is recognized both locally and globally and has gained considerable support for its mission to empower Muslims with a cutting-edge, digital era financial instrument. Cofounder Mohammed AlKaff AlHashmi commented:
We are building a game-changing financial platform that brings together ethics and the traditions of Islamic Finance, delivering a robust solution that benefits and works together with traditional systems to significantly improve the state of the world.
Building Shariah-compliant financial products
The partnership with ABO Digital will introduce Islamic Coin to their network of investors and assist in structuring innovative Shariah-compliant financial products for the digital asset space.
ABO Digital CEO Amine Nedjai added:
ABO Digital is thrilled to collaborate with Islamic Coin as an alternative finance provider. This ambitious project, supported by a stellar team, is revolutionizing the Shariah-compliant market by introducing digitization. We are honored to have been selected as a partner.
Recent milestones
The partnership follows another major milestone for Islamic Coin. The crypto platform signed an MOU with DDCAP Group, enabling Haqq Network integration with more than 300 Islamic banks worldwide. This memorandum will assist in developing multiple solutions for Islamic Finance, including a Web3, Shariah-compliant SWIFT alternative, CBDCs, a digital asset platform, tokenization, and other initiatives.
