Islamic Coin, a “Sharia-compliant” digital asset, has raised $200 million from ABO Digital, the digital asset investment arm of the ABO group. This brings the total funding for the crypto project to $400 million. ABO Digital’s investment will provide the coin with access to up to $200 million in funding and ensure its stability. The CEO of ABO Digital, Amine Nedjai, expressed excitement about partnering with Islamic Coin and described it as an ambitious project that is revolutionizing the Shariah-compliant market. Islamic Coin has also signed a memorandum of understanding with the UK-based DDCAP Group to develop solutions for Islamic Finance. These solutions include a Shariah-compliant alternative to SWIFT, a digital asset platform, central bank digital currencies, and tokenization. The project is backed by prominent MENA leaders and Islamic finance experts. Co-founder Mohammed AlKaff AlHashmi stated that the team is building a financial platform that combines ethics and Islamic finance traditions.
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