• Switzerland-based cryptocurrency developer Islamic Coin has raised $200 million in private equity from Alpha Blue Ocean’s ABO Digital, mounting its total funding to $400 million.
• Co-founded in 2021 by Emirati entrepreneurs Mohammed AlKaff AlHashmi and Hussein Al Meeza, Islamic Coin is a cryptocurrency that caters to Muslims willing to use Shariah-compliant crypto.
• The partnership between Islamic Coin and ABO Digital will entail introducing Islamic Coin to the ABO network of investors and helping the team structure innovative Shariah-compliant financial products.
• The company claims that Islamic Coin will be listed on exchanges soon.

Press release:

Islamic Coin, the Shariah-compliant, ethics-first crypto has again shattered records, securing $200 million from Alpha Blue Ocean’s ABO Digital. Total funding has reached $400 million, beating Circle, BlockFi and Solana and has become one of the largest ever in the history of the crypto space. 

Both Islamic Coin and the Haqq Network which powers it to cater to the world’s 1.9 billion Muslims and beyond, focused on game-changing products and services. The award-winning digital money has received worldwide recognition from international luminaries, and state and regional leadership, as the team delivers on its mission to empower the world's Muslim community with a financial instrument for the Digital Age. From presenting at the UN’s COP27 in Sharm El Sheikh to being recognised as the Most Promising ESG Crypto at the Abu Dhabi Blockchain Awards, the Executive Team has received unwavering international support from both private investors, funds as well as the financial world.

The latest partnership will entail introducing Islamic Coin to the ABO network of investors and helping the team structure innovative Shariah-compliant financial products that could be used in the digital asset space to raise alternative funding. The deal provides access to a maximum of $200 million as and when required and ensures Islamic Coin has a long and stable runway.

"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 honoured to have been selected as a partner," ABO Digital CEO Amine Nedjai commented.

The alliance comes on the heels of another major win for the team, as it signed an MOU with London-based DDCAP Group, paving the way for Haqq Network integration with over 300 global Islamic banks. That partnership will see the development of a number of solutions for Islamic Finance that include a Shariah-compliant Web3 alternative to SWIFT, a digital asset platform, CBDCs, tokenisation and other ventures.

“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,” commented Islamic Coin co-founder Mohammed AlKaff AlHashmi.

Islamic Coin has received unparalleled support from MENA leadership. The Advisory Board is already represented by Abu Dhabi and Dubai Ruling Families, including the grandson of UAE founder Sheikh Dr Hazza bin Sultan bin Zayed Al Nahyan, UAE Navy Chief Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan (advising in a private capacity), Sheikh Khalifa Bin Mohammed bin Khalid Al Nahyan, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan, His Highness Sheikh Juma bin Maktoum Al Maktoum and Her Highness Sheikha Mariam Suhail Obaid Suhail Al Maktoum. The team also boasts top names in traditional and Islamic finance. Islamic Coin’s Executive Board includes Emaar’s Hussein Al Meeza (who is also a co-founder), an award-winning banker with over 45 years of experience spanning the Islamic banking, finance, and insurance sectors, one of the key personalities involved in establishing Dubai Islamic Bank — the first fully-fledged Islamic Bank in the world. The Executive Board also includes Greg Gigliotti, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors, a respected fund manager with experience at Goldman Sachs and other global institutions with a portfolio of over $16 Billion during his career.

Islamic Coin will be listed on exchanges soon.