Fintech firm Goldmoney endorses Network Accounts and Wealth Holdings as Shariah-Compliant

Canadian global full reserved gold-based fintech firm Goldmoney Inc announced that it has certified its Goldmoney Network accounts and Wealth Holdings as Shariah-compliant by the Shariah Supervisory Board of Amanie Advisors that combines blockchain technology to meet the demand from Islamic investors.

Islamic investors will now be able to globally purchase, save and transact quickly in gold on the fintech platform via Shariah-compliant Network accounts and Wealth Holdings. The Shariah Supervisory Board of Amanie Advisors issued the fatwa in accordance with the Shariah Standard on gold that was set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

“We are already seeing growing demand from Muslim-majority countries, and take the view that being Shariah-compliant will considerably raise our profile in this important market,” Alasdair Macleod, Goldmoney’s head of research said, as reported by Reuters.

According to the central bank of Malaysia, growth in fintech could help Islamic banks become more efficient and scale up their operations. The Malaysian Islamic banks have around a fifth of total assets and few are already involved in fintech ventures.

“As a company with an increasingly global client base, our compliance with Shariah law is an important step in our growth, enabling us to expand our offerings to the Islamic market,” Roy Sebag, CEO of Goldmoney Inc said. “Gold is a powerful portfolio diversifier, and we’re proud to offer Islamic investors superior access to Shariah-compliant gold-based savings, payments, and wealth management services and help further the use of gold bullion in Islamic finance.”

Apart from Goldmoney, Malaysia-based HelloGold has also launched a Shariah-compliant online platform that uses blockchain technology.