Fully Gold-Powered Token To Serve Islamic Investors| MENAFN.COM

Wednesday, 28 September 2022 08:32 GMT

Fully Gold-Powered Token To Serve Islamic Investors


(MENAFN- Khaleej Times)

ComTech FZCO has received Shariah Compliance Certification for its ComTech gold token (Ticker: CGO), thus becoming the industry's first to be awarded for a gold tokenisation product in the Mena region. The Shariah certificate was issued by Amanie Advisors Ltd, an entity specialising in the field of Shariah-compliant investments and Islamic finance solutions.

ComTech FZCO, a Dubai-based company redefining the tokenisation infrastructure for real-world assets, started with the digitisation of gold powered by the XDC blockchain Network. Comtech gold tokens or 'CGO' are listed on global blockchain exchanges such as LBank and Bitrue and investors can buy these tokens easily by opening an account with these exchanges. Investors can then hold these tokens within the exchange wallets or with any of the internationally accepted wallets namely D'cent, Guarda, or through regulated digital custodians like Propine, a Monetary Authority of Singapore (MAS)-regulated entity.

Supported and under the guidance of Amanie Advisors Ltd, the ComTech Gold Shariah certificate was provided after confirming that the structure, mechanism, and relevant key legal documentation of ComTech gold token. It implies that the CGO has met all the necessary requirements in line with Shariah rules and standards defined by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Navin D'Souza, Chief Executive Officer at ComTech Gold, said: 'We are proud to be the first gold blockchain company in the Mena region to receive the Shariah certification, which will give investors greater comfort in investing in a 100 per cent physical gold-backed token where every token is backed by one gm of 999.9 purity of gold, securely stored in TransGuard safe vaults. Financial instruments like CGO are significantly gaining popularity globally and greatly reflects the growing potential of Islamic financial products among investors. By obtaining this certification, ComTech Gold is well-positioned to service Islamic investors looking for a Shariah-compliant asset to invest.'

ComTech Gold token, which is built on XDC network, utilises the power of blockchain technology to allow investors to own gold in a digitalized form where each of these tokens represents one pure gram of gold that is fully backed, redeemable, and regulated. The EVM compatible XDC Network makes it possible to make transaction at near zero gas fees with high transaction speed. The consumption of low energy is an added advantage that is attracting many strategic partners and investors to ComTech FZCO,' D'Souza added.

Maya Marissa Malek, CEO at Amanie Advisors Global Office, also stated: 'We are pleased to see this new Shariah-compliant gold-backed product offered by ComTech come into the market. It provides a much-needed variety for Islamic investors to tap into precious metal assets, which have not been sufficiently tapped into in the past due to a lack of well-defined Shariah guidelines. With the AAOIFI Shariah standard on gold, we now see an increase in both supply and demand of this asset class.'

Amanie Advisors Ltd recently won the 'Islamic Economy Award' under the category of 'Islamic Economy Knowledge Infrastructure' at the prestigious Global Islamic Economy Summit (GIES) in Dubai, the UAE.

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