ComTech FZCO receives Shariah Compliance Certification for ComTech Gold Token (CGO), becoming the first in industry to be awarded a Shariah certification for Gold tokenization product in the Region. Shariah certification (Fatwa) was issued by Amanie Advisors Ltd, an entity specialising in field of Shariah-compliant investments and Islamic finance solutions.
How is ComTech redefining the industry?
ComTech FZCO, a Dubai-based company redefining tokenization infrastructure (for real-world assets), started with digitization of Gold powered by XDC Network. ComTech Gold ‘CGO’ is listed on Global Exchanges like LBank, Bitrue. Investors can buy CGO by opening an account with these exchanges. Investors can hold tokens within the exchange wallets or Internationally accepted wallets like D’cent, Guarda, or through regulated digital Custodians like Propine.
Supported by the guidance from Amanie Advisors Ltd, ComTech Gold Shariah certification was provided after confirming that the structure, mechanism, and relevant key legal documentation of ComTech Gold Token met the necessary requirements in line with Shariah rules & defined standards by Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
What are the executives’ thoughts on the certification?
Navin D’souza, Chief Executive Officer of ComTech Gold, said “We are proud to be the first Gold blockchain company in the region to receive Shariah certification, which will give investors greater comfort in investing in 100% physical gold-backed token where every token is backed by 1gm of 999.9 purity of gold, securely stored in TransGuard safe vaults.”
“Financial instruments like CGO are significantly gaining popularity, reflects the growing potential of Islamic financial products among investors. With this certification, ComTech Gold is well positioned to service Islamic investors looking for Shariah-compliant assets to invest. ComTech Gold token, utilizes the power of blockchain to allow investors own Gold in digitized form. Each token represents 1 pure gold gram fully backed, redeemable, regulated.”
“EVM-compatible XDC Network makes it possible to make transactions at near-zero gas fees with high transaction speed, consuming low-energy is an added-advantage attracting many strategic partners & investors, they like to be stakeholders for ComTech,” added Navin.
Maya Marissa Malek, CEO at Amanie Advisors Global office, said: “We are pleased to see this new Shariah-compliant gold-backed product 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 standard on gold, we now see an increase in both supply & demand of this asset class.”
Amanie Advisors recently won the Islamic Economy Award in the category of Islamic Economy Knowledge Infrastructure at the prestigious Global Islamic Economy Summit (GIES) in Dubai, UAE as delivered by His Highness Sheikh Mohammed bin Rashid Al Maktoum, VP & PM of UAE.