Shariah Compliant Digital Asset Exchange Haqqex Launching on HAQQ

The Tokenizer August 30, 2023

Shariah-compliant crypto exchange Haqqex announces a strategic partnership with HAQQ, an ethics-first EVM-compatible L1 blockchain built on Cosmos SDK focussing on bringing together sustainability-centered stakeholders including developers, validators, open-source contributors, and Muslim innovators in sustainable finance. With this collaboration, Haqqex aspires to introduce exclusive features like algo trading, commodities trading, and P2P exchanges, aiming to serve the expansive global Muslim population of over 1.9 billion.

Through its partnership with HAQQ, Haqqex’s operations will be overseen and regulated for Shariah compliance by HAQQ’s distinguished Shariah Board. This board is graced by the presence of esteemed scholars, spearheaded by Sheikh Dr. Nizam Mohammed Saleh Yaquby, recognized by Bloomberg as ‘The Gatekeeper’ of the $2 trillion Islamic financial products market. Sheikh Yaquby holds prestigious positions on the Shariah Boards of notable institutions such as Chartered, BNP Paribas, Al Rayan Bank, Abu Dhabi Islamic Bank, S&P Dow Jones, and Lloyds Bank. He also chairs AAOIFI (Accounting and Auditing Organization for Islamic Institutions).

Haqqex is the first exchange to offer professional trading in accordance with Islamic law, uniquely providing user protection against market manipulation that includes sandwich trading, front-running, and other unfair practices. The features are a welcome bonus to the Exchange’s transparent transactions and compliance with order execution.

“The partnership marks the launch of a digital asset exchange that will provide fairer, more transparent and ethics-infused trading for the Muslim world and beyond, and we are incredibly excited to work with the Haqq network,” Haqqex Managing partner commented.

HAQQ continues to attract widespread attention and acclaim from traditional as well as notable Islamic financial institutions and scholars. Notably, it secured a groundbreaking $400 million investment from prominent venture capital and high-net-worth individuals that include Alpha Blue Ocean’s ABO Digital, Optic Capital and DF101. The network also commands several awards, which include the esteemed Most Promising ESG Crypto and the distinguished Golden Excellence Award presented in the UAE. The latter was offered by His Excellency Sheikh Nahayan Mabarak Al Nahayan, the UAE Minister of Tolerance. The network’s Advisory Board includes members of the Abu Dhabi and Dubai Ruling Families, including notable figures such as Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan, the grandson of UAE founder; Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan, UAE Navy Chief (serving 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.

HAQQ’s ecosystem features major partners across the technology, finance and consumer sectors and includes Asia Pacific’s largest cloud services provider Alibaba Cloud, one of MENA’s largest card providers Pyypl, as well as Holiday Swap – the world’s largest home swapping platform.

This collaboration signifies a transformative era in financial services. By intertwining Shariah-compliant offerings with time-tested financial tools, Haqqex and HAQQ present a pioneering blend that prioritizes ethical values while delivering the advantages modern investors seek.

Photo by Simon Infanger on Unsplash