German FinTech Company to Launch Shariah-Compliant Cryptocurrency

German fintech company Caiz Development, which has opened an office in the UAE, intends to leverage the region's potential and create an Islamic cryptocurrency by the first half of 2023.

According to Joerg Hansen, chief executive of Caiz Development, Caizcoin will operate in an ecosystem where there are "checks and balances" for all wallet holders. Only those who have gone through a full authentication process will be able to log in. In addition, the company does not support partnerships with industries that are forbidden in Islam, such as alcohol, drugs, gambling and pornography.

We conferred with Islamic scholars whether this is permissible before we decided to design the token. We made the best efforts to make Caiz Islamic-compliant, but we also wanted to build an inclusive product that can be used by everyone,

Hansen said.

In the first quarter of 2023, Caiz Development will create its own blockchain, which will also offer Shariah-compliant transactions.

The company also plans to launch an Islamic-friendly staking alternative in a few weeks in partnership with one of the exchanges.

Caizcoin is still in the fundraising phase and is currently available on five exchanges, including P2Pb2b, BigOne, Biconomy and Bittrex.