X8 Currency, a blockchain based digital currency with an advanced artificial intelligence wealth value preservation solution, today announced that it has been certified for Sharia compliance by Shariyah Review Bureau. X8 is the first to receive the certification for its ARM-AI (Automatic Reserve Management, Artificial Intelligence) driven portfolio which preserves value with its 100% backed reserves of eight major fiat currencies (US Dollar, Swiss Franc, Euro, Pound Sterling, Japanese Yen, Australian , New Zealand and Canadian Dollar) and gold. This basket of fiat currencies and gold helps create safety and the strong foundation necessary for a digital currency, while the ARM-AI helps find the best exchange rates for the elements in the reserve. Not only does the ARM-AI solution preserve value for the investor, it could also helps in countering the inflationary headwinds experienced across the global markets, providing a sustainable non-speculative value proposition for the investor. The X8C currency has the potential to become one of the most stable and exchangeable digital currencies in the world, whilst becoming a true value reference point.
The certification also extends the Sharia compliance to X8’s Ethereum based Tokens along with comprehensive guidelines for trading in currencies and preserving value. “It is very meaningful to receive the Sharia compliance certificate that provides reassurances that we are open to investors seeking to make investments in Shariah compliant assets,” said Gregor Koželj, Founder and Chief Executive Officer. “With the changing environment of banking and asset management primarily due to fintech-driven shifts, the market for wealth preservation in Islamic finance is poised to see disruption and it is for this reason that we are seeing an increasing demand for our Product in the Islamic markets. We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive new business opportunities for investors in the marketplace compatible to their faith based values,” said Francesca Greco, Director and Co-Founder of X8 AG.
The strategic relationship will enable X8 to allow the facilitation of more integrated currency trading, and asset preservation that leverages on Sharia compliant principles. “We remain committed to retaining the expertise of SRB as we seek to drive the growth of X8 in the rapidly expanding markets of Sharia compliant investments ” said Gregor.
Based out of Bahrain and licensed by the Central Bank of Bahrain, Shariyah Review Bureau (“SRB”) has been serving the Islamic financial markets for over 13 years. With 34 scholars spanning 19 countries, its Sharia certification and Sharia audit services are recognized globally. SRB is widely considered as one of the world’s leading Sharia advisory organization offering banks, insurance and asset management institutions a range of Sharia certification and supervisory services across all major asset classes. It also provides its advice to wealth management companies, high-net-worth individuals and family offices.
“We are thrilled by X8’s vision to advance digital currency capabilites by systematically using Blockchain and Artificial Intelligence techniques” said Yasser S. Dahlawi, Founder and CEO of SRB. “Moving forward we will work closely with the team at X8 to ensure that they have access to the levels of expertise required for attaining Sharia compliance in their business facilities.” Yasser added, “High quality Sharia advice and certification services are critical to our business and we are ready to deliver what’s required to support the future ambitions of X8 in the Islamic financial market.”
As a full-service Sharia Advisory company, SRB’s certification complement its ICO screening services and solutions and covers Blockchain protocols, Tokens and cryptocurrencies. “Blockchain based projects require detailed review of its design and technical structuring aspects” said Mansoor M. Ahmed, AGM at SRB’s Dubai office. “At SRB, we aim to simplify this for our clients by providing end-to-end Sharia Board, review, certification, consultation and Sharia audit services into one cost-effective package. As a result, clients get consistent Sharia advice and added value in terms of access to the right Sharia scholarly resources as and when required.”