Comtech Gold ($CGO) becomes the first fully gold-backed digital token to receive Shariah-compliant certification in MENA

DUBAI, United Arab Emirates, September 26, 2022–(COMMERCIAL WIRE)–ComTech FZCO, registered in the United Arab Emirates Free Zones, has announced that its ComTech Gold-Backed Cryptocurrency Token (CGO) has received Shariah-compliant certification, becoming the first digital token in the industry to receive Shariah certification for Gold tokenization products in the region. The certification of conformity was issued in accordance with a legal opinion (fatwa), by Amanie Advisors Ltd, a specialized and recognized entity in the field of Sharia-compliant investments and Islamic financial solutions.

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ComTech Gold $CGO Receives Shariah Certification from Amanie Advisors (Photo: AETOSWire)

ComTech FZCO, a Dubai-based company, is redefining the tokenization infrastructure (for real-world assets) by digitizing gold using the XDC Blockchain system. Comtech Gold (CGO) token is listed on global exchanges like LBank, Bitrue, allowing investors to buy their tokens TOOTH opening an account with these exchanges. Investors can deposit the tokens in crypto exchange wallets or one of the internationally accepted wallets such as D’cent or Guarda, or with regulated digital custodians such as Propine, a Monetary Authority of Singapore (MAS) regulated entity.

Following the advice of Amanie Advisors Ltd, Shariah compliance certification was delivered to ComTech Gold after confirming that the structure, mechanism and relevant key legal documentation of the Comtech Gold token meet all necessary requirements in accordance with the rules and principles of Islamic Sharia, defined by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

“We are proud to be the first leading blockchain technology company in the region to receive Shariah compliance certification. This accolade will provide investors with greater convenience when investing in fully gold-backed physical cryptocurrencies, where each token is backed by one gram of 99.99% pure gold, stored securely in vaults at TransGuard. Financial instruments such as CGOs are gaining in popularity globally, largely reflecting the growing potential of Islamic financial products among investors. By achieving this certification, ComTech Gold is well positioned to serve Islamic investors looking to invest in Shariah-compliant assets,” he said. Navin D´souzapresident and CEO of ComTech gold.

“The ComTech Gold token, based on XDC Network, uses the power of the blockchain to allow investors to hold gold in digitized form, where each of these tokens is equal to one gram of pure gold, fully backed, tradable and regulated. The XDC network is fully compatible with Ethereum Virtual Machine (EVM), allows transactions to be carried out with near-zero Ethereum gas fees, with high transaction speed, low power consumption, thus creating an additional advantage that attracts many partners. strategic and investors. looking forward to becoming ComTech-FZCO stakeholders,” added Mr. Navin.

For its part, Mayan Marissa Malek, CEO of Amanie Advisors Global Office, said: “We are pleased to see the launch of this new Shariah-compliant gold-backed product offered by Comtech to the market. These cryptos provide much-needed variety for Islamic investors to mine precious metal assets, which have not been mined enough in the past, due to a lack of well-defined Shariah rules. Having obtained the Sharia compliance mark related to gold according to the AAOIF, we are now seeing an increase in the supply and demand for this asset class. »

Amanie Advisors recently won the Islamic Economy Award, in the Islamic Economy Knowledge Infrastructure category at the prestigious Global Islamic Economy Summit (GIES) in Dubai, United Arab Emirates, courtesy of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates.

*Font: AETO wire

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Zulfiqar Naqvi

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