Business Wire

ComTech Gold $CGO Becomes the First 100% Gold Backed Token to Receive Shariah Certification in the MENA Region

Share

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220926005591/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

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

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 with any of the Internationally accepted wallets like D’cent, Guarda, or through regulated digital Custodians like Propine, a MAS-regulated entity.

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 all the necessary requirements in line with Shariah rules and standards defined by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

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 globally, greatly reflects the growing potential of Islamic financial products among investors. By obtaining this certification, ComTech Gold is well positioned to service Islamic investors looking for Shariah-compliant assets to invest.

“ComTech Gold token, built on XDC Network utilizes the power of blockchain to allow investors own Gold in digitized form where each of these tokens represents one pure gram of gold that is 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 and investors, they like to be stakeholders for ComTech-FZCO,” added Mr. Navin.

Maya Marissa Malek, CEO at Amanie Advisors Global office, said: “We are pleased to see this new Shariah-compliant gold-backed product offered by ComTech 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 Shariah standard on gold, we now see an increase in both supply and 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, the VicePresident, and PrimeMinister of UAE.

*Source: AETOSWire

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Zulfiqar Naqvi
info@comtechgold.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Esri Named a Leader in 2022 Climate Risk Analytics Report by Independent Research Firm2.12.2022 16:42:00 CET | Press release

Organizations are using modern geographic information system (GIS) technology to better understand the risks presented by climate change and take action. With GIS-driven mapping, analytics, and visualization, leaders can weigh the costs and benefits of plans, mitigate climate-related damage to assets, and make sustainable decisions despite an unpredictable planet. Esri—the global leader in GIS used by many Fortune 500 companies and governments worldwide to improve these sustainability practices—has been recognized by independent research firm Forrester in its report, The Forrester New Wave™: Climate Risk Analytics, Q4 2022. In the report, authored by principal analyst Renee Murphy, Esri received a differentiated rating, the highest score possible, in nine out of ten criteria, including “Advanced Data Processing,” “Visualization,” and “Threat Modeling.” The Forrester report says Esri “offers leading data visualization and advanced processing capabilities,” and that “Esri’s platform acts

Huawei Publishes First White Paper on Approaches to Fairness, Equity & Opportunity2.12.2022 04:07:00 CET | Press release

Huawei called on the ICT industry players to create a level playing field for all people, not just their own employees in its first White Paper on Approaches to Fairness, Equity & Opportunity at their Women in Tech event held at the Peter Drucker Forum. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221201006045/en/ (Graphic: Business Wire) This White Paper is part of Huawei's ongoing campaign aimed at increasing digital skills education and access for women across the world. Huawei, like many other companies within the ICT industry, has advocated on fairness, opportunity, and equity within their own operations. Notably, the company has taken measurable steps to increase diversity in their workforce and increase internal representation of marginalized groups. It is widely understood that significant, tangible results from such programs are often slow to materialize. And thus Huawei has focused many of its efforts beyond the

H&M and Webhelp Finalize Acquisition of H&M’s Nuremberg Customer Service Center1.12.2022 16:29:00 CET | Press release

The responsible authorities have officially approved the transfer of fashion brand H&M’s Nuremberg customer service center to Webhelp, a leading global customer experience BPO player. The companies, having already signed an agreement in this regard on 19 October 2022, will see Webhelp operate the service center from 1 December onwards under its own name. With this acquisition, Webhelp doubles the number of its employees in Nuremburg and is now one of the largest employers in the industry in northern Bavaria. Today, Webhelp employs more than 110,000 employees in over 60 countries. Webhelp's German headquarters in Nuremberg already provides an attractive working environment with state-of-the-art technical equipment for over 500 employees. Furthermore, Webhelp is committed to investing in the development and wellbeing of its customer advisors, known as 'game-changers,' around the world. Webhelp will welcome the 500 employees of the H&M Service center from today, 1 December, to the Webhelp

Morgan Stanley Sustainable Signals: New Survey Shows Opportunities Exist for Asset Managers to Better Meet Asset Owner Sustainable Investing Needs1.12.2022 16:00:00 CET | Press release

Asset managers have the opportunity to meet asset owners’ growing demands for sustainable investment practices, products and reporting, according to new research by the Morgan Stanley Institute for Sustainable Investing. The latest in the Firm’s Sustainable Signals series, this institutional investor survey polled 110 asset owners in North America, Europe and Asia, as well as 201 asset managers across the same regions to understand what asset owners want and what asset managers are offering—and where the gaps lie in delivering environmental, social and governance (ESG) solutions. “The results of our latest Sustainable Signals survey show that sustainable investing remains an important focus area for institutional investors globally, with the vast majority reporting an increased interest over the past two years,” said Jessica Alsford, Chief Sustainability Officer and CEO of the Institute for Sustainable Investing at Morgan Stanley. “At the same time, our findings show a significant oppo

Successful Product Innovations and Portfolio Acquisition Drive Wella Company to Exceed Profit and Growth Expectations in Successful Second Year1.12.2022 15:12:00 CET | Press release

Wella Company, a global leader in the $100 billion hair and nail segment of the beauty industry, is marking a successful second year as a standalone company, delivering year-over-year double-digit profit and growth ahead of expectations. In Fiscal Year 22, which closed at the end of June, Wella Company beat all targets on financial performance across the globe. Since its founding in December 2020, Wella Company has delivered continuous double-digit profit and growth ahead of expectations and is one of the fastest-growing beauty companies in the sector. Wella Company’s portfolio includes iconic professional and retail hair, nail, and beauty tech brands Wella Professionals, O·P·I, ghd, Briogeo, Nioxin, Sebastian Professional, and Clairol. “Our first two years of business have shown the enduring potential of the Wella Company portfolio – we are re-establishing category excellence in both hair and nails, and both professionals and consumers are falling in love again with our beautiful bran

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom