Fintech savings platform HelloGold has received Shariah certification for the HelloGold Token (HGT).
The Fatwa was issued by the Shariah Supervisory Board of Amanie Advisors, which has extensive experience advising on Shariah-compliant financial products. Amanie Advisors determined that HGT is a Shariah-compliant ERC20 token and observes the necessary Shariah requirements and principles. This is the third HelloGold product to be deemed Shariah compliant.
Earlier this year, HelloGold launched the world’s first tokenised gold product, GOLDX, an ERC20 token representing ownership of fully allocated investment grade gold on the blockchain. In 2017, HelloGold also launched the first Shariah compliant mobile app, available on Android and iOS, allowing users to turn their savings into fully allocated gold, easily and securely.
Amanie Advisors provided their expertise for Shariah compliance of all three HelloGold products and will continue to work closely with HelloGold to ensure that all its current and future products are Shariah compliant. Shariah compliance makes HelloGold’s financial products and services more accessible to the underserved and unbanked for all communities in emerging markets.
In recognition of its commitment to financial inclusion and the positive impact on families and economies, HelloGold was recognised at the recent The World Economic Forum ASEAN 2018 in Hanoi Vietnam. HelloGold was chosen by a panel of judges from start-up accelerators, venture capital funds, technology experts and media leaders, for its dynamism and innovative contribution to financial and economic inclusion.
Blockchain has the potential to change the financial landscape particularly with regards to cheaper, quicker and more transparent processes. These attributes are consistent with the Islamic view on finance, that money should be circulated for business, for good, and in an ethical manner. Muslims form a quarter of the global population, making Islamic finance a key element of the global financial inclusion agenda. 1.2 billion unbanked Muslims present a massive opportunity worth $ 3.2 trillion, in banking the unbanked, and in stimulating financial and economic growth across regions.
“HelloGold uses blockchain technology to enable our customers to access affordable financial products and services starting with gold. Our mission is to democratise asset-based savings and lending products for the underserved and the unbanked in emerging markets through digitization. Shariah compliance crucially ensures no one is excluded regardless of religion and culture”, HelloGold’s CEO, Robin Lee said in a statement.
HelloGold’s products revolve around a unique business model which allows users to buy and sell gold and eventually other financial assets, using an app. Gold is placed in secure, insured vaults in locations like Singapore and soon, in Dubai, and can be used for savings or as collateral for loans. With a strong presence in South East Asia, HelloGold’s mobile app is the world’s first shariah-compliant fintech gold app used to buy and sell gold.
“We want to empower innovative solution providers like HelloGold, in the field of Islamic finance with our specialization in a wide range of financial services, including Shariah advisory and consultancy. More and more banking institutions are embracing shariah to reach those who remain excluded from conventional bank accounts and investment opportunity, and it’s a great step towards financial inclusion”, stated Datuk Dr. Mohd Daud Bakar, Amanie Advisors founder.
HelloGold has more than 85,000 downloads. Being awarded as IRBA’s Most Innovative product, HelloGold plans to expand in the Middle East soon. Clearly the financial services sector offers a promising use case for blockchain to emerge, allowing accessible, frictionless, decentralized and cost-effective products and services.