At an official ceremony in Sofia, Bulgaria, the Shariah option within the CoinSafe saving facility of OneCoin received official recognition. This marked the first officially certified Shariah compliant product within the OneCoin system. The certificate was awarded by the CEO of the Al Huda Centre of Islamic Banking and Economics, Muhammad Zubair Mughal. Organized by Dr Zareen Roohi Ahmed, the meeting was attended by the company management team, who were also informed about the opportunities that such recognition opens for expanding into the Islamic market, which is a key step in OneCoin’s development.
OneCoin founder and visionary Dr. Ruja Ignatova also commented that she is extremely satisfied and proud of the achievement so far and sees it as yet another step toward banking the unbanked and providing financial services to everyone around the globe.
Islamic finance is one of the fastest-growing financial areas, which presents a financial system governed by the principles of Shariah law. According to this financial system, money is simply a medium of exchange. Each unit is equal in value to another unit of the same denomination and you are not allowed to make a profit by exchanging cash with another person. This system does not allow benefiting from lending money or receiving money from someone, i.e. receiving interest.
Three months ago, in order to improve its services for OneCoin’s Muslim users, the company implemented changes to its CoinSafe option, which allowed it to be used without overstepping the boundaries of Shariah law. That was the first step in the meticulous process for making the entire company concept Shariah compliant, which may take several months.
“It was an honour for us to certify the CoinSafe product, which is the first Shariah compliant savings product, associated with cryptocurrency. We spent almost two months finalizing the certification process, because cryptocurrency is a very new concept in the financial industry. First of all we had to understand the blockchain technology, what the Islamic guidance on digital currencies is, as well as many other aspects. We believe cryptocurrency can play a great role in providing financial services to the poorer parts of society and overcoming social inequality. We are currently on the road to guiding other OneCoin processes towards becoming Shariah compliant as well”, stated Mr. Zubair Mughal.
Dr. Ahmed on the other hand pointed out that the great thing about OneCoin is that it is accessible for people of all backgrounds and cultures. “It is great to know that the company is listening to the needs of all of its members. OneCoin is the first cryptocurrency to introduce a Shariah compliant product which reassures all of its members that the service is compatible with their beliefs. The majority of the unbanked population of the world is Muslim, therefore it is essential that OneCoin complies with their needs”, she added.