The Fatwa was issued by the Shariah Supervisory Board of Amanie Advisors, which 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 in 2018, HelloGold launched a tokenised gold product, GOLDX, an ERC20 token representing ownership of fully allocated investment grade gold on the blockchain. In 2017, the fintech also launched the first Shariah compliant mobile app, available on Android and iOS, allowing users to turn their savings into fully allocated gold.
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, according to the official press release.
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.
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