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Rok Janezic
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Rok Janezic   My Press Releases

OneCoin Receives Official Shariah Compliance Certification

Published on 10/30/2016
For additional information  Click Here

26. October 2016

At an official ceremony in Sofia, Bulgaria, OneCoin received official recognition for the CoinSafe product’s Shariah Compliance. The OneCoin team received the certificate from the CEO of the AlHuda Centre of Islamic Banking and Economics Muhammad Zubair Mughal and Dr. Zareen Roohi Ahmed. The meeting was attended by the companymanagement team, who were also informed about the opportunities 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 memorable achievement 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 do not allow benefiting from lending money or receiving money from someone, i.e. receive interest.

Three months ago, in order to improve its services for OneCoin users in Muslim countries, the company implemented changes to its Coinsafe option, which allowed people from those countries to use it without overstepping the boundaries of the Shariah law. That was the first step in the meticulous process for making the entire company concept Shariah compliant.

“I was an honour for us to certify the Coinsafe product, which is the first Shariah compliant savings product, associated with cryptocurrency. We spent almost 2 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 for providing financial services to the lower levels of society and overcoming social inequality. We are currently on the road to guiding other OneCoin processes toward 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 it's 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. 

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