SINGAPORE based DS Media Concepts Pte Ltd, a fintech company offering solutions in Blockchain and Digital Assets, including Token Offer services and Five Pillars Pte Ltd, a premier Islamic Finance consultancy firm, have jointly developed, world’s first Shari’ah Compliant Cryptocurrencies exchange known as “HalalDEX” (Halal Decentralized Exchange).
HalalDEX will only carry digital assets (ERC20 Tokens), which are endorsed as Shari’ah Compliant by Five Pillars Pte Ltd , which has developed a methodology to screen the digital assets to determine its Shari’ah compliant status. The Shari’ah status will be evaluated through both qualitative and quantitative analysis based on market capital, free float and liquidity amongst other factors. It has within its resources Shari’ah scholars who have in-depth knowledge in Islamic Principles as well as in Blockchain and digital assets.
“Investors with Shari’ah mandate wants to participate and benefit from this frontier technology and industry but there are many concerns with one of them being the Shari’ah compliance of investing in digital assets. Five Pillars is glad to play a role in helping such investors navigate such concerns” says Five Pillars’ Managing Director Mr. Raj Mohamad.
After exploring various options, challenges and cost the team decided to go the decentralized exchange route as it offers investors a better sense of trust and security unlike the centralized exchanges which has been plugged with several issues including that of being hacked and losing investors coins.
“Having been in the business for the last few years and having developed two exchanges, DS Media Concepts Pte. Ltd. saw immediate need and benefits in partnering Five Pillars to offer these services to not just Muslims around the world but also to non-Muslims who wish to invest in sound ethical businesses adds DS Media’s Mohamed Faisal.
Investors can readily trade via our exchange and only pay a competitively priced nominal fee. The team is expected to do its road shows in trade fairs in this region and UAE where we foresee significant demand.
Please contact HalalDEX if you want to be certified Shariah Compliant. https://t.me/dsmediasg
Should you acquire the certificate from Halal DEX?
HalalDEX, as the name suggests, provides a safe place to trade without fear. As a Shariah law gatekeeper, you are sure that you will transact without any doubts. The exchange focuses on ERC20 tokens, which are Shariah Compliant.
The DS Media Concepts Pte. Ltd runs the exchange in collaboration with a team of Islamic scholars. According to the company, a token will only qualify to trade within the exchange if it can pass various evaluation based on Shariah Law.
After a token receives the certificate, it is the work of the issuer to act according to the Shariah adviser.
For more information on the issuance of Shariah Compliance Certificate, be sure to contact DS Media Concepts Pte. Ltd at https://t.me/dsmediasg
Our Islamic Scholar
Mr. Muhammad Abu Bakar is graduated as Shariah Scholar and Mufti from the world renowned and reputable Islamic University “Jamia Darul Uloom Karachi”, Pakistan. He initially completed 8 – year Alamiyya degree (Equivalent to Master in Islamic studies and Shariah) from Jamia Darul Uloom Karachi where he studied from Respected Mufti Muhammad Rafi Usmani (The current grand Mufti of Pakistan) & Sheikh Mufti Muhammad Taqi Usmani (Chairman of AAOIFI Shariah Board) among other great luminaries in Islamic Theology and Jurisprudence. Further, he has completed 3 - year specialization in Islamic jurisprudence and Fiqh al-muamalat from the same institution for which he wrote his thesis on the topic of “Maqasid al-Shariah & their role in Ijtihad”.
He researched and wrote more than 400 Fatawa (Shariah Rulings) majoring in Fiqh al-muamalat & Islamic Finance approved by the renowned Muftis at Darul-Ifta, Jamia Darul Uloom Karachi.
In addition to that, he successfully completed MSc in Islamic Finance from INCEIF, (The Global University of Islamic Finance, Malaysia) and holds CSAA (Certified Sharia Advisor and Auditor) from AAOIFI, Bahrain among other certificates and courses in Islamic Finance, Halal and Fintech on post-graduate level.
He is associated with various local and international institutions and actively serves Islamic Banking & Finance, Halal and Fintech industry as Shariah Advisor, Consultant and Trainer. His areas of research and interest including but not limited to Shariah, Islamic Jurisprudence, Fiqh al-muamalat, Islamic Commercial Law, Halal Certification and Compliance, Applications of Fintech, Blockchain and Cryptocurrencies. He is also an associate member of “Association of Shariah Advisors in Islamic Finance”, Malaysia.
Updated 15 January 2019