Artificial Intelligence and Fintech: X8 Currency
Preserving value and creating price stability with Artificial Intelligence.
Artificial Intelligence and Fintech: X8 Currency
We’ve always aimed to build products that improve investment opportunities for as many people as possible. For example, few months back we introduced the first Sharia compliant blockchain Protocol which allowed users to experience the movement of money quickly, reliably, and at almost no cost. Since then everyone from blockchain lovers and cryptocurrencies issuers, to digital exchanges have been approaching us seeking Sharia compliance — often for the very first time.
One such entity inspiring to illuminate the world of ‘value preservation’ is Switzerland based X8 Currency. Their portfolio is driven by financial Artificial Intelligence (AI) which provides people with an easy Token artifact for their investments. Powered by advanced applications the portfolio works on a 100% asset backed reserves of eight major fiat currencies like US Dollar, Japanese Yen, Canadian Dollar and gold coins. What we admire about X8 is that it has been built in direct response to conversations with Asset Managers seeking to preserve value and create price stability, as well as automated reserves and visibility metrics. Keep your eyes peeled as we help roll out the Sharia compliant version of X8 with creative, secure and stable experiences.
From initial coin offerings to finishing protocols, we help your products stay true to the pulse of your design. By staying focused on the needs, demands and wishes of the people and institutions for whom you’re developing the products.
We remain excited in inspiring the financial world and shaping new futures with Islamic products build for everyone!
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Digital Assets: EIT Investments
The history of real-estate investments is global. But until recently, the act of tokenizing these investments into digital assets has been limited in scale. But with EIT Investments, it’s soon going to be just a few clicks away. Today, they received the Sharia Certification for their luxury hotel real-estate program and they are now developing the Tokenization of their first 20 investments in hotels so that you can buy their digital artifacts no matter where you are.
EIT’s block-chain technology will allow you to digitally securitize your investments in the famous suites of Mardan Palace in Turkey, or the grand rooms of 4 Seasons in Switzerland, or The Plaza in New York City. From asset backed sales to secured rental yields, we expect, EIT’s Tokens to help reach new investors and inspire them with digital assets. And the possibilities will keep expanding with the addition of newer exchanges which allow the sale of such Tokens on secondary e-markets.
Digitalized Tokens will never replace the real thing. But block-chain technology will open up new application of investments to everyone, and to offer such opportunities in a Sharia compliant manner, we think is a powerful thing. We hope you get a chance to explore the diverse heritage of hotel investment in Sharia compliant Tokenized way!
X8 Currency, a Blockchain based digital currency with an advanced artificial intelligence wealth value preservation solution, today announced that it has been certified for Sharia compliance by Shariyah Review Bureau. X8 is the first to receive the certification for its ARM-AI (Automatic Reserve Management, Artificial Intelligence) driven portfolio which preserves value with its 100% backed reserves of eight major fiat currencies (US Dollar, Swiss Franc, Euro, Pound Sterling, Japanese Yen, Australian, New Zealand and Canadian Dollar) and gold. This basket of fiat currencies and gold helps create safety and the strong foundation necessary for a digital currency, while the ARM-AI helps find the best exchange rates for the elements in the reserve. Not only does the ARM-AI solution preserve value for the investor, it also helps in countering the inflationary headwinds experienced across the global markets, providing a sustainable non-speculative value proposition for the investor. The X8C currency has the potential to become one of the most stable and exchangeable digital currencies in the world, whilst becoming a true value reference point.
The certification also extends the Sharia compliance to X8’s Ethereum based Tokens along with comprehensive guidelines for trading in currencies and preserving value. “It is very meaningful to receive the Sharia compliance certificate that provides reassurances that we are open to investors seeking to make investments in Shariah compliant assets,” said Gregor Koželj, Founder and Chief Executive Officer. “With the changing environment of banking and asset management primarily due to fintech-driven shifts, the market for wealth preservation in Islamic finance is poised to see disruption and it is for this reason that we are seeing an increasing demand for our Product in the Islamic markets. We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive new business opportunities for investors in the marketplace compatible to their faith based values,” said Francesca Greco, Director and Co-Founder of X8 AG.
The Sharia Advisory engagement will enable X8 to allow the facilitation of more integrated currency trading, and asset preservation that leverages on Sharia compliant principles. “We remain committed to retaining the expertise of Shariyah Review Bureau as we seek to drive the growth of X8 in the rapidly expanding markets of Sharia compliant investments ” said Gregor.
Based out of Bahrain and licensed by the Central Bank of Bahrain, Shariyah Review Bureau (“SRB”) has been serving the Islamic financial markets for well over 13 years. With 34 scholars spanning 19 countries its Sharia certification and Sharia audit services are recognized globally. SRB is widely considered as one of the world’s leading Sharia advisory organization offering banks, insurance and asset management institutions a range of Sharia certification and supervisory services across all major asset classes. It also provides its advice to wealth management companies, high-net-worth individuals and family offices.
“We are keenly looking forward to X8’s vision to advance digital currency capabilities by systematically using Blockchain and Artificial Intelligence techniques” said Yasser S. Dahlawi, Founder and CEO of SRB. “Moving forward we will work closely with the team at X8 to ensure that they have access to the levels of expertise required for attaining Sharia compliance in their business facilities.” Yasser added, “High quality Sharia advice and certification services are critical to our business and we are ready to deliver what’s required to support the future ambitions of X8 in the Islamic financial market.”
As a full-service Sharia Advisory company, SRB’s certification complement its ICO screening services and solutions and covers Blockchain protocols, Tokens and Cryptocurrencies. “Blockchain based projects require detailed review of its design and technical structuring aspects” said Mansoor M. Ahmed, AGM at SRB’s Dubai office. “At SRB, we aim to simplify this for our clients by providing end-to-end Sharia Board, review, certification, consultation and Sharia audit services into one cost-effective package. As a result, clients get consistent Sharia advice and added value in terms of access to the right Sharia scholarly resources as and when required.”
Alpha Capital, the Kingdom’s latest novel boutique Investment firm focused on Asset Management and Alternative Investments announced today the assignment of Shariyah Review Bureau (“SRB”) to oversee its Sharia compliant investment funds and securities business.
Alpha Capital’s bespoke products and services, are designed to help investors build and grow their investors, and include direct access to fixed income fund, structured products, discretionarily managed portfolios, investment real-estate funds and private funds. The combination of Alpha’s specialist knowledge in identifying risks and optimizing investments is seeing an increased level of interest from regional institutional clients. The firm has already established two standalone Sharia compliant public Funds this year and is now working on a range of investment funds to meet the needs of its growing private asset business in the Kingdom. Fahad Khalid AlSaud, Managing Director and CEO at Alpha Capital, said: “we are working hard in building great opportunities for institutional investors and HNW’s in the Kingdom wanting to diversify their portfolio with an excellent return profile in multiple asset classes.” Speaking on alpha returns he added “the needs of the markets are changing and diversification backed with positive returns are key to creating wealth, and this is why we are structuring our investment case with alpha based returns in this challenging market.”
Commenting on the assignment of Shariyah Review Bureau, Moath AlNaeem, Chief Investment Officer at Alpha Capital stated, “We welcome SRB to our investment business. The appointment of a global Sharia advisory firm which has certified investments across all asset classes and with deep knowledge of the Islamic industry highlights our commitment to growth in Sharia compliant alternative investment business.”
Shariyah Review Bureau is licensed by the Central Bank of Bahrain and has hundreds of clients covering multiple industries around the world. Its services have grown in demand as financial institutions continue looking for ways to speed-up the Sharia compliance management process and to reduce costs on Sharia Boards overheads. “We strive to be a complete Sharia advisory resource for asset managers, providing them with the full spectrum of Sharia certification and Sharia equity screening services they need to help meet their goals,” said Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau. “Creating long-term value between institutions and scholars has always been at the core of our business and we believe that we have succeeded by building a scholarly platform spreading over 19 countries and a committed team of in-house consultants that can deliver quick reviews and certification, as well as deliver and monitor Sharia compliance for clients like Alpha Capital.”
Banque Saudi Fransi (BSF), the Kingdom’s leading bank today announced that it has assigned Shariyah Review Bureau to help augment its internal Sharia audit functions.
BSF has one of the largest suites of Sharia compliant products and services dedicated to companies, individuals and banking institutions in the Kingdom. Mazen Elrayes, Advisor to Islamic Banking at BSF commented: “As BSF grows, we continue to broaden our Sharia supervisory framework in order to better serve our customers by delivering leadership in Sharia control designed to meet the requirements of our Islamic products and services.” He added, “Sharia audit is often the most labor-intensive stage of the Sharia compliance management process. During this phase, each aspect of the products, services and operations is diligently reviewed and analyzed to determine what Sharia risks the bank may be facing. To achieve this we need qualified and experienced Sharia auditors who understand the Sharia construct and issues in compliance and are able to make the necessary audit calls and reduce risks.” “We expect SRB to rigorously review and audit our products, operations and treasury procedures and help enhance the Sharia compliance management system in BSF.”
SRB’s Sharia audit services are designed to bridge the gap between the issuance of Sharia certification and management of Sharia compliance. Since its inception, SRB has launched multiple Sharia audit services from Sharia Supervisory audits to co-sourcing audits to Independent External Sharia Compliance audit (IESCA) to financial institutions. With 100+ Sharia audit and reviews of companies, banks, insurance firms, and asset managers, SRB prides itself on being an Islamic industry leader.
“Our Sharia audit services have earned a reputation of excellence in the Islamic banking industry,” said Chief Executive Officer, Yasser S. Dahlawi. “Over the years we have worked hard to build the right combination of skills, experience and team to oversee the continuous development of internal Sharia audit programs for Islamic banks in the region.” Commenting on the new engagement Yasser added, “We look forward to working with BSF and further strengthening their Sharia control procedures.”