SINGAPORE based DS Media Concepts Pte Ltd, a fintech company offering solutions in Blockchain and Digital Assets, including Initial Coin Offering (ICO) services and Five Pillars Pte Ltd, a premier Islamic Finance consultancy firm, have agreed to jointly develop, world’s first Shari’ah Compliant Cryptocurrencies exchange known as “HalalDEX” (Halal Decentralized Exchange). This joint effort will also see Singapore’s first decentralized digital asset 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.
HalalDEX is expected to be ready by end August. 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.
Some very exciting products are already being discussed to be rolled out following the launch of HalalDEX.
About Five Pillars Pte Ltd
Five Pillars Pte Ltd is a premium Islamic Finance consultancy firm, which counts listed firms, banks, financial institutions and software companies as their clients. Five Pillars Pte Ltd has world-renowned and highly credentialed pool of scholars to advise its clients.
About DS Media Concepts Pte Ltd
DS Media Concepts Pte. Ltd. commenced business in 2010 and has earned their reputation among industry peers and clients. DS Media believes every business is different and approaches the requirements of clients with a new approach every time. Over the past years, we have delivered many clients with bespoke online solutions including e-commerce platforms and mobile app solutions.