Solowin Holdings' AXBHD stablecoin receives Sharia certification

AX Coin Bahrain B.S.C. Closed, a subsidiary of Solowin Holdings (NASDAQ: AXG), announced that its AXBHD stablecoin has completed a formal Sharia review conducted by Shariyah Review Bureau W.L.L. (SRB), a Sharia advisory and audit firm licensed by the Central Bank of Bahrain.

SRB reviewed AXBHD's issuance mechanism, reserve investment framework, governance arrangements, and revenue model as part of the certification process. The engagement also establishes an ongoing Sharia governance framework to support AX Coin Bahrain as it expands its stablecoin offerings.

The company claims AXBHD is the first central bank-regulated stablecoin to receive this type of certification.

Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin Bahrain, said: "Receiving Sharia certification for the AXBHD stablecoin is an important milestone for AX Coin Bahrain. This achievement demonstrates our commitment to transparency, strong governance, and the integration of Sharia principles into our operational structure as we prepare for launch."

Yasser S. Dahlawi, Founder and CEO of SRB, said: "We are pleased to support AX Coin in developing its Sharia governance framework and look forward to contributing to the responsible growth of Bahrain's digital asset ecosystem through innovative products that remain firmly grounded in established Islamic finance principles."

AX Coin Bahrain is the regulated stablecoin issuer of Solowin Holdings, which was established in 2016 and lists on the Nasdaq exchange under the ticker AXG.

You May Also Be Interested In

• ADARx Pharmaceuticals files for proposed IPO
• Vext closes Ohio dispensary amid health event probe
• USA Rare Earth (USAR) files for 126.5M share offering by selling stockholders