Caiz Development Is Working on a Crypto Platform for Islamic Followers

German fintech firm Caiz Development is working to establish a new Sharia-compliant crypto and blockchain enterprise that will allow unbanked or underbanked people in the Middle East take advantage of digital assets.

Caiz Development Is Helping the Middle East Get Acquainted with Crypto

The goal is to ensure the platform is fully compatible with those who follow the Islamic religion. By conforming to its methods and ideals, those who worship and abide by Islamic laws can utilize crypto without feeling like they’re turning their backs on their initial principles. Joerg Hansen – chief executive of Caiz Development – said in a recent interview:

In 2018 and 2019, we got the idea of building a cryptocurrency that can be used in the Islamic world under all its restrictions, such as no interest, knowing your counterparties, no anonymity, or speculation. We conferred with Islamic scholars whether this is permissible before we decided to design the token. We made the best efforts to make Caiz Islamic compliant, but we also wanted to build an inclusive product that can be used by everyone.

In a recent study, it turns out the Mena region is the fastest-growing crypto arena across the globe. Just under ten percent of the world’s overall crypto activity stems from this space. This could be because roughly 22 percent of its population is underbanked, meaning people cannot gain access to the standard services and tools often provided by traditional financial institutions.

Hansen is looking to change all this quickly. He further commented:

The strongest use cases for Caizcoin aren’t in the US or Europe, where everyone has a bank account. Instead, they are unbanked and underbanked users in developing countries where there is less penetration of financial services. They can download the app, buy Caiz, and send it to a recipient, who can use it within our ecosystem for different purposes or cash it into a local currency.

He further stated that all the activity within the Caiz ecosystem will be fully regulated and that the company plans to implement know your customer (KYC) tactics and other safety measures to ensure that no funds pass through terrorist hands. Presently, the firm has a marketing office in the United Arab Emirates, which is becoming much more prone and open to crypto activity.

Using All the Right Safety Tools

Hansen said:

We are not building a coin on top of Ethereum, for instance. We forked an underlying technology, Stellar chain, in a way that we can build this from the ground up… We will have a Caiz wallet and an app so that people can access the ecosystem without a bank account and purely from their mobile phone… Even though we have done private sales, we will be launching trading on many exchanges to widen the fundraising for further expansion of the coin this year.

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