Swiss cryptocurrency firm X8 obtains Islamic finance certification

Nov 12 (Reuters) – Switzerland-based financial technology firm X8 AG has obtained certification from Islamic scholars for its digital currency, with plans to expand its business in the Middle East, a senior executive said on Monday.

Several fintech firms are integrating their technology into the field of Sharia-compliant finance, with regulators and financial exchanges in the Middle East region keen to attract new business and encourage innovation in the sector.

This has prompted Islamic scholars to assess the religious validity of digital currencies, some wary of price volatility and the types of assets behind digital tokens.

The company hopes its Ethereum-based cryptocurrency, which is fully backed by a basket of eight fiat currencies and gold, can address such concerns, said X8 director and co-founder Francesca Greco.

“The Gulf region is a really good place for financial technology companies, because they all want to become hubs for fintech,” said Greco, adding the company…