Kazakhstan-based QuantDART has appointed Shariyah Review Bureau (“SRB”) as its Sharia advisor to supervise its investment activities under the Halal Investment Product.
The appetite for Islamic finance products and the support of the Kazakhstan government have continued to grow despite the recent global challenges. QuantDART created an investment product which helps faith-centered investors at both retail and institutional levels to invest in digital assets. “We believe that digital assets are making revolutionary impacts to global finances and as a fully licensed company under the regulation of AIFC, we are committed to bringing these changes to benefit the financial investment community” said Edward Y. Wong, Head of Business and Technology Strategy. “Getting certified as Sharia-compliant is a milestone in QuantDART’s journey to providing the Muslim community exposure to digital assets with regulatory compliance and Sharia assurance overlooking our activities,” he added.
Kazakhstan has drastically changed their position towards digital currencies and has enlisted QuantDART’s help to foster the country’s foray into digital assets. QuantDART was named as one of the Top 10 IT Startups by Astana Hub, and has taken a lead in Muslim-based art and culture. This has created interest at an investor’s level for all type of digital assets including NFTs. The Halal Investment Product managed by the QuantDART team will invest in halal friendly digital assets and strategies. “Seeking Sharia advisory services of SRB, who has extensive experience working with asset managers, blockchain & fintech companies, allows us to focus on the private Islamic investors space by offering them an exposure to sharia compliant digital assets like crypto-currencies and Non-fungible tokens (NFTs,)” said Edward.
SRB provides end-to-end Sharia advisory solutions that are centrally deployed, and offer Sharia supervision, functionality and quick turnaround in product certification. This has become an attractive option for supporting the needs of global Islamic financial establishments and fintechs startups. In addition to reducing Sharia scholarly overheads, this approach helps clients of the SRB centralize their firm’s Sharia Board administrative and operational tasks.
Yasser S. Dahlawi, Founder and CEO of SRB, said on the engagement that “QuantDART Halal Investment Product exhibits a growing trend in the investment community that seeks an alternative investment among the digitized asset class.” Yasser ended by stating, ” Our Sharia controls, guidelines and audit services are well positioned to address non-traditional products of such nature. By helping QuantDART attain Sharia compliance, we’re supporting them to stay focused on their investment-critical functions while we keep the Sharia compliance in check”