AX Coin Earns Sharia Compliance Certification for Bahrain-Regulated Stablecoin
AX Coin, a subsidiary of Solowin Holdings (Nasdaq: AXG), has achieved a significant milestone by securing Sharia compliance certification for its AXBHD stablecoin in Bahrain. This makes it the first stablecoin regulated by the Central Bank of Bahrain (CBB) to achieve this status.
The certification was granted after a comprehensive Sharia review conducted by Shariyah Review Bureau (SRB), a Sharia advisory and audit firm licensed by the CBB. The review covered various aspects of the stablecoin, including its issuance mechanism, reserve investment framework, governance structure, and revenue model to ensure compliance with Islamic finance principles.
As part of this partnership, SRB will provide ongoing Sharia governance oversight to support AX Coin's expansion of regulated stablecoin offerings.