AXG Subsidiary Earns First Central Bank-Regulated Sharia Certification

Solowin Holdings' (Nasdaq: AXG) subsidiary, AX Coin Bahrain, has become the first central bank-regulated stablecoin to receive Sharia certification from Shariyah Review Bureau, a Sharia advisory firm licensed by the Central Bank of Bahrain.

The review covered all aspects of the AXBHD stablecoin framework, including its issuance mechanism, reserve investment framework, governance arrangements, and revenue model for compliance with recognized Islamic finance principles.

AX Coin Bahrain describes the AXBHD stablecoin as being prepared for launch, but this certification marks a significant milestone in the development of Sharia-compliant digital currencies.