ComTech Gold $CGO Becomes The First 100% Gold Backed Token To Receive Shariah Certification In The MENA Region
By Ron Chen, Senior Correspondent, ASEAN Region
ComTech FZCO has received Shariah Compliance Certification for ComTech Gold Token (CGO), becoming the first in industry to be awarded a shariah certification for Gold tokenization product in the Region. Shariah certification (Fatwa) was issued by Amanie Advisors Ltd, an entity specialising in field of Shariah-compliant investments and Islamic finance solutions.
ComTech FZCO, a Dubai-based company redefining tokenization infrastructure (for real-world assets), started with digitization of Gold powered by XDC Network. Comtech Gold ‘CGO’ is listed on Global Exchanges like LBank, Bitrue. Investors can buy CGO by opening an account with these exchanges. Investors can hold tokens within the exchange wallets or with any of the Internationally accepted wallets like D’cent, Guarda, or through regulated digital Custodians like Propine, a MAS-regulated entity.
Supported by the guidance from Amanie Advisors Ltd, ComTech Gold Shariah certification was provided after confirming that the structure, mechanism, and relevant key legal documentation of Comtech Gold Token met all the necessary requirements in line with Shariah rules and standards defined by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Chief ExecutiveOfficer of ComTech Gold, Navin D’souza said: “We are proud to be the first Gold blockchain company in the region to receive Shariah certification, which will give investors greater comfort in investing in 100 per cent physical gold-backed token where every token is backed by 1gm of 999.9 purity of gold, securely stored in TransGuard safe vaults. Financial instruments like CGO are significantly gaining popularity globally, greatly reflects the growing potential of Islamic financial products among investors. By obtaining this certification, ComTech Gold is well positioned to service Islamic investors looking for Shariah-compliantassets to invest.
ComTech Gold token, built on XDC Networkutilizes the power of blockchain to allow investors own Gold in digitized form where each of these tokens represents one pure gram of gold that is fully backed, redeemable, regulated. EVM-compatible XDC Network makes it possible to make transactions at near-zero gas fees with high transaction speed, consuming low-energy is an added-advantage attracting many strategic partners and investors, they like to be stakeholders for ComTech-FZCO,” added Mr. Navin .
CEO at Amanie Advisors Global office, Maya Marissa Malek said: “We are pleased to see this new Shariah-compliant gold-backed product offered by Comtech come into the market. It provides a much-needed variety for Islamic investors to tap into precious metal assets, which have not been sufficiently tapped into in the past due to a lack of well-defined Shariah guidelines. With the AAOIFI Shariah standard on gold, we now see an increase in both supply and demand of this asset class.”
Amanie Advisors recently won the Islamic Economy Award in the category of Islamic Economy Knowledge Infrastructure at the prestigious Global Islamic Economy Summit (GIES) in Dubai, UAE as delivered by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, and Prime Minister of UAE.
The GPCA Research and Innovation Conference is the only event of its kind in the region that serves as the platform to discuss ways and means for creating a culture of innovation within the regional chemical industry. The conference offers delegates opportunities to network with innovation leaders and experts and discovers the necessities and impact that research and innovation can bring to businesses, specifically and in the industry in general.
The GPCA Research and Innovation Conference has been widely praised for providing the ideal platform for knowledge sharing and for building a strong understanding of the role R&I plays as a cornerstone in the regional industry’s development and in achieving its competitiveness.
Held under the theme ‘Catalyzing A Sustainable Future with R&I’, the 7th edition of the GPCA Research and Innovation Conference will be held from 26-27 September 2022, at the Address Sky View Hotel, Dubai, UAE. The conference will provide opportunities to learn and discuss the best strategies for effective innovation governance and management and outline how they can help create and capture new value toward a sustainable future.
7th GPCA Research & Innovation Conference
‘Catalyzing a sustainable future through R&I’
With the alarming threats posed by climate change, “Sustainability” and “Net Zero” now sit at the top of the agenda of industries, governments, and communities alike. Global sustainability efforts were accelerated with the signing of the Paris Agreement, which charted a new course in the effort to combat climate change. Today countries are required to not only make commitments to the accord but to also take concrete actions. Given the steady increase in environmental pressure, it has never been more important to transition to a low carbon society.
The chemical industry, no doubt has a vital role to play in this transition. It is considered a cornerstone of the global economy, providing essential materials and technologies for 95 per cent of all manufactured goods. As a crucial contributor to almost all sectors, the chemical industry is currently responsible for 6 per cent of global greenhouse gas emissions, and this is projected to grow even further. However, the industry is taking substantial steps to change that; significant resources are being invested by governments, local and foreign investors in the GCC region to accelerate the development of new technologies, adopt new, circular business models, and transition to clean energy sources. This is to meet the ever-growing demand for chemicals and petrochemicals in a sustainable manner.
The chemical industry understands that net-zero transition cannot be achieved by one party alone. A collaborative effort is needed to help accelerate the development and upscaling of climate-friendly technologies. An important piece of that puzzle are research institutes and academia, start-ups and inventors, who bring a host of innovative ideas, but lack the capacity to upscale their technologies. The industry needs to engage and collaborate with these groups to foster fruitful solutions for societal benefits.
After a brief pause, the 7th edition of the GPCA R&I Conference is returning to Dubai to showcase the latest innovations in the chemical industry, and to cement a sustainable future with value chain collaboration at its heart. The conference will be held under the theme ‘Catalyzing a Sustainable Future through R&I’, and is scheduled to take place from 26-27 September 2022, at the Address Sky View Hotel in Dubai. This edition will feature a dedicated competition for undergraduate and postgraduate university students who will be provided with one-of-a-kind opportunity to present their innovative ideas to industry leaders. The second edition of GPCA Innovation Competition is designed to bridge the gap between the industry and academia and bring them closer together in line with GPCA’s advocacy effort in fostering an innovation culture in the Arabian Gulf region.
