Finanomy Launches NFTradeable, World’s First Shariah-compliant NFT Exchange

Global fintech company Finanomy announced it has developed and launched NFTradeable, the world’s first Shariah compliant peer-to-peer marketplace for non-fungible tokens (NFTs), using the Ethereum blockchain.

The company said it was the first company to launch a live and operational Shariah NFT marketplace, beating other market players which announced launching platforms for the Shariah market.

“We are excited about the milestone, and the fact that we are the first operational NFT marketplace dedicated to buyers and sellers of Shariah compliant assets, minted on the Ethereum blockchain” said Dr. Shakir Jeeva, CEO and founder of Finanomy, the Fintech holding company of NFTradeable.

“The company is hoping to make fast inroads to those interested in decentralised future investment technologies within the framework of Shariah Law, using a platform dedicated to the Islamic Halaal market.”

Dr. Jeeva said it held extensive consultation with Shariah scholars during the development of the platform, but also acknowledged it’s a new and nascent space. “Shariah parameters are in place to ensure compliance with the Islamic teachings, creating a conducive marketplace.”

NFTs are the latest trend disrupting markets for decentralised finance, trading and investment. Sales volumes of non-fungible tokens (NFTs) increased to $10.7 billion in 2021 Q3, an increase of eight times compared to the previous quarter based on data released by market tracker DappRadar.

NFTs are digital assets that link ownership of digital objects such as art, events, insurance and other creative asset classes, amongst others. The market ascribes a value to items for their exclusivity, collectability, trading potential and scarcity.

NFTRADEABLE will enable owners and creators to mint their virtual Shariah-compliant assets, rare digital collectibles and other crypto items and make use of the NFT market place, which makes use of the MetaMask cryptocurrency external wallet infrastructure (iOS, Android). Various Islamic collections will be minted using the platform within the next few days.

On NFTRADEABLE, being a decentralised platform, NFTs are directly transferred from the seller’s wallet to the buyer’s wallet and the platform does not in any way take custody of money, assets or tokens. "It is in users’ wallets all the time. We are simply a marketplace connecting buyers, sellers and investors."

Digital ownership is stored and recorded through blockchain ledgers such as Ethereum, and items are generally bought and sold using cryptocurrencies, and stored in a secured external wallet, using a decentralised system, ensuring both the buyer and seller have a direct channel.

“NFTradeable has chosen the Ethereum blockchain, which is currently the second largest cryptocurrency by market capitalization, only behind Bitcoin. Using the Ethereum blockchain allows for rapid deployment, scalability and size. With daily exchange trades of approximately 10,43 Billion USD and 118,50 Million tokens in circulation, the blockchain is highly liquid and accessible.”

“Blockchain by its definition is a secure network. NFT is a smart contract which is a programable contract. When someone buys or sells a NFT, the wallet address is stored on the blockchain and custody of the digital asset is given or taken.” explained Dr. Jeeva.

“Apart from the technological aspect, the NFT exchange will also play an important social and economic aspect due to the fact that anyone can access the platform and trade globally, uplifting their own economic circumstances, especially for those from less developed economies. This will allow for extra sources of income, especially for Islamic scholars who generally fall into a lower income bracket.”

Going forward, Finanomy has plans to expand its blockchain ecosystem, and will be launching additional products in the near future.

Finanomy is a fintech group with various interests in blockchain and related technology, focusing on ethical and Shariah compliant offerings. With a team of experts, Islamic scholars and software developers, Finanomy plans on redefining the global blockchain environment within the context of Islamic and Shariah offerings, creating a holistic financial ecosystem.

Enquiries can be directed to:

Contact Info:
Name: Shakir Jeeva
Email: Send Email
Organization: NFTradeable - A Subsidiary of Finanomy
Address: United Arab Emirates

Release ID: 89060548