German FinTech company Caiz Development is building a Sharia-compliant cryptocurrency and blockchain designed to unlock financial opportunities for millions of underbanked people in developing countries.
Caizcoin will conform to the principles of Islamic finance. The blockchain will also offer transactions that follow the rules of Sharia.
“In 2018 to 2019, we got the idea of building a cryptocurrency that can be used in the Islamic world under all its restrictions, such as no interest, knowing your counterparties, no anonymity or speculation,” said Joerg Hansen, chief executive of Caiz Development.
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Watch: what is Bitcoin and how did it start?
“We conferred with Islamic scholars whether this is permissible before we decided to design the token. We made the best efforts to make Caiz Islamic-compliant, but we also wanted to build an inclusive product that can be used by everyone.”
The Mena region is the fastest-growing cryptocurrency market in the world, accounting for 9.2 per cent of global digital currency transactions from July 2021 to June 2022, according to a report this month by blockchain data platform Chainalysis.
About 22 per cent of the GCC's population is unbanked, compared with 60 per cent in North Africa, according to a report by consultancy Strategy &.
Seventy-nine per cent of young adults in the Mena region are unbanked and 72 per cent of the poorest citizens can benefit from financial inclusion, according to the Arab Monetary Fund.
The FinTech identified remittance payments as one of the biggest pain points for migrant communities, not only in the Islamic world, but also globally.
“The strongest use cases for Caizcoin aren’t in the US or Europe, where everyone has a bank account. Instead, they are unbanked and underbanked users in developing countries where there is less penetration of financial services,” Mr Hansen said.
“They can download the app, buy Caiz and send it to a recipient, who can use it within our ecosystem for different purposes or cash it into a local currency.”
The company’s biggest markets are in South-East Asia, the Middle East and Africa, as well as migrants in Europe and Latin America.
Cryptocurrencies are typically available on decentralised exchanges, where users deal with unknown counterparties and unknown risks.
However, Caizcoin will operate in an ecosystem where there will be “checks and balances” for all wallet holders. Only someone who has been vetted and checked can enter the system, said Mr Hansen.
With its “know your customer” principle, Caizcoin does not support partnerships with industries prohibited in Islam, such as alcohol, drugs, gambling and pornography.
The company, which currently has a marketing office in the UAE, is also building the token on a customised blockchain.
“We are not building a coin on top of Ethereum, for instance. We forked an underlying technology, Stellar chain, in a way that we can build this from the ground up,” Mr Hansen said.
The founders of Caizcoin will also engage in charitable activities and champion social causes. For instance, Caiz Development recently sponsored the Euro sculpture in Frankfurt, Germany.
The FinTech company is also planning to build football academies for children in Singapore, Malaysia and Indonesia.
Caiz Development will set up its custom-designed blockchain and application programming interface to connect it with financial service providers, banks and payment gateways in the first quarter of 2023.
“We will have a Caiz wallet and an app so that people can access the ecosystem without a bank account, and purely from their mobile phone,” Mr Hansen said.
Caizcoin is still at the fund-raising stage.
“Even though we have done private sales, we will be launching trading on many exchanges to widen the fund-raise for further expansion of the coin this year,” Mr Hansen said.
“This will still be on the Ethereum chain and we will switch to Stellar blockchain in January or February.”
Currently, Caizcoin is available on five exchanges, including P2Pb2b, BigOne, Biconomy and Bittrex.
“Anyone who already has Caiz from the pre-sale can deposit the coins there. Once the market conditions stabilise, we will enable access to people on the exchanges,” said Mr Hansen.
The company will approach one or two top-tier exchanges either this year or the next, he said.
The developer is also set to launch an Islamic-friendly alternative to staking in a few weeks in partnership with an exchange.
Staking is a way to generate passive income while waiting for cryptocurrency assets to increase in value.
Staked coins are similar to interest-bearing savings accounts or bonds as they all provide interest income on an initial investment.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Profile of Hala Insurance
Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
MATCH INFO
Burnley 0
Man City 3
Raheem Sterling 35', 49'
Ferran Torres 65'
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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The biog
Name: Greg Heinricks
From: Alberta, western Canada
Record fish: 56kg sailfish
Member of: International Game Fish Association
Company: Arabian Divers and Sportfishing Charters
UAE currency: the story behind the money in your pockets
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
Ain Issa camp:
- Established in 2016
- Houses 13,309 people, 2,092 families, 62 per cent children
- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
- NGO Blumont runs camp management for the UN
- One of the nine official (UN recognised) camps in the region
Results:
5pm: Maiden (PA) Dh80,000 2,200m | Winner: AF Al Montaqem, Bernardo Pinheiro (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,200m | Winner: Daber W’Rsan, Connor Beasley, Jaci Wickham
6pm: Handicap (PA) Dh85,000 1,600m | Winner: Bainoona, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: AF Makerah, Antonio Fresu, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 | Winner: AF Motaghatres, Antonio Fresu, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 1,600m | Winner: Tafakhor, Ronan Whelan, Ali Rashid Al Raihe
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Europe's top EV producers
- Norway (63% of cars registered in 2021)
- Iceland (33%)
- Netherlands (20%)
- Sweden (19%)
- Austria (14%)
- Germany (14%)
- Denmark (13%)
- Switzerland (13%)
- United Kingdom (12%)
- Luxembourg (10%)
Source: VCOe
INDIA SQUADS
India squad for third Test against Sri Lanka
Virat Kohli (capt), Murali Vijay, Lokesh Rahul, Shikhar Dhawan, Cheteshwar Pujara, Ajinkya Rahane, Rohit Sharma, Wriddhiman Saha, Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Vijay Shankar
India squad for ODI series against Sri Lanka
Rohit Sharma (capt), Shikhar Dhawan, Ajinkya Rahane, Shreyas Iyer, Manish Pandey, Kedar Jadhav, Dinesh Karthik, Mahendra Singh Dhoni, Hardik Pandya, Axar Patel, Kuldeep Yadav, Yuzvendra Chahal, Jasprit Bumrah, Bhuvneshwar Kumar, Siddarth Kaul
Awar Qalb
Director: Jamal Salem
Starring: Abdulla Zaid, Joma Ali, Neven Madi and Khadija Sleiman
Two stars
Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
CONFIRMED%20LINE-UP
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