AX Coin, a subsidiary of Solowin Holdings (Nasdaq: AXG), has announced that its AXBHD stablecoin has received Sharia compliance certification, becoming the first stablecoin regulated by the Central Bank of Bahrain (CBB) to achieve this milestone.
The certification follows a comprehensive Sharia review conducted by Shariyah Review Bureau (SRB), a Sharia advisory and audit firm licensed by the Central Bank of Bahrain.
The review covered the stablecoin’s issuance mechanism, reserve investment framework, governance structure, and revenue model to ensure full compliance with the principles of Islamic finance.
As part of the partnership, SRB will also provide ongoing Sharia governance oversight, supporting AX Coin as it expands its portfolio of regulated stablecoin offerings.
Javier Jorge, Managing Director of AlloyX Limited and CEO of AX Coin, said :
“the certification marks a significant milestone for the company and reflects its commitment to developing trusted digital financial products built on transparency, strong governance, and Islamic finance principles ahead of the stablecoin’s official launch.
Commenting on the partnership, Yasir S. Dahlan, Founder and CEO of Shariyah Review Bureau: said:
” regulated stablecoins represent an important step in the evolution of digital finance by combining the efficiency of blockchain technology with robust regulatory compliance”.
He added that strong Sharia governance will play a key role in strengthening institutional confidence in Sharia-compliant digital asset solutions.
Dahlan noted that SRB’s collaboration with AX Coin aims to support the responsible growth of Bahrain’s digital asset ecosystem through innovative financial products grounded in the principles of Islamic finance.
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