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HAQQ partners with KNEKS, BUMR to enhance sharia-compliant financial services in Indonesia
HAQQ Association has partnered with the National Committee for Sharia Economy and Finance (KNEKS) and PT BUMR Industri Terhubung Indonesia to drive significant growth and tech advancement in Indonesia’s sharia economy.
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HAQQ Association has partnered with the National Committee for Sharia Economy and Finance (KNEKS) and PT BUMR Industri Terhubung Indonesia to drive significant growth and tech advancement in Indonesia’s sharia economy.
The collaboration seeks to harness blockchain technology and sharia-compliant financial services to unlock new opportunities for businesses, investors and communities across Indonesia.
Established by the Indonesian government, the KNEKS is dedicated to accelerating the development of the sharia financial sector to bolster national economic growth. Its involvement ensures alignment with Indonesia's national priorities and the needs of its people.
”As a leading player in the local market, PT BUMR brings extensive expertise in sharia-compliant business practices and a deep understanding of Indonesia’s unique economic dynamics," said Alex Malkov, cofounder of HAQQ Network. "Providing the technological backbone, HAQQ delivers blockchain solutions designed to enhance transparency, security and accessibility in financial services, promoting sharia-compliant practices both on-chain and in the real world”.
The partnership aims to make sharia-compliant financial solutions more accessible and efficient through the integration of advanced blockchain technology. Local entrepreneurs, small businesses and individuals will benefit from secure, transparent and values-driven financial products that align with Islamic principles.
Specifically, the growth of the HAQQ Network will support the agriculture and fisheries sectors and provide them with a Web3 platform for operations. These stakeholders will gain access to sharia-compliant financial services on the HAQQ Network, facilitating greater inclusion and empowerment.
The partnership has the potential to make a profound impact on Indonesia's economy through tapping into a market valued at US$1.31 trillion and aligning with government spending that fuels various sectors. The collaboration with KNEKS and BUMR opens the doors for transitioning significant portions of the traditional economy into the Web3 space, promoting innovation while adhering to Islamic values.
On-chain tools such as Firoza Finance, HAQQ's P2P platform BarakaFi, Atlas and the $DEEN gold-backed token will serve as cornerstones for integrating relevant parties and economies. The platforms will facilitate the seamless integration of sharia-compliant financial services, marking significant progress toward the full deployment of the HAQQ Network.
HAQQ Association also invites passionate builders and developers to join its ecosystem. With a $40 million ecosystem fund, HAQQ offers hands-on support and funding opportunities for those interested in shaping the future of ethical finance.
