Islamic Coin has entered into a memorandum of understanding with CoinDesk Indices to discuss building Shariah-compliant crypto benchmarks for the Middle East and North Africa markets.

Another aim of the partnership is licensing various CoinDesk Indices benchmarks for exchange-traded financial products. Also, HAQQ – a blockchain focused on creating a Shariah-compliant financial system and the home of Islamic Coin – will get access to CDI's API for selected digital assets, including for its digital asset exchange.

"With the global Islamic finance market forecasted to surpass $3.69 trillion by 2024, this collaboration is poised to reshape the landscape of Shariah-compliant digital financial services," said Mohammed AlKaff AlHashmi, founder of Islamic Coin.

CoinDesk Indices is a subsidiary of CoinDesk.