Revolutionising Islamic finance: IIUM and Haqq Association join Forces to advance blockchain and crypto adoption in Malaysia

Published: Fri 14 Apr 2023, 11:14 AM

Last updated: Fri 14 Apr 2023, 11:17 AM

Crypto adoption has steadily increased in Malaysia over the last few years, with nearly 15 per cent of the population owning a wide range of digital assets. Despite this growth, Malaysia lags significantly behind its neighbouring countries like Vietnam, the Philippines, Thailand, and Singapore.


Anam Khan

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There is a persistent lack of awareness across the Malaysian community restricting the broader adoption of digital assets: mainly because Malaysia is primarily a Muslim country, and Sharia law governs many of its regulations. So, under the Islamic telescope, cryptocurrency is still a vague concept.

To address these concerns, the International Islamic University Malaysia (IIUM) has partnered with the Swiss-based non-profit Haqq Association to create a major initiative in the world of blockchain and cryptocurrency. This collaboration marks a significant milestone in Malaysia's journey toward greater crypto adoption, as it brings together an esteemed academic institution and a pioneering force in the crypto world.

Blockchain Academy: A catalyst for change

Through this partnership, the Haqq Association is building a blockchain academy, with IIUM acting as the accreditation party. The academy will offer free courses for anyone interested in learning about crypto and blockchain technology, with the option to enrol in university programs for further education. The initiative is expected to attract a diverse range of people, from novices to experienced professionals, creating a unique learning environment that fosters innovation and collaboration.

Haqq Association will also establish an Evergreen DAO to support project funding and education, further enriching the DeFi and blockchain Sharia-compliant ecosystem. This will enable a continuous flow of resources and support for projects that align with the partnership's goals, ensuring sustained growth and development in the blockchain and cryptocurrency space.

The collaboration of IIUM and the Haqq Association is a significant step toward a more mature decentralised market, as it combines academic expertise with innovative technology. The partnership also focuses on developing Sharia-compliant decentralised applications (DApps) to serve the underserved Sharia community and encourages university entrepreneurs to take part in this journey.

A lasting impact on Islamic finance globally

Besides advancing Malaysia's blockchain and cryptocurrency space, the collaboration between the world of academia and the cutting-edge world of financial technology seeks to impact the global Islamic finance industry profoundly.

The partnership started with the signing of a memorandum of understanding (MoU) between IIUM's Institute of Islamic Banking and Finance (IIiBF) and the Haqq Association. Both parties have committed to a series of collaborative initiatives, including joint research, publications, seminars, conferences, and the establishment of a research endowment fund focused on Islamic fintech.

The alliance will extend to student and staff exchanges, internships, and financial assistance programs, further cementing the bond between these two forward-thinking organisations and nurturing the next generation of leaders in the Islamic finance and blockchain sectors.

Promoting ethics-first approach

One of the critical aspects of this partnership is the emphasis on ethics and trustworthiness, as the Haqq Association aims to promote community-driven decentralised technologies worldwide. In light of numerous scams in the crypto world, the association’s co-founder Mohammed Alkaff AlHashmi highlights the importance of putting ethics and values first. An ethics-first approach will effectively attract a wider audience and foster a more positive image of the crypto industry.

With a focus on community awareness, academic collaboration, and Sharia-compliant solutions, the partnership between IIUM and the Haqq Association is paving the way for a new era of crypto adoption in Malaysia. As more people gain access to education and resources about blockchain and cryptocurrency, the market is likely to experience significant growth and maturation, creating a thriving ecosystem that benefits everyone involved.

Summing up the above, the partnership between the International Islamic University Malaysia and the Haqq Association serves as a model for other collaborations between academic institutions and crypto projects. By bringing together academic expertise, innovative technology, and a commitment to ethical practices, this alliance has the potential to transform the landscape of crypto adoption in Malaysia and make a lasting impact on the global Islamic finance industry.

To learn more about Haqq Association, visit the official website of the ecosystem or follow it on Twitter.

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