Invest Fair 2024, held at the Mid Valley Exhibition Centre, brought together finance enthusiasts, industry leaders, and innovators under the theme “Money. Finance. Technology.” The event emphasized simplifying investing through diversified assets, offering attendees a comprehensive and enriching experience. Tokenize Malaysia was honored to participate, presenting a booth and leading a thought-provoking panel discussion.
Panel Discussion: Shariah Compliance in Digital Asset Investment @ Kepatuhan Syariah dalam pelaburan Aset Digital
The rapid growth of cryptocurrency has sparked global conversations, especially within the Muslim community, where questions about whether Bitcoin and other digital assets are Halal or Haram are prevalent. This issue was directly addressed during our panel discussion on June 22, 2024.
Tokenize Malaysia’s COO, Chan Wei Chi, moderated the discussion with two distinguished experts: Arham Merican, a Registered Shariah Advisor under the Securities Commission Malaysia and Chief Strategy Officer at Sharlife Sdn Bhd, and Wan Azfar Azeem, known as Mr. Kripto, from Asri Ahmad Academy, who specializes in cryptocurrency education.
Key Takeaways from the Discussion – The Question of Bitcoin: Haram or Halal?
One of the key points discussed was the misconception surrounding Bitcoin and other cryptocurrencies. Many Muslims, unfamiliar with the complexities of digital assets, have fallen victim to scams, leading to a broader concern about the permissibility of such investments under Islamic law. The general advice from Shariah scholars has been to avoid cryptocurrency if one lacks sufficient knowledge, as it could lead to Haram activities, like engaging in fraudulent schemes.
However, the discussion at Invest Fair 2024 offered a more nuanced perspective. As a Digital Asset Exchange (DAX) platform in Malaysia, Tokenize Malaysia operates under strict guidelines set by the Securities Commission (SC). Our Chief Operating Officer, Chan Wei Chi, posed an important question to Arham Merican during the panel: Should companies adhere to these principles even if the assets they offer aren’t officially certified as Shariah-compliant?
Arham responded by clarifying that while DAX platforms may not be certified as Shariah-compliant, the compliance typically applies to the specific cryptocurrencies themselves. He cited the example of staking services offered by some platforms, where disclaimers indicate that these services are not Shariah-certified. Such transparency is crucial, but it also means that investors must exercise their own judgment and proceed at their own risk.
Arham also highlighted that cryptocurrencies approved by the Shariah Advisory Council (SAC) of the Securities Commission are safe for Muslim investors to trade. He advised ensuring that the assets being traded are SAC-certified.
Engagement Beyond the Panel: Tokenize Malaysia’s Booth
Beyond the engaging panel discussion, Tokenize Malaysia’s presence at Invest Fair 2024 extended to a dynamic booth shared with Rakuten Trade and KDI. We educated the participants on the nuances of digital asset investments, and we were delighted to assist a few of them in registering an account with the Tokenize Malaysia Platform.
Visitors to our booth were also treated to a special incentive—those who opened accounts with Rakuten Trade, KDI, or Tokenize received a complimentary Inside Scoop ice cream, adding a sweet touch to the educational experience and making the event even more memorable.
A Successful and Insightful Event
Invest Fair 2024 was a resounding success, highlighted by the enthusiastic response we received at our booth, during the panel discussion, and from the vibrant crowd over the two-day event. We extend our heartfelt thanks to everyone who engaged with us and participated in our session on Shariah-compliant digital investments. Also, a heartfelt thank you to Investing Note for organizing such a wonderful event that brought together so many key players in the finance industry.
Tokenize Malaysia looks forward to future opportunities to connect with the public and lead discussions on the evolving landscape of digital finance. As we continue to serve as a trusted DAX platform, we remain committed to providing transparent, ethical, and Shariah-conscious investment opportunities. We encourage all investors, not just those in the Muslim community, to educate themselves and stay informed about the assets they choose to trade.
Stay tuned for more exciting events and initiatives!