AX Coin, a Subsidiary of Solowin Holdings (AXG), Receives Shari’a Certification for its AXBHD Stablecoin

AX COIN BAHRAIN B.S.C. Closed (“AX Coin”), the regulated stablecoin issuer of Solowin Holdings (Nasdaq: AXG), today announced a historic milestone as its stablecoin framework, the AXBHD stablecoin, and supporting documentation have completed a formal Shari’a review. This achievement distinguishes AXBHD as the first central bank regulated stablecoin to receive this certification, which was conducted by Shariyah Review Bureau W.L.L. (“SRB”), a Sharia advisory and audit firm licensed by the Central Bank of Bahrain.

Through this engagement, SRB reviewed the stablecoin’s issuance mechanism, reserve investment framework, governance arrangements, and revenue model to ensure that the product operates in accordance with recognized Islamic finance principles. The engagement also establishes an ongoing Sharia governance framework to support AX COIN as it expands its portfolio of regulated stablecoin offerings.

Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin, said:

“Receiving Sharia certification for the AXBHD Stablecoin is an important milestone for AX Coin. From the outset, our objective has been to build a trusted and responsibly governed digital financial product that reflects the values of the markets we serve. This achievement demonstrates our commitment to transparency, strong governance, and the integration of Shari’a principles into our operational structure as we prepare for launch.”

Commenting on the collaboration, Yasser S. Dahlawi, 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. As adoption continues to grow, robust Sharia governance will play a critical role in fostering confidence among financial institutions seeking compliant digital asset solutions. We are pleased to support AX COIN in developing its Sharia governance framework and look forward to contributing to the responsible growth of Bahrain’s digital asset ecosystem through innovative products that remain firmly grounded in established Islamic finance principles.”