Carbon Market Exchange, which is uniting climate action and the financial industry to make international climate targets more accessible, has received validation that its XCO2 token is aligned with shari'ah principles.
"It's a true honour to be aligned with shari'ah principles, and this vote of confidence from such a renowned advisory firm will help us make a big impact for many new clients in the region," said Carbon Market Exchange CEO Shenna Fortner.
Shariah Experts conducted groundbreaking research from the Islamic jurisprudential point of view in the field of carbon offsets and Blockchain-based tokens. All the aspects of XCO2, including its nature, issuance, redemption, usage, and underlying source were analysed before the certificate was granted as a non-fungible token (NFT).
"Carbon Market Exchange is doing amazing things for the conservation of the environment, and we are pleased to grant this certificate to ensure more clients can benefit from the good they're doing," said Shariah Experts Co-Founder & Director Dr Farrukh Habib.
"Islam forbids wasting of resources and destroying the environment. It strongly emphasises on eco-friendly ideas and principles. The modern trends of sustainable environment and green economy are aligned with the teachings of Islam and shari'ah. Therefore, projects like Carbon Market Exchange should be welcomed by the Muslim fraternity."
XCO2 tokens are developed on the Ethereum Blockchain and the secondary scaling solution, Polygon. With the recent merge from the energy-consuming proof-of-work model to the environmentally conscious proof-of-stake model, Ethereum now has a place in the conservation movement.