Fusang wins IFN "Most Innovative Deal of the Year" Award

Fusang Exchange Wins Islamic Finance News (IFN) "Most Innovative Deal of the Year" Award for its Institutional Tokenised Sukuk.

January 26, 2024
min read

KUALA LUMPUR, 26 January, 2024 – Fusang Exchange, Asia's fully regulated digital securities exchange, is honoured to receive the Most Innovative Deal Award from Islamic Finance News (IFN) for successfully tokenising and listing the world's first institutional tokenised sukuk. This groundbreaking digital sukuk is based on an underlying sukuk issued by the International Islamic Liquidity Management Corporation (IILM) and listed on the Fusang Exchange.

 "We are thrilled that our innovative tokenisation of the IILM sukuk has been recognised by Islamic Finance News," said Henry Chong, CEO of Fusang Exchange. "We are proud of this achievement, as it represents the first significant tokenisation of an Islamic finance instrument. We expect this pioneering digital sukuk to greatly expand and ease access to Shariah-compliant high quality liquid assets for Islamic banks and fund managers globally."

 The tokenisation and listing was fully implemented by Fusang, utilising its proprietary Fusang Depository Receipt (FDR) structure to digitally represent the underlying sukuk while retaining full transparency and legal rights for investors. The tokenised sukuk adheres to the Accounting and Auditing Organization for Islamic Financial Institution’s Shariah standards and follows the globally accepted ERC-20 token standard. This initiative was also shortlisted for IFN’s Deal of the Year 2023.

"Financial intermediaries seeking to offer differentiated financial products to their customers, such as our tokenised Sukuk, can finally access this high quality liquid Islamic product through Fusang's FDR structure. Our global exchange opens up access and capital flows into Islamic financial products for banks and brokers around the world, and we are proud to be recognised for bringing Islamic capital markets into the digital era," said Kelvin Ung, President of Fusang Exchange.

This prestigious award from Islamic Finance News recognises Fusang's success in bridging traditional Islamic financial markets and digital finance. Fusang is committed to further innovating and expanding access to Shariah-compliant investments in order to attract global liquidity to Islamic financial instruments.

For further details of the award please visit: https://www.islamicfinancenews.com/daily-cover-story-ifn-reveals-winners-of-ifn-deals-of-the-year-2023-awards-shortlists-five-transactions-for-ifn-overall-deal-of-the-year.html

For information on Islamic Finance News please visit https://www.islamicfinancenews.com/

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