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.
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/
Disclaimer: The International Islamic Liquidity Management Corporation (the “IILM”) is not in any way affiliated with Fusang nor any of its affiliates, parent(s) or subsidiaries. Any references to the IILM are not intended to indicate participation, expressly or implicitly, on the part of the IILM or any of its shareholders, in this tokenisation exercise.The information on this webpage is for information purposes and is not intended for distribution to anyone in any jurisdiction where such distribution is not authorised or unlawful. The information is not a solicitation, invitation, or offer by Fusang Corp (FSC) or any of its affiliates to enter into any form of investment, financial, or business relationship. This webpage is intended only for Accredited, Professional, Sophisticated or Institutional Investors. No warranty or representation, whether express or implied, is made by FSC, or any of its affiliates as to its accuracy, validity, timeliness and completeness. Further, we expressly disclaim liability for any errors or omissions. Past performance is not always an indication to future performance. The value of investment may vary according to market conditions, and there is no assurance that the loss of original capital may not occur. The information does not purport to provide all of the information the recipient may require in order to evaluate any investment. Any interested party should take appropriate independent advice. The products, services and any applicable terms mentioned herein are subject to modification and update from time to time without notice. No part of the information may be copied, transmitted, distributed, published and circulated without prior written consent from FSC. This website contains link(s) to third- party websites, which link(s) is/are provided for informational purposes only. Any financial information provided in relation to such third party websites is not to be construed as financial advice. Accordingly, before taking any actions based upon such information, please consult with the appropriate professionals. Neither Fusang nor such third-party website give any assurances, representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information including any part thereof, or other content or service that may be accessible or available directly or indirectly on such third-party websites. Under no circumstance shall Fusang or such third parties have any liability for any loss or damage of any kind incurred because of the use of the third-party website or reliance on any information provided thereon. Your use of the third-party website and your reliance on any information on the third-party website is solely at your own risk. For the avoidance of doubt, Fusang does not receive any fees or commission or any other consideration from such third-party website.
