Institute of Cost and Management Accountants of Pakistan (ICMAP) has highlighted the growing potential of Sharia-compliant cryptocurrencies, stating that digital assets such as X8X Token and OneGram are emerging as more reliable and stable investment options compared to traditional safe-haven assets.
In its latest research, ICMAP noted that these Islamic digital currencies combine Shariah compliance, asset backing, and blockchain transparency, offering investors a unique alternative amid global financial uncertainty. The report suggests that such cryptocurrencies could outperform traditional safe-havens like gold, government bonds, and even mainstream digital assets such as Bitcoin and Ethereum, which are often criticized for their volatility.
The global cryptocurrency market has witnessed exponential growth, surpassing $1 trillion in value, with over 420 million users worldwide. At the same time, the Islamic finance industry has expanded beyond $3 trillion, reflecting increasing demand for ethical and Shariah-compliant financial solutions. However, conventional cryptocurrencies remain speculative in nature, which conflicts with Islamic finance principles that prohibit interest (riba), excessive uncertainty (gharar), and gambling (maysir).
ICMAP emphasized that Islamic cryptocurrencies address these concerns by offering asset-backed stability. For instance, X8X Token is supported by a diversified basket of fiat currencies and gold reserves. Its algorithm dynamically adjusts token supply to maintain price stability, reducing exposure to market speculation and volatility. This mechanism makes it an attractive option for investors seeking protection against inflation and currency depreciation.
Similarly, OneGram is fully backed by physical gold stored in secure vaults, with each token representing a specific quantity of the metal. Transaction fees are reinvested into additional gold reserves, gradually increasing the token’s intrinsic value. Blockchain technology ensures transparency, allowing investors to verify holdings in real time, thereby strengthening trust and accountability.
The report also pointed out that global demand for gold remains strong, with consumption reaching approximately 4,700 tonnes in recent years, underlining its continued relevance as a safe-haven asset. By integrating gold with blockchain, Islamic cryptocurrencies effectively merge traditional wealth preservation with modern financial innovation.
ICMAP further stated that these digital assets are reshaping Shariah-compliant investment portfolios by complementing equities, sukuk, commodities, and real estate. Their global accessibility, reduced speculative risk, and enhanced transparency make them valuable tools for diversification in volatile markets.
Beyond investment, blockchain-based Islamic finance solutions have broader applications, including land record management, welfare distribution, and supply chain transparency. The report also highlighted the rapid rise of decentralized finance (DeFi), with global value locked exceeding $50 billion, signaling a shift toward ethical and technology-driven financial ecosystems.
ICMAP concluded that Sharia-compliant cryptocurrencies like X8X and OneGram offer a promising pathway for investors seeking stability, ethical compliance, and long-term growth in an increasingly digital financial landscape.