AX Coin Bahrain Says AXBHD Stablecoin Completes Sharia Review, Marking First Central Bank-Regulated Stablecoin Certification

AX Coin Bahrain B.S.C. Closed has announced that the AXBHD stablecoin framework and supporting documentation have completed a formal Sharia review conducted by Shariyah Review Bureau W.L.L. (SRB), making AXBHD the first central bank‑regulated stablecoin to receive Sharia certification. The review — carried out by an advisory firm licensed by the Central Bank of Bahrain — covered the stablecoin’s issuance mechanism, reserve investment framework, governance arrangements and revenue model, and establishes an ongoing Sharia governance framework as AX Coin Bahrain prepares for launch.

“Receiving Sharia certification for the AXBHD stablecoin is an important milestone for AX Coin Bahrain. 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,” said Xavier George, Managing Director of AlloyX Limited and CEO of AX Coin Bahrain. “This achievement demonstrates our commitment to transparency, strong governance, and the integration of Sharia principles into our operational structure as we prepare for launch.”

What the review covered

• Issuance mechanism: SRB evaluated how AXBHD will be created and issued to ensure no elements contravene recognized Islamic finance principles.
• Reserve investment framework: The review assessed how reserves backing AXBHD will be held and invested to maintain Sharia compliance.
• Governance arrangements: SRB examined the governance structures that will oversee AXBHD operations, including ongoing Sharia oversight.
• Revenue model: The advisory firm reviewed revenue streams connected to the stablecoin to confirm alignment with Islamic finance rules.

Shariyah Review Bureau W.L.L. is a Sharia advisory and audit firm licensed by the Central Bank of Bahrain. Yasser S. Dahlawi, Founder and CEO of SRB, commented on the collaboration: “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.”

Context within the broader business

AX Coin Bahrain is the regulated stablecoin issuer of Solowin Holdings (Nasdaq: AXG), a fintech company established in 2016 that combines blockchain and artificial intelligence technologies. Solowin operates a dual‑token digital economy platform and offers services across stablecoin issuance and payments, asset tokenization, securities trading and asset management, as well as AI‑powered tools such as Know‑Your‑Agent verification and token routing. The AXBHD certification is positioned as a foundational element for expanding AX Coin Bahrain’s portfolio of regulated stablecoin offerings.

Outlook

With SRB’s certification and an established ongoing Sharia governance framework, AX Coin Bahrain aims to use AXBHD to attract institutional investors and financial institutions seeking Sharia‑compliant digital assets. The certification could strengthen institutional trust and clarify compliance pathways as AX Coin Bahrain moves toward launch. The firm’s next steps are likely to focus on operationalising the reserve structures, public rollout timelines for AXBHD, and scaling governance arrangements to support additional regulated stablecoin products under Solowin Holdings’ ecosystem.