We extend our heartfelt congratulations to Henry Chong, CEO and Founder of Fusang for receiving the Labuan IBFC Innovation Award for Islamic Finance at the Labuan IBFC Industry Awards 2024.

This award is a significant recognition of Fusang’s innovative contributions to the Islamic finance sector. Fusang recently achieved a major milestone with the world’s first tokenization and listing of a digital sukuk for the International Islamic Liquidity Management Corporation (IILM). This pioneering digital sukuk was issued to address liquidity management challenges faced by Islamic financial institutions globally and now allows investors access to shariah-compliant high-quality liquid assets (HQLA) in a fully regulated digital format.

Using Fusang’s proprietary Fusang Depository Receipt (FDR) structure, the digital sukuk is “wrapped” into a digital form, with the FDRs offering full transparency and ensuring investors’ legal rights are maintained. The FDRs are also fully Shariah-compliant, adhering to standards set by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and utilizing the ERC-20 token standard on the Ethereum blockchain, a leading framework in the digital asset space.

The assessment criteria for the Labuan IBFC Innovation Award are rigorous, with equal weight given to both quantitative and qualitative measures. These include metrics on product innovation, technology integration, market reach, and thought leadership within the Islamic finance industry. Fusang distinguished itself across all areas, particularly in its integration of ESG principles and blockchain technology to create a transparent and accessible platform for Islamic finance. This achievement demonstrates Fusang’s ability to drive meaningful change within the industry, bridging traditional financial values with modern, digital innovations.

Henry’s vision to modernize Islamic finance has positioned Fusang as a leader in the digital finance ecosystem, offering a next-generation solution that supports regulated trading, custody, and settlement of digital assets. The Fusang Exchange operates as a members-only network, similar to traditional exchanges, allowing global banks and brokers access to institutional Islamic investment products and expanding market reach for digital Islamic securities.

We are immensely proud of Henry and the entire Fusang team for their contributions to advancing Islamic finance. This award is a testament to their hard work, and we look forward to seeing the positive changes they will continue to bring to this evolving field.