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A new altcoin focusing on Islamic finance named “Caizcoin” has been introduced to the cryptocurrency market a year after it was founded in Germany.

“Approved as compliant with Islamic financial law by Islamic scholars, Caizcoin is opening the global cryptocurrency market to Muslims and non-Muslims alike for the very first time,” the initiative said in a statement.

“Caizcoin” is a portmanteau of “caiz,” which means “permissible according to Islam” and coin, the nickname for cryptocurrencies.

Caizcoin, founded in Germany in 2020, has assembled a team composed of internationally minded, dynamic leaders who specialize in the worlds of business, technology, and finance.