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.

According to the statement, Caizcoin is a decentralized financial solution and cryptocurrency that "enables quick and cost-efficient international money transfers. It is the first to be certified as an official Islamic blockchain and cryptocurrency."

"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. The skilled enterprise works in tandem with international scholars, economists, and finance experts who offer guidance to ensure Islamic values are infused into every aspect of Caizcoin," the statement added.

"Caizcoin encourages its global usage as a currency by offering a contemporary financial solution and API for third-party integrations. Worldwide investors to Caizcoin are exempt from fees until a certain ratio of withdrawal and will enjoy instant transfer of funds secured by blockchain technology."