Team from the Uzbek startup. Photo: press service of the forum
The Uzbek fintech startup Mulk Protocol won the InBattle Startup Awards competition held within the framework of the INMerge Innovation Summit 2025 in Baku, the Fergana press service reported.
Forty startups from across the region participated in the competition. Mulk Protocol presented an investment platform that allows real estate and business owners to convert their assets into digital tokens in accordance with Islamic (sharia) principles, and it was awarded the grand prize of $30,000.
Tokenization refers to transforming the ownership rights in an asset — whether real estate, a business, or another form of value — into a digital certificate (token) using blockchain technology. This enables dividing large assets into parts (similar to company shares) and facilitates their sale, transfer, or investment. All transactions are recorded transparently and securely.
However, as the Mulk Protocol team noted, traditional tokenization often employs mechanisms that conflict with Islamic financial principles: for example, profiting from interest, lending at interest, or speculation based on price fluctuations — all of which are forbidden under sharia.
Sharia-compliant tokenization relies only on permitted investment models, such as musharaka — where parties jointly invest and share profits and losses — or mudaraba — where one partner provides capital while another provides management, and profits are split according to a predetermined agreement. These models align with sharia while being legally sound.
The INMerge Innovation Summit is the premier annual innovation event in Central Eurasia. In 2025 it was held on September 29–30 at the Baku Congress Center, organized by PASHA Holding. The forum drew over 5,000 participants, including 150 international and regional speakers, 100 startups, and more than 80 venture funds. Among the speakers were Pixar co-founder Ed Catmull and Netflix co-founder Marc Randolph.
