Mulk Protocol from Uzbekistan Named Best Startup at INMerge 2025
Business
Uzbek fintech startup Mulk Protocol won the InBattle Startup Awards in Baku, impressing the jury with its investment platform that enables Sharia-compliant tokenization of real estate and business assets.
Uzbekistan’s Mulk Protocol was named the winner of the InBattle Startup Awards held as part of the INMerge Innovation Summit 2025, the largest innovation forum in Central Eurasia, hosted at the Baku Convention Center on September 29–30.
The competition featured 40 startups from across the region. Mulk Protocol presented a blockchain-based investment platform that allows asset owners to digitally tokenize their holdings in compliance with Islamic law, earning the grand prize of $30,000.
Tokenization converts ownership rights to assets—such as real estate or businesses—into digital blockchain tokens, making transactions transparent, secure, and easily divisible for investment purposes.
Unlike conventional tokenization models, Mulk Protocol’s approach is fully Sharia-compliant, avoiding interest-based lending and speculative mechanisms. Instead, it employs profit-sharing partnerships such as musharaka (joint investment with shared profit and loss) and mudaraba (capital-provider and manager collaboration).
The INMerge Innovation Summit, organized by PASHA Holding, brought together over 5,000 participants, 150 international speakers, 100 startups, and more than 80 venture funds. Among keynote speakers were Pixar co-founder Ed Catmull and Netflix co-founder Marc Randolph, discussing key trends in fintech, AI, sustainable banking, telecom, and Industry 4.0.
The competition featured 40 startups from across the region. Mulk Protocol presented a blockchain-based investment platform that allows asset owners to digitally tokenize their holdings in compliance with Islamic law, earning the grand prize of $30,000.
Tokenization converts ownership rights to assets—such as real estate or businesses—into digital blockchain tokens, making transactions transparent, secure, and easily divisible for investment purposes.
Unlike conventional tokenization models, Mulk Protocol’s approach is fully Sharia-compliant, avoiding interest-based lending and speculative mechanisms. Instead, it employs profit-sharing partnerships such as musharaka (joint investment with shared profit and loss) and mudaraba (capital-provider and manager collaboration).
The INMerge Innovation Summit, organized by PASHA Holding, brought together over 5,000 participants, 150 international speakers, 100 startups, and more than 80 venture funds. Among keynote speakers were Pixar co-founder Ed Catmull and Netflix co-founder Marc Randolph, discussing key trends in fintech, AI, sustainable banking, telecom, and Industry 4.0.
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