This is not a financial promotion. Sound Property is a fund structure in development. It is not authorised, not regulated, and not accepting capital. No application is being invited. Information on this page describes a proposed structure that is subject to FSRA classification, Sharia Supervisory Board approval, and ADGM Professional Client qualification — none of which has been obtained.
Your Bitcoin. Your Home. No Compromise.
Sharia-compliant property finance for Bitcoin holders in Dubai. A genuine co-ownership partnership in development, designed from the ground up to be fully halal.
You Hold Bitcoin. You Want a Home. Nobody Will Help You.
You've held Bitcoin through drawdowns that shook out everyone around you. Your position is worth seven or eight figures. And you're still renting.
The Bank's Answer
Every bank in Dubai — conventional and Islamic — will tell you the same thing: they don't recognise Bitcoin as income, don't accept it as qualifying capital, and have no product for you. Your only conventional options are to sell at today's price, or keep renting and hope the system catches up.
The Hidden Problem with "Islamic" Mortgages
Products from DIB, ADIB, and Emirates Islamic are EIBOR-linked. Their rental returns track the interbank lending rate — not the property market. Their buyback prices are locked at origination. For anyone who examines the substance rather than the label, these products replicate conventional mortgage economics under a different name.
Sound Property exists because you shouldn't have to choose between your conviction in Bitcoin, your deen, and owning a home for your family.
How It Works
Sound Property is a declining co-ownership partnership. You contribute Bitcoin. The fund contributes cash. Together, you purchase the property — and you acquire it fully, over time, on your terms.
1
Bitcoin as Genuine Equity
Your Bitcoin enters the partnership as capital at risk — not as collateral, not as a deposit. Both parties co-own the property and the Bitcoin, proportional to their contribution.
2
The Fund Buys the Property Now
No need to sell. No bank approval. No income documentation. You qualify on your Bitcoin holdings alone. The fund's cash secures the property immediately.
3
You Pay Market Rent — Falling Over Time
You pay rent only on the fund's share, indexed to the RERA Rental Price Index. As you acquire more of the partnership, the fund's share shrinks and your rent falls with it.
4
You Buy the Fund Out Over 5, 8, or 12 Years
At each scheduled tranche, the property is independently revalued by a RICS-certified appraiser. Bitcoin is valued at the 30-day VWAP. Pay in cash, appreciated Bitcoin, or any combination.
5
No Margin Calls. No Forced Liquidation.
If Bitcoin drops 80% tomorrow, nothing changes. You continue living in your home, paying rent, and buying out the fund on schedule. The partnership absorbs volatility proportionally.
6
Full Ownership at Term End
At the end of the term, you own 100% of your home. Free and clear. No debt. No ongoing obligation. Acquired through a structure designed from the ground up to be fully halal.
What Makes This Genuinely Different
This is not a conventional product with an Islamic label. The structural distinctions matter — and they are the reason scholars have endorsed this approach where it has been faithfully implemented.
"A genuine Islamic partnership carrying all of the justice and risk sharing that an Islamic contract should have, in a way which I have not seen in any of the other products currently available." — Scholar endorsement of PFIDA's equivalent structure, UK
Sound Property is designed to embed the same structural principles inside an ADGM-regulated fund structure and extend them to Bitcoin holders for the first time.
The Monetary Foundation
Why Bitcoin Is Not a Gimmick
Sound Property's use of Bitcoin rests on a substantive argument about Islamic finance and the monetary system — articulated most rigorously by Harris Irfan, who co-founded Deutsche Bank's Islamic finance practice and spent two decades inside the industry, and Allen Farrington (co-founder of Axiom and Flux).
When an Islamic bank extends a diminishing musharaka, the capital it deploys was itself created through lending — money conjured from nothing by a fractional reserve institution. The Bank of England confirmed in its 2014 Quarterly Bulletin that commercial banks create money simply by making loans. Irfan argues this ex nihilo creation is itself a form of riba, regardless of how carefully the contracts on top are drafted.
Sound Money, Sound Finance
Bitcoin cannot be created from nothing. Its creation requires proof of work — real energy, real computation, real cost. Its supply is finite and its issuance schedule is knowable for every point in the future. No central authority can inflate it. No bank can manufacture it through the act of lending.
The Islamic Golden Age — seven centuries of achievement — was built on the gold dinar, a sound money standard that encouraged genuine risk sharing. Irfan's thesis: Bitcoin has superior sound money characteristics to gold. As Irfan and Farrington conclude, Islamic finance "is what will naturally and necessarily emerge on top of Bitcoin."
Finite Supply
21 million Bitcoin. Fixed forever.
Proof of Work
Created through real energy and computation — never from nothing.
No Central Authority
No institution can inflate, confiscate, or manufacture it.
Superior to Gold
More scarce, portable, divisible, and verifiable.
The Structure: Four Independent Contracts
Sound Property is built on four contracts, each serving a distinct function and designed to align with AAOIFI Standards No. 9 and No. 12. Each contract is commercially related but contractually independent — a core AAOIFI requirement.
Musharaka
A co-ownership partnership over the property and Bitcoin. Both parties own undivided shares proportional to capital at risk. Profit and loss ratios match ownership percentages exactly.
Ijara
A lease of the fund's property share to you at market rent, indexed to the RERA Rental Price Index. As you acquire more of the partnership, the rent decreases proportionally.
Wa'ad
Your unilateral binding promise to purchase the fund's share at future market value — not a pre-stipulated price. Neither party knows the total return at signing. The fund can lose money.
BTC Settlement Facility
A separate arrangement between you and a licensed third-party OTC desk. The fund is not a party to the conversion. You always control whether and when to convert Bitcoin to settle tranche payments.

Each contract is valid independently — the musharaka is valid without the ijara; the ijara is valid without the musharaka. No contract is conditional on another. This independence is a core requirement under AAOIFI Standard No. 12.
The Numbers: An Honest Comparison
Entry tier: 13 BTC, AED 7M property, 12-year term. BTC at AED 300K. 20% BTC CAGR assumption. 3% property appreciation. Balanced cash and BTC payment mix.
We Will Be Straight with You
At 20% BTC CAGR, the person who holds 13 BTC and rents has a higher total AED position at Year 12. Sound Property does not claim to maximise net wealth above every alternative.
What the Numbers Don't Capture
That person owns nothing at Year 13. They continue paying rent, which has likely increased. The Sound Property co-owner owns an AED 10M home outright — no debt, no ongoing housing cost, acquired entirely through halal means. The gap is the price of homeownership. It is a trade many holders are willing to make.
Who This Is For
Sound Property is being designed for investors who will qualify as ADGM Professional Clients and who hold a minimum of 13 BTC.
The Typical Co-Owner
You arrived in Dubai within the last few years from the GCC, Indian subcontinent, Pakistan, Turkey, Southeast Asia, or the UK. You hold a Golden Visa or free zone company visa. Your net worth is concentrated in Bitcoin accumulated over several years. Your annual income as banks define it may be minimal — despite holding millions in Bitcoin. You maintained your position through the 2022 drawdown.
Also for Non-Observant Holders
If you value the structural features — no margin calls, no income documentation, no forced liquidation — the product works for you regardless of observance. Sound Property serves every Bitcoin holder locked out of the conventional mortgage system.
Governance and Compliance
Sound Property is being structured as a Qualified Investor Fund within the Abu Dhabi Global Market, for regulation by the Financial Services Regulatory Authority. The fund will be managed by a Category 3C licensed fund manager with Islamic Financial Business permissions. Launch is subject to FSRA classification and Sharia Supervisory Board approval.
Sharia Supervisory Board
A minimum of three qualified scholars — at least one with prior Bitcoin or digital asset experience — will be engaged to review and approve the full product architecture before any co-owner capital is deployed.
Independent Valuations
Property will be revalued by RICS-certified appraisers at every tranche buyout. Bitcoin is valued at the 30-day volume-weighted average price. Neither party controls the valuation process.
AML/KYC & Source of Funds
All co-owners will undergo full verification in accordance with ADGM requirements. The 13 BTC minimum is verified through on-chain proof of holdings.
No Margin Calls. No Forced Liquidation.
This is a structural commitment, not a marketing promise. The partnership absorbs BTC volatility proportionally. If Bitcoin declines, your ownership share adjusts — you are never forced to sell or top up.
Frequently Asked Questions
What happens if Bitcoin drops significantly during my term?
Nothing changes operationally. You continue living in the home and paying rent on the fund's share. At each tranche buyout, both the property and Bitcoin are revalued at current market prices. If Bitcoin has fallen, the tranche payment in BTC terms is larger — but you can always choose to pay in cash instead. There is no margin call, no forced sale, and no penalty.
Can I pay off early?
The buyout schedule is agreed at inception, but early buyout may be possible by mutual agreement. This is a term-sheet item, not a unilateral right.
What if I want to sell the property before the term ends?
A sale during the musharaka term requires both parties' consent. Proceeds are split proportional to ownership at the time of sale. The mechanics are documented in the partnership agreement.
How is rent determined?
Rent is indexed to the RERA Rental Price Index for the specific postal vicinity and building class — the same index that governs landlord-tenant rent adjustments across Dubai. It is not linked to any interbank rate or monetary policy benchmark.
What are the fees?
Fees are being structured at approximately 1.75% management and 20% performance above a 6% preferred return, in line with comparable ADGM QIFs. Final terms will be published in the PPM at launch.
Is this really halal?
The product is being designed to align with AAOIFI Standards No. 9 and No. 12 and will be reviewed by an independent Sharia Supervisory Board before launch.
Join the Design Conversation
Sound Property is a fund structure in development. Before we finalise the architecture and submit it for FSRA classification and Sharia Supervisory Board review, we are speaking with qualified Bitcoin holders to stress-test the design against real positions, properties, and circumstances.
If you hold 13+ BTC and want to contribute to how this product is built, reach out to Robbie Maltby, Interim CEO: robbie@soundproperty.xyz
About Bitcoin Studios
Built by Bitcoin Holders, for Bitcoin Holders
Bitcoin Studios is a venture studio co-founding Bitcoin-native companies inside specific industries — places where Bitcoin changes the settlement, collateral, custody, or treasury economics enough that customers will pay for it. Property finance is one of those places. Sound Property is the venture.
Founded by Robbie Maltby and Davide Falcone, Bitcoin Studios emerged from Bitcoin Works, Dubai's builder and holder community. The product started as a Bitcoin-backed lending concept localised for the UAE market. The conversations that followed surfaced a deeper problem — significant wealth, no path to halal homeownership — and the architecture was redesigned around it.
Our Focus
  • Bitcoin-native financial products
  • Genuine Islamic finance — substance over label
  • ADGM-structured funds
  • Built from the Dubai Bitcoin community
Sound Property is our first product.
More will follow. If you are an Islamic finance scholar, RICS-certified appraiser, regulated fund manager, or OTC desk operator who wants to build alongside us, we want to hear from you.
We're Hiring: Founding CEO
Sound Property is searching for its founding CEO. Robbie Maltby currently serves as Interim CEO. The role is for someone who can carry the product through FSRA classification, Sharia Supervisory Board engagement, and the first cohort of co-owners, and then build the business from there.
The ideal candidate knows Bitcoin, understands Islamic finance, and has experience running regulated funds.
What We're Looking For
Regulatory Expertise
Experience in UAE/GCC Islamic fund management, with knowledge of ADGM or DIFC processes.
Community Credibility
A trusted name and strong network within Muslim wealth circles.
Bitcoin Conviction
You believe in Bitcoin as sound money. No convincing needed.
What You'd Be Building
Pioneering Product
The first regulated Bitcoin-native, Sharia-compliant fund in ADGM.
New Market Channels
Reaching Bitcoin holders who aren't served by traditional Islamic finance.
Future Product Pipeline
Sound Property is the first product. There's more to build. This role comes with meaningful equity.
If this sounds like you — or you know the right person — reach out to Robbie Maltby: robbie@soundproperty.xyz. Applications, introductions, and informal chats are all welcome.
Sound Property is a product of Bitcoin Studios. The fund is being structured as a Qualified Investor Fund for regulation within ADGM by the FSRA; it is not yet licensed and is not currently accepting capital. This website does not constitute an offer of securities or investment advice. All figures are illustrative and subject to change. The product is subject to FSRA classification, Sharia Supervisory Board approval, and ADGM Professional Client qualification at launch — none of which has yet been obtained.