Emerging Shariah-compliant cryptocurrency Islamic Coin (ISLM) aims to exceed Bitcoin’s (BTC) $1 trillion valuation.
Islamic Coin is Shariah-compliant digital money, designed to create value for the World’s Muslim community. It is built on Haqq – its dedicated Islamic blockchain. Meaning “Truth,” Haqq stringently abides by Islamic views and traditions on finance.
Developed by ICNetwork Ltd, Haqq is a less risky “proof-of-stake” blockchain network compatible with the existing ecosystem of blockchain tools and developer instruments (primarily Ethereum and Cosmos). It requires validators to hold and stake tokens and meets modern industry protocols with fast finality and high transaction throughput.
ICTNetwork is a private financed technological enterprise launched by a group of seasoned blockchain and fintech entrepreneurs. Their interest was to create a technology that delivered highly ethical financial services with the potential of distributed technologies in the finance domain.
The Haqq Association is a Swiss-based non-profit organization funded via donations. It brings together the most reputable movers and shakers of the Islamic world to promote community-driven decentralized technologies worldwide.
Islamic Coin Adoption
Mohammed Alkaff Alhashmi, co-founder of Islamic Coin, said that they were aware that its adoption will happen gradually. However, if only 3%-4% of the Muslim online community will hold Islamic Coin, it will become a bitcoin-scale crypto asset. It will generate a trillion dollars for its holders, and $100 billion for the Evergreen DAO, he said.
“DAO is a non-profit virtual foundation set up with a focus on long-term impact on sustainability for the community. It is dedicated to empowering an ethics-first, Shariah compliant financial ecosystem.” he added.
Though it is not even listed on major exchanges just yet, Alhashmi is confident of the product his company is building. He says they are playing the long game as they try to tap into the $2.88 trillion Islamic financial sector.
The idea behind Islamic Coin was to give Muslims a Shariah-compliant instrument to enable participation in the digital economy and make use of the innovative technology advancements in the financial sector. Haqq’s executive board of prominent Islamic bankers, software engineers and scholars oversee the Halal crypto asset.
This means it conforms with the basic principles that guide Islamic life and by extension law, around issues of morality and modesty. Alhashmi said that the Islamic Coin was especially designed to facilitate philanthropic acts.
In June 2022, the token received the go ahead from Muslin leaders in the form of a religious declaration. This confirmed that Islamic Coin on the Haqq blockchain met the religious standard that frowns upon certain emerging sectors. The declaration gave Muslims the freedom to interact with blockchain and Shariah-approved crypto.
In July 2022, Islamic Coin raised US $200 million in a private sale. Given the current economic headwinds and bear market, the capitalization is remarkable. A few months later, in November 2022, Islamic Coin won the Most Promising ESG Crypto at the Middle East Blockchain Awards.
Islamic Coin cannot be arbitrarily ‘printed’ and thus devalued. It’s also impossible to cause arbitrary deflation through a rise of the Central Bank’s interest rate (key rate) – since there is no interest rate within the system. Islamic Coin’s price is determined solely by the market and thus always fair.
Islamic Coin’s Chief Advisor
Chief advisor to the Islamic Coin project is His Highness Sheikh Khalifa Bin Mohammed bin Khalid AL Nahyan. Since 1997 His Highness Sheikh Khalifa is Chairman of H.E. Sheikh Mohammed bin Khalid Al Nahyan’s private department.
He also holds the posts of Secretary-General of the Arab Fund for Crisis and Disasters Response, Chairman of the Board of Directors of the Wajib Volunteering Team, and Honorary Chairman of the Jordanian Business Council.
Along with Alkaff Alhashmi, Andrey Kuznetsov and Alex Malkov are co-founders of Islamic Coin. Their focus is fintech, cybersecurity and network development.