Islamic Coin ($ISLM), the first Sharia-compliant cryptocurrency is set to launch in May. Islamic Coin ($ISLM), the native coin of the Haqq ecosystem.
According to a report from Arabian Business, the public launch of the new token will take place in May. $ISLM operates on the Haqq blockchain, which is compatible with the Ethereum network and thousands of applications worldwide.
Islamic Coin will be the primary token of value within the ecosystem, providing the global Muslim population with a financial platform that offers a 100% halal cryptocurrency.
The new token was created to help address the reservations that observant Muslims currently have about digital assets and how they fit in with the customs of Islam. Islamic Coin has already received accreditation and authorization through the Fatwa of several Muslim authorities.
Haqq’s stated mission is to provide the global Muslim population with a financial platform enabling real-time, transparent, and cross-border transactions while supporting Web3 innovations and philanthropy.
To help achieve its philanthropic goals, the network has pledged to dedicate 10% of each Islamic Coin to Evergreen DAO – a non-profit virtual foundation focused on long-term sustainability and community impact – to fund community projects in the Muslim world.
To help with adoption, the Haqq Association, the ecosystem’s non-profit arm, has partnered with the International Islamic University of Malaysia (IIUM) to increase blockchain and crypto awareness with a positive learning environment.
Additionally, Haqq has formed several commercial partnerships with retail and e-commerce platforms to introduce Sharia-compliant Web3 technologies into traditional Web2 environments. Most recently, the project partnered with Holiday Swap, the world’s largest home exchange platform, to transition the company’s tokenized operations to Web3.
To help decide if a project wishing to launch on the Haqq blockchain is compliant with Islamic principles, Islamic Coin has appointed a Sharia board that includes 40 banks, with Standard Chartered, Abu Dhabi Islamic Bank and Dubai Islamic Bank listed among its members.
According to Haqq co-founder Mohammed AlKaff AlHashmi, Islamic Coin has the potential to become a tier-one asset. “If only 3-4% of the online Muslim community holds the coin, it could become a Bitcoin-scale asset,” AlHashmi predicted.
By 2024, the global Islamic finance market is expected to exceed $3.69 trillion, while the Halal products market is expected to exceed $4 trillion. With a worldwide population of more than 1.8 billion people, AlHashmi believes the Muslim community represents an “untapped and underserved” market in the crypto world.
In 2022, cryptocurrency transactions in the MENA region were worth $566 billion, a 48% increase from the previous year. The Haqq ecosystem and Islamic Coin aim to provide a financial platform that meets the needs of the Muslim community in response to the growing demand for Sharia-compliant financial services.
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