Monday, September 25, 2023

Shariah-Compliant Token Set To Spur Crypto Adoption in Muslim Nations

The growing global acceptance of Islamic finance and cryptocurrency signifies a fascinating shift in the financial landscape. Yet, a gap exists between these two financial paradigms. To bridge this chasm, HAQQ, an ethics-first L1 blockchain built with the Cosmos SDK offers a timely solution. HAQQ facilitates the integration of decentralized finance in harmony with Sharia Law. Its native currency, Islamic Coin ($ISLM), takes pride in being the world’s first fully Shariah-compliant asset. As innovation surges in the HAQQ ecosystem, the potential for even more expansion seems possible. This is particularly the case as $ISLM prepares for listings on exchanges, which could significantly broaden its accessibility.

Beyond their compliance with Shariah law, HAQQ and Islamic Coin represent a remarkable amalgamation of ethics, traditional financial standards, and modern technological innovations. They redefine the approach to digital and decentralized finance, uniquely integrating Islamic ethical principles, established financial norms, and cutting-edge blockchain technology. Their potential to revolutionize financial practices worldwide is significant.

Islamic Coin provides an ecosystem where the integrity of Islamic financial traditions is preserved while simultaneously incorporating global banking best practices. This is a robust amalgamation of ethical principles, financial expertise, and technology designed to cater to modern-day banking needs while upholding the principles of economic justice and social welfare intrinsic to Islamic finance.

Bridging the gap between traditional and Islamic finance

The primary objective of Islamic Coin is to bridge the divide between conventional and Islamic finance. It does so by establishing an ethical financial framework designed to boost financial inclusivity amongst the global Muslim population. A significant part of this transition is attributable to the rise of decentralized finance, which is reshaping the world’s economic landscape.

The value proposition of Islamic Coin leverages the major advantages of decentralized finance, such as transparency, staking, and real-time transactions. At the same time, it maintains a clear stance against unethical practices, embracing a holistic and ethical approach. In contrast to traditional fiduciary money managed by banks, the Islamic Coin and HAQQ refrain from profit-making through interest—commonly referred to as Riba—a practice strictly prohibited in Islam. This distinction marks a transformative step in redefining the financial space with an ethical, inclusive, and Shariah-compliant approach.

“In our journey to harness the transformative potential of blockchain and cryptocurrency, it’s critical that we pioneer unique value propositions. With Islamic Coin and HAQQ, we’re doing just that. We’re not only carving out a space for ourselves as first movers, but we’re also offering unprecedented value to a global community,” says Mohammed AlKaff AlHashmi, a seasoned expert with deep roots in Industry 4.0, AI, Machine Learning, Industrial Automation, and IOTs.

He continues, “Given my background and passion for utilizing advanced technologies to solve real-world challenges and promote sustainable development, I see these platforms as a unique opportunity for the Muslim community and beyond. Our intention is to combine the innovative potential of decentralized finance with the ethical guidelines of Islamic finance. This synergy is a powerful tool for driving growth, inclusivity, and sustainability globally. We are committed to making a positive difference and believe Islamic Coin and HAQQ are stepping stones towards a more equitable and innovative financial future.”

Creating value for the community

The imminent listing of Islamic Coin on major global digital exchanges marks a significant milestone in the world of finance. Poised to be the first of its kind, Islamic Coin is an ecosystem firmly anchored in Islamic principles and traditions. As a digital asset, $ISLM is designed with the specific intent to foster trust and encourage participation among the Muslim population. By adhering strictly to the principles of Islam and promoting cryptocurrency adoption, Islamic Coin is not just a token, but a beacon of innovation set to stimulate the expansion of Islamic finance across 185 countries. It represents a fresh approach that is strategically aligned with the evolving financial landscape.

However, the scope of $ISLM extends beyond merely being a Shariah-compliant instrument. Its design emphasizes community welfare and giving back, manifesting through the Evergreen DAO. This philanthropic entity is committed to charity and bolstering Muslim communities worldwide. A unique aspect of this system is that every time an Islamic Coin is minted, a wave of generosity ensues—10% of the minted amount is funneled into the Evergreen DAO. These funds are then employed for investment in Islamic projects or distributed to Islamic charities. In this way, the token not only circulates within the economy but also actively contributes to communal upliftment, thereby generating broad economic benefits.

Pioneering Halal Crypto

During its private sale, Islamic Coin attracted considerable attention from a diverse set of investors worldwide, successfully accumulating a substantial sum of $400 million. This considerable financial backing underscores the resonance of Islamic Coin’s vision within the digital asset industry. The strong support lends credibility to its value proposition, stimulating its progress and setting the stage for future noteworthy accomplishments.

The global Muslim population, currently close to 2 billion, is projected to surpass 3 billion by 2060. In tandem, the Islamic finance market is anticipated to mirror this growth trajectory, potentially exceeding a worth of $3.69 trillion by 2024. This surge is attributed to the escalating demand for Sharia-compliant financial services. Moreover, the industry for halal products is on a similar growth curve, expected to surpass a staggering $4 trillion by 2025. This data underscores the exponential growth and the vast potential that lies within these markets.

Islamic Coin, Supporting Global Finance

The launch of Islamic Coin marks the beginning of a new era in global, Shariah-compliant financial services. It provides not only the Muslim community but also the larger global audience with secure, compliant transactions and access to an array of Islamic financial products.

A unique hallmark of Islamic Coin is its endorsement and the accompanying Fatwa. This distinction underlines the cryptocurrency’s strict adherence to Islamic principles, bolstering trust among prospective users.

Islamic Coin’s inception signifies a monumental step forward in the progress of Islamic finance and cryptocurrency adoption, both within the Muslim community and in the broader global financial market. The HAQQ ecosystem’s dedication to Islamic principles, coupled with its collaboration with Muslim authorities, aims to establish a credible and inclusive financial platform for Muslims worldwide. This will consequently unlock significant sectors previously inaccessible to a large population segment.

This innovative venture, set to appeal to the Muslim community and beyond, warrants the close attention of those involved in both Decentralized Finance (DeFi) and Traditional Finance (TradFi). As Islamic Coin blazes a trail for a more inclusive financial future, its development signals a landmark shift in the world of finance that promises to leave a lasting impact.

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