The First Sharia-Compliant Currency Islamic Coin Set to Launch in May

The Sharia-adhering cryptocurrency Islamic Coin will serve the global Muslim community.

  • Publish date: Tuesday، 25 April 2023
The First Sharia-Compliant Currency Islamic Coin Set to Launch in May

The world's first Sharia-compliant cryptocurrency the Islamic Coin is set to launch in May, according to one of its co-founders Mohammed AlKaff AlHashmi.

At the moment, the Islamic Coin is in private sales mode. The coin utilizes the Haqq Blockchain and conforms strictly to the principles of Islamic finance.

AlHashmi plans to target the global Muslim community with this cryptocurrency because that market is underserved in the crypto field. However, 50% of private sales made in Islamic coins are from non-Muslims, which emphasizes that the currency also serves people outside of the Muslim community.

The Haqq blockchain is designed to be eco-friendly and Ethereum-compliant. The blockchain also allows users to easily migrate their projects and integrate them into other platforms. 

The Sharia-compliant cryptocurrency also aims to target non-crypto native people and the Islamic coin also aims to be more resistant to the effects of crypto winter (when the markets experience company collapses, major fines, or massive drops in token prices).

In June 2022, the cryptocurrency was approved in a Fatwa issued by the world's leading Muslim authorities. In August of the same year, the Islamic Coin raised $200 million dollars in private sales. 

In November 2022, the cryptocurrency won the Most Promising ESG Crypto at the Middle East Blockchain Awards and in February 2023, the Islamic Coin received the golden excellence award for Shariah compliance by the UAE Minister of Tolerance.

This article was previously published on UAE Moments.To see the original article, click here

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