AIBC Insight – A cryptocurrency that is Shariah-compliant

Category: Blockchain Crypto Fintech
Posted by Lea Hogg

Emerging Shariah-compliant cryptocurrency Islamic Coin (ISLM) aims to exceed Bitcoin’s US $1 trillion valuation. According to the Global Islamic Economic Report, the volume of the Islamic financial sector is expected to grow to US $3.69 trillion by 2024. Islam is the world’s second-largest religion with almost 2 billion followers.

Haqq

Islamic Coin was launched as the native cryptocurrency on the Haqq blockchain network in May 2022. Translated as “truth” in Arabic, Haqq “stringently abides by Islamic views and traditions on finance.” It has been created to provide users with a fast and seamless service that accepts most applications around the world.

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.

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 privately financed technological enterprise founded 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.

Islamic Coin

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.

In June 2022, the token received the go ahead from Muslin leaders in the form of a religious declaration or “Fatwa“. This confirmed that Islamic Coin on the Haqq blockchain met the religious standard that frowns upon certain emerging sectors. The “fatwa” 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 considered to be remarkable. A few months later, in November 2022, Islamic Coin won the Most Promising ESG Crypto at the Middle East Blockchain Awards.

We know that the adoption for Islamic Coin will happen gradually,” Mohammed Alkaff Alhashmi, co-founder of Islamic Coin

 

Evergreen DAO

Co-founder Alkaff Alhashmi says it will only require 3 to 4 percent of the Muslim online community to
hold Islamic Coin to scale it up to the same level as a bitcoin crypto asset. He is confident that it will generate a trillion US dollars for its holders and US $100 billion or the Evergreen DAO which is a non-profit virtual foundation set up with a focus on long-term impact on sustainability for the community. It is dedicated to empower an ethics-first, Shariah compliant financial ecosystem.

The team

The formidable team with a wealth of unmatched experience in the sector has a mission to give the world”s Muslim community a financial instrument for Digital Age in the form of Islamic Coin. It will enable Muslims to execute seamless financial transactions and participate in the advantages of financial innovation whilst supporting philanthropy at the same time.

Mohammed AlKaff AlHashmi is Co-Founder and member of the Executive Board of Islamic Coin. AlKaff AlHashmi is a computer science engineer by profession.  He brings over 18 years of experience
focusing on Industry 4.0 technologies and AI production facilities. AlHashmi has a reputation of backing projects that have a purpose and bring value to the community. He founded MCPM Automation where cutting edge technology was used to support manufacturing, Smart Cities, sustainability and the environment. As partner and board memer of CYNAX Labs and Quant 7 Fund, Alkaff AlHashmi has engaged in a number of M&A ventures in research and development within the medical and healthcare sectors.

Considered to be one of the most respected figures in the Islamic Banking and Insurance sectors, UAE National Hussein Mohammed Al Meeza is the other Co-Founder of Islamic Coin. He was instrumental in shaping the economy of the United Arab Emirates and the Gulf region.

A graduate of Beirut Arab University, he received his post graduate education from La Jolla University in the USA. In 1975 he returned to the UAE to join Dubai Islamic Bank which became the first fully fledged global Islamic finance institution. Al Meeza is a founding member and Chairman of the Al Salam Banks in Sudan, Bahrain and Algeria and founding member of Emaar Group that boasts of a wide portfolio of property, investments, financial services and insurance, Amlak Finance and the Dubai Islamic Insurance & Reinsurance Company.

Chief advisor to the Islamic Coin project is His Highness Sheikh Khalifa Bin Mohammed bin Khalid AL Nahyan. Since 1997 HH 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.

Andrey Kuznetsov and Alex Malkov are co-founders of Islamic CoinTheir focus is fintech, cybersecurity and network development.Kuznetsov specialises in payment services, blockchain and crypto portfolio analytics tools.  Malkov is a legal consultant with a focus on blockchain and fintech platforms. He specialises in bringing top-class technologies with a futuristic approach to the Middle East.

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