Islamic Coin, or ISLM, is a cryptocurrency project tapping into the growing Islamic financial sector estimated to be worth $3.69 trillion by 2024.
Let’s dig deeper into the potential of Islamic Coin and how it’s ensuring Shariah compliance while also having the potential to become a top global crypto asset.
By the end of this post, you should have a better understanding of the potential of Islamic Coin and how it is setting out to revolutionize Islamic finance.
What is Islamic Coin?
Islamic Coin is an emerging cryptocurrency that complies with the rules of Shariah. This means it follows the rules and regulations established by Islamic law. This includes prohibitions on investments like pork, gambling, and lending with interest.
Launched around May of 2022 by co-founders Hussein Mohammad Salem Al Meeza, Mohammed Alkaff Alhashmi, Andrey Kuznetsov, and Alex Malkov, Islamic Coin is operated via the Haqq Network, a proof-of-stake blockchain based on Cosmos and EVMOS protocol. “Haqq” in Arabic means “truth,” and according to Alhashmi, the network “stringently abides by Islamic views and traditions on finance.”
At this time, Islamic Coin is in phase 3 of the private sale for institutional investors and high-net-worth individuals. It has already raised $200 million in private sales and will soon be available on top-tier centralized and decentralized exchanges.
Why Invest in Islamic Coin?
Islamic Coin has one key advantage – it is backed by the global influence of the Muslim world. Alhashmi states if only 3% – 4% of the existing one billion Muslim online community will hold Islamic Coin, it could scale like Bitcoin and generate a trillion dollars for its holders and $100 billion for the Evergreen DAO, a non-profit focused on long-term sustainability and community impact.
Aside from the potential massive upside if only a small percentage of Muslims adopt it, there are several other reasons to consider this coin:
- Its limited low supply of 100 billion tokens makes it valuable.
- Its team has experience in both cryptocurrency and Shariah-compliant finance.
- Its use case fits well within the global financial landscape.
- There is already significant traction within the online Muslim community.
While ISLM has yet to infiltrate the financial market or even list on major exchanges, Alhashmi remains confident they are playing their cards right by considering long-term goals rather than short-term gains.
Islamic Coin Use Cases
ISLM tokens can be used for payments, network governance, staking, and to pay for the costs of transacting over the Haqq network. However, one of the most essential purposes of ISLM is to power progress and charity work.
Each time new coins are minted, 10% of the issued amount goes to Evergreen DAO, a non-profit focused on long-term sustainability and community impact. The tokens are deposited into the DAO to be invested in Islamic internet projects or given to Islamic charities.
Also, by bonding ISLM to validators via a process known as “staking,” ISLM holders will have voting power and can participate in governance while also earning ISLM token rewards.
Islamic Coin: A Crypto Project Aimed At Financial Compliance With Shariah Law
Islamic Coin is a crypto project with the aim of facilitating financial activities in compliance with Shariah law. Its Shariah board comprises 45 years of collective experience and expertise in Islamic finance to guarantee its complete adherence to Sharia law.
The project’s advisory board also includes prominent Emirati Sheikh Khalifa Bin Mohammed Bin Khalid Al Nahyan at its helm, who serves as additional support for the cryptocurrency initiative.
To Sum Things Up
In conclusion, ISLM is a Shariah-compliant cryptocurrency poised to revolutionize the Islamic financial sector by introducing a blockchain-based digital asset. It has already gained significant traction within the online Muslim community.
ISLM also has the potential to become a top global crypto asset, with its low supply and experienced team combining to create an attractive investment option for those interested in Shariah-compliant investments.
With its commitment to philanthropic acts and close adherence to Shariah, Islamic Coin could soon be a significant player in the crypto space, even if it can only achieve a 3% adoption rate amongst Muslims worldwide.
For more information about Islamic Coin, check out their website and engage with the community on social media:
Website: https://islamiccoin.net/
Twitter: https://twitter.com/Islamic_coin
Telegram: https://t.me/islamiccoin_int
Discord: https://discord.gg/islamic-coin
The author, LuckyJaff, is an ambassador of Islamic Coin.
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