Islamic Coin is set to launch in May and is based on the Haqq Blockchain, which adheres to Islamic finance principles.
Islamic Coin, the world’s first Sharia-complaint cryptocurrency, is based on the Haqq Blockchain, which strictly follows Islamic finance principles and traditions. It is still in its private sales phase and has already gained support from financial institutions and venture capitalists.
Islamic Coin adheres to Islamic principles and traditions on finance, with the coin being the native cryptocurrency of Haqq Blockchain. The name “Haqq” means truth in Arabic. The cryptocurrency is designed to be compatible with numerous global applications, and its strict adherence to Islamic finance principles and traditions ensures that it is fully compliant with Sharia law.
Speaking to Arabian Business, the cryptocurrency’s co-founder, Mohammed AlKaff AlHashmi, said that the support they have received will help establish trust and confidence in the currency before its public release. However, no specific date has been given for the launch.
Islamic Coin is taking a page from the likes of Bitcoin and Ethereum by being the first movers in the blockchain and crypto world. According to AlHashmi, this approach should address the needs of and add value to the community.
The Islamic finance market is projected to surpass USD 3.69 trillion by 2024, driven by the increasing demand for Sharia-compliant financial services. Additionally, the Halal products market is estimated to grow to over USD 4 trillion.
Untapped and underserved market
According to AlHashmi, the crypto industry has a significant untapped and “underserved” market in the form of the over 1.8 billion global Muslim population. Additionally, non-Muslims worldwide are also adopting Islamic finance, he says.
Islamic Coin has established a Sharia board comprising of the “top five” experts in the region to determine if a project aligns with Islamic principles. The board is comprised of 40 banks, including Standard Chartered, Abu Dhabi Islamic Bank, and Dubai Islamic Bank, among others.
Private sales mode
Islamic Coin has started with private sales mode for a reason. “We don’t want people to think that we are using the word ‘Islamic’ to play on their emotions and then moving on to become an investment in something they don’t know,” said AlHashmi.
In April of last year, Central African Republic adopted cryptocurrency as legal tender and Nigeria has launched its own cryptocurrency, eNaira.