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Shariah-Compliant Coin’s Release Set To Spur Crypto Adoption in Muslim Nations

Published 05/11/2023, 06:24 AM
Updated 05/11/2023, 08:00 AM
Shariah-Compliant Coin’s Release Set To Spur Crypto Adoption in Muslim Nations

  • Haqq’s Shariah-compliant Islamic coin plans its public launch in 2023.
  • The 100% halal coin has helped boost crypto adoption in Muslim countries.
  • Haqq’s co-founder Mohammed Alkaff Alhashmi says, “The coin has the potential to become a tier-1 asset.”

Islamic coin ($ISLM), the native coin of the Haqq ecosystem, plans its public launch in 2023. Haqq is reported to be the world’s first ecosystem that abides by the principles and traditions of Islam. This particular coin focuses on providing the global Muslim population with a financial platform and is a 100% halal cryptocurrency.

According to the team, Islamic coin is poised to help alleviate the reservation Muslims hold about digital assets as it abides by the customs of Islam. Focused on driving crypto adoption in the region and boosting Islamic finance across 185 countries, Islamic Coin has received accreditation and authorization through the Fatwa of several Muslim authorities.

The organization states that its mission is to provide the global Muslim population with a financial platform enabling real-time, transparent, and cross-border transactions while supporting Web3 innovations and philanthropy. To this end, the network will dedicate 10% of each Islamic Coin issuance to philanthropic pursuits across the Muslim world.

Haqq Association, the ecosystem’s non-profit, has partnered with the International Islamic University of Malaysia (IIUM) to increase blockchain and crypto awareness with a positive learning environment. Haqq and Islamic Coin recently partnered with DDCap Group, and will be working on a Web3 Shariah-compliant alternative to SWIFT as well as other products.

Haqq is also forming several commercial partnerships with retail and e-commerce platforms to introduce Sharia-compliant Web3 technologies into traditional Web2 environments. Most recently, it has partnered with Holiday Swap, the world’s largest home exchange platform, to transition the company’s tokenized operations to Web3.

Claiming that the coin has the potential to become a tier-1 asset, Haqq’s co-founder Mohammed Alkaff Alhashmi states:

If only 3-4% of the online Muslim community holds the coin, it could become a Bitcoin-scale asset.

Given last year’s bear market, the Islamic coin placed a record-shattering feat securing over $200 million in August 2022. It’s also interesting to note that, in 2022 alone, cryptocurrency transactions in the MENA region accounted for $566 billion: a 48% increase from the previous year.

The post Shariah-Compliant Coin’s Release Set To Spur Crypto Adoption in Muslim Nations appeared first on Coin Edition.

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