AMMAN — Islamic Coin, the world's first
Sharia-compliant
cryptocurrency, will be publicly launched next month,
according to co-founder Mohammed AlKaff AlHashmi.
اضافة اعلان
The currency, which operates on the
Haqq Blockchain, adheres to Islamic principles and traditions on finance, Arabian
Business reported.
It has been gaining support from venture
capitalists and financial institutions and will address the needs of and add
value to the community, AlHashmi said.
AlHashmi said that the coin will be
launched to the public in May, but did not specify a date.
Advantage“We 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,” he told Arabian Business.
“We did some market research and found out
that Bitcoin, for example, has become the most famous and successful coin
because they have the ‘first mover’ advantage, and it was the first coin,” he
said.
“When you look at Ethereum, they were the
first to start smart contracts. So there is a common factor here: being a
‘first mover’ in something that addresses community needs. I came to the
conclusion that if we want to do something successful and meaningful in the
blockchain and crypto world, then we should bring something that we are the
first movers in and then it should address the needs of and add value to the
community.”
Growing marketThe Global Halal market is projected to
reach more than $3.69 trillion in 2023, and the global Muslim community has
grown to over 1.8 billion people, representing an untapped and underserved
market in the crypto world.
AlHashmi said Islamic finance is being
embraced by non-Muslims worldwide, with at least 50 percent of private sales
made in Islamic Coin coming from non-Muslims.
“It’s not only about food anymore, it’s
also about healthcare products, cosmetics, how to make sure that everything is
really Halal and fits with community ethics and values,” AlHashmi said.
‘Clean ecosystem’The currency is being launched in response
to the need for a clean environment where people can put their projects without
having doubts or thinking whether they are halal or haram.
“There is no clean ecosystem and environment
where Muslims or people who follow Sharia compliance can come and do their
projects in,” he said.
“By this, I don’t mean that Bitcoin or
Ethereum or other coins are not halal. I cannot judge, but if you look at the
available blockchains in the market, it will not make sense that for example, I
put a Sharia compliant project in a blockchain that at the same time has a
casino project, a gambling project, or another project that charges interest —
these would all conflict with Sharia principles.”
The Haqq blockchain is eco-friendly and has
been built in a way that is compatible with Ethereum, making it easy for people
who build their projects there to migrate them somewhere else or integrate
them.
The currency is also targeting non-crypto
native people, meaning that it will be relatively more resistant to the effects
of the crypto winter, a tough period of company collapses, major fines, or
massive drops in token prices.
Islamic Coin has appointed a Sharia board
to decide whether a project is compliant with Islamic principles, including the
"top" experts in the region.
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