Traditional finance has long been the backbone of the global economy, providing people with the opportunities to save, take loans, and invest in profitable businesses. Yet, it didn’t account for the needs of religious communities.
The governing law of Islam, Shariah, led many religious Muslims to question whether their investments were haram or halal. Charging interest and speculating on ambiguity, both prohibited by Islam, are hard to avoid in traditional finance — so leading Muslim scholars proposed Islamic finance as a safe and convenient alternative.
Islamic finance is a parallel financial system built on the principles of sharing risk and profit while delivering direct value to the community. Islamic Coin, the first Shariah-compliant cryptocurrency, is bringing Islamic finance to a new, digital level.
Islamic Coin is the native currency of the Haqq blockchain, an ethics-first decentralized system adhering to transparency and inclusivity. Built on the Cosmos SDK, the Haqq blockchain guarantees security and an almost instantaneous confirmation of transactions. The nature of blockchain facilitates easy traceability of all payments, preventing money laundering and fraud.
Islamic Coin’s priority is to provide Muslim users with an opportunity to invest in halal assets. The Haqq association oversees the blockchain, and the platform aims to attract Muslim-founded non-profits and ethical businesses without gambling, usury, or fraudulent enterprises.
Another supervisor of Islamic Coin is Haqq’s Shariah board, which ensures Shariah compliance. The project will deploy its Shariah Oracle algorithm to whitelist all halal smart contracts for an even safer user experience. And finally, 10% of all issued Islamic Coins are automatically deposited to an Evergreen DAO, a charity-like fund for investments in Muslim ESG ventures or non-profits.
Acknowledging Islamic Coin’s contribution to promoting digital Islamic finance, Sheikh Dr. Nizam Mohammed Saleh Yaquby issued a Fatwa confirming its Shariah compliance in 2022.
Islamic Coin’s unique value proposition drew close attention from the world’s leading VC and private equity investors. The project has already raised over $400 million, including funding from Alpha Blue Ocean’s ABO Digital, DF101, Futurecraft Ventures, and a recent deal with Optic Capital.
Other project partners include an exclusive integration with DDCAP Group, over 300 Islamic Banks, and an agreement with Holiday Swap, the world’s largest home exchange platform.
The Public Token Offering
On August 21, Islamic Coin announced its collaboration with Republic Crypto, a global leader in Web3 advisory services and a branch of Republic Digital Finance. The partnership is said to fine-tune the cryptocurrency’s economic aspects, increase its sustainability, and promote Islamic Coin among investors.
Republic’s OpenDeal Broker will facilitate Islamic Coin’s public token offering, which is currently scheduled for September 2023. The launch will mark the first time retail investors will be able to participate in what used to be a project exclusively financed by large venture capital funds. Investment in Islamic Coin will be available to the public via liquidity staking, liquidity mining, and outright purchase of the token to benefit from its long-term appreciation.