Table of Contents
Following the successful launch of its public token offering on Republic Crypto, Islamic Coin commences its next phase, which is its listing on top exchanges, both centralized and decentralized.
Among the list of exchanges scheduled for ISLM listing are Kucoin, Sushiswap, Haqqex, and a few others. The listing marks an important milestone and a significant advance for Islamic Coin (ISLM) and its community, with exposure to a user base of over 80 million contributing to the acceptance of the nascent Sharia-compliant cryptocurrency.
What is Islamic Coin and What is It Used for?
Islamic Coin is the native currency of HAQQ, an ethics-first PoS blockchain compatible with EVM and built using Cosmos SDK module. HAQQ is facilitating a Sharia-compliant financial ecosystem, providing the global Muslim population and other ethical finance enthusiasts a financial tool that supports innovation and philanthropy.
Islamic Coin is used for payments, governance, paying transaction fees, and staking. But it is more than a digital currency. It’s a comprehensive financial ecosystem designed to serve a multitude of use cases aligned with Islamic principles. The team is working toward Islamic financial instruments that can be used in a decentralized world by ISLM. For example, Sukuk — the Islamic equivalent of bonds — by digitizing these instruments on the HAQQ blockchain, Islamic coin can bring unparalleled efficiency and transparency to this massive market. Similarly, Islamic investment agreements like Mudarabah and Musharakah can be executed in a Sharia-compliant manner through the platform.
Islamic Coin meets all the criteria of a halal asset. It has earned a Fatwa from prominent Muslim scholars, including Sheikh Dr. Nizam ‘The Gatekeeper’ Mohammed Saleh Yaquby, who famously “guards” the $1 trillion Islamic financial market. The project also brings direct economic value to the community, as 10% of each ISLM issuance is deposited into the Evergreen DAO for investment in Islam-related ventures or donated to charities.
The private funding stage garnered investor attention and more than $400 million in funding. Alpha Blue Ocean’s ABO Digital, DF101, Futurecraft Ventures, Optic Capital, A195 Capital, and cross-industry HNWIs are among the project’s backers.
Exploring the Islamic Coin Ecosystem
Islamic Coin spans a comprehensive financial ecosystem in alignment with Islamic principles.
- HAQQ Blockchain — At the core of the ecosystem lies the HAQQ blockchain, a proof-of-stake, Layer1 network compatible with Ethereum and Cosmos-based blockchains like BNB Chain. An intuitive blockchain explorer facilitates full transparency and security.
HAQQ blockchain allows for easy deployment of existing Ethereum dApps and supports the development of new on-chain applications for the everyday needs of the global Muslim community.
HAQQ Wallet — HAQQ Wallet is a digital wallet for managing Islamic Coin and future products on the HAQQ Blockchain. The application offers a compelling solution and supports the streamlined operation and the Shariah Oracle, both meticulously designed to ensure secure, accessible, and Shariah-compliant transactions within Islamic DeFi. Multifactor security is available with future plans to integrate with Ledger devices. HAQQ Wallet allows users to select their preferred level of approval, either community or Shariah. This feature aligns user transactions with their specific compliance requirements, empowering them to make informed decisions and evaluate the compliance level of their transactions. HAQQ Wallet has more than 1.5 million downloads on the App Store.
User reviews are generally positive at 4.8/5, highlighting the wallet’s intuitive interface and unique value proposition in Islamic finance.
- ISLM — Islamic Coin is the HAQQ blockchain’s native token. Leveraging a proof-of-stake consensus mechanism allows Islamic Coin to remain carbon-neutral. Its rapidly growing ecosystem opens additional angles for application and utility, including fast-confirmation transactional use.
- HAQQPAD – HAQQPAD is a premier launchpad for ethical projects and startups. HaqqPad will be a vital part of the HAQQ ecosystem. It will offer a reliable platform for innovative blockchain projects to launch, grow and positively impact their community.
- Sharia Oracle — this is a real-time compliance tool that ensures ISLM and HAQQ ecosystem remains Shariah-compliant. As an on-chain registry of halal certificates, Shariah Oracle ensures users of the HAQQ ecosystem through HAQQ wallet only interacts with contracts and dApps that have been certified as halal. The Oracle has a two-stage authentication process through community vote and Sharia board evaluation. Notably, the absence or denial of a halal certificate does not prevent dApp deployment on HAQQ as a permissionless blockchain, but serves as a cautionary guard for users of HAQQ wallet as only whitelisted contracts or dApps are listed in the wallet.
- Evergreen DAO — Evergreen DAO is a non-profit virtual foundation focused on long-term sustainability and community impact. Through community voting, 10% of each ISLM issuance can be redistributed to support Muslim-based and ESG ventures worldwide.
The ISLM team expects to onboard more products to their ecosystem and expand its application angles. For instance, an application marketplace is planned for HAQQ Wallet, while physical cards bring Islamic Coin to real-world payments. Islamic Coin’s team is also developing a stablecoin solution.
The project is also exploring new ways of creating utility through strategic partnerships, including collaborations with the UAE government in the immigration, wellness, medical, and travel industries. They also have an agreement with Holiday Swap — the world’s largest home exchange platform — and with a coalition of more than 300 Islamic banks through the DDCAP Group.
Paving the Road to New Age Finance
Establishing a Sharia-compliant Web3 ecosystem is vital for digital Islamic Finance, but its long-term significance goes beyond the world’s 1.9 billion Muslims. The project strides towards a new financial landscape where cutting-edge technology and ethical principles coexist harmoniously. As Islamic Coin continues to foster innovation and partnerships, it holds the potential to reshape the future of finance, setting an example for globally inclusive and ethically responsible financial ecosystems.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.