- Haqq’s Shariah-compliant Islamic coin plans its public launch in 2023.
- The 100% halal coin has helped increase crypto adoption in Muslim nations.
- Haqq’s co-founder Mohammed Alkaff Alhashmi says, “The coin has the potential to grow to be 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 ideas and traditions of Islam. This explicit coin focuses on offering the worldwide Muslim inhabitants with a monetary platform and is a 100% halal cryptocurrency.
In accordance with the staff, Islamic coin is poised to assist alleviate the reservation Muslims maintain about digital property because it abides by the customs of Islam. Centered on driving crypto adoption within the area and boosting Islamic finance throughout 185 nations, Islamic Coin has acquired accreditation and authorization by way of the Fatwa of a number of Muslim authorities.
The group states that its mission is to offer the worldwide Muslim inhabitants with a monetary platform enabling real-time, clear, and cross-border transactions whereas supporting Web3 improvements and philanthropy. To this finish, the community will dedicate 10% of every Islamic Coin issuance to philanthropic pursuits throughout the Muslim world.
Haqq Affiliation, the ecosystem’s non-profit, has partnered with the Worldwide Islamic College of Malaysia (IIUM) to extend blockchain and crypto consciousness with a optimistic studying surroundings. Haqq and Islamic Coin lately partnered with DDCap Group, and will likely be engaged on a Web3 Shariah-compliant various to SWIFT in addition to different merchandise.
Haqq can be forming a number of industrial partnerships with retail and e-commerce platforms to introduce Sharia-compliant Web3 applied sciences into conventional Web2 environments. Most lately, it has partnered with Vacation Swap, the world’s largest dwelling alternate platform, to transition the corporate’s tokenized operations to Web3.
Claiming that the coin has the potential to grow to be a tier-1 asset, Haqq’s co-founder Mohammed Alkaff Alhashmi states:
If solely 3-4% of the net Muslim neighborhood holds the coin, it might grow to be a Bitcoin-scale asset.
Given final yr’s bear market, the Islamic coin positioned a record-shattering feat securing over $200 million in August 2022. It’s additionally attention-grabbing to notice that, in 2022 alone, cryptocurrency transactions within the MENA area accounted for $566 billion: a 48% enhance from the earlier yr.