As blockchain technology slowly gains adoption around the world, the global Muslim population is set to get their first cryptocurrency ecosystem that abides by the principles and traditions of Islam with the launch of the Islamic Coin ($ISLM), the native coin of the Haqq ecosystem.
According to a report from Arabian Business, the public launch of the new token will take place in May. $ISLM operates on the Haqq blockchain, which is compatible with the Ethereum network and thousands of applications worldwide.
Haqq, which means ‘truth’ in Arabic, was designed to stringently abide by Islamic principles and traditions on finance. Islamic Coin will be the primary token of value within the ecosystem, providing the global Muslim population with a financial platform that offers a 100% halal cryptocurrency.
The new token was created to help address the reservations that observant Muslims currently have about digital assets and how they fit in with the customs of Islam. Islamic Coin has already received accreditation and authorization through the Fatwa of several Muslim authorities.
Haqq’s stated 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 help achieve its philanthropic goals, the network has pledged to dedicate 10% of each Islamic Coin to Evergreen DAO – a non-profit virtual foundation focused on long-term sustainability and community impact – to fund community projects in the Muslim world.
To help with adoption, the Haqq Association, the ecosystem’s non-profit arm, has partnered with the International Islamic University of Malaysia (IIUM) to increase blockchain and crypto awareness with a positive learning environment.
Additionally, Haqq has formed several commercial partnerships with retail and e-commerce platforms to introduce Sharia-compliant Web3 technologies into traditional Web2 environments. Most recently, the project partnered with Holiday Swap, the world’s largest home exchange platform, to transition the company’s tokenized operations to Web3.
To help decide if a project wishing to launch on the Haqq blockchain is compliant with Islamic principles, Islamic Coin has appointed a Sharia board that includes 40 banks, with Standard Chartered, Abu Dhabi Islamic Bank and Dubai Islamic Bank listed among its members.
Due to the public and open-source nature of the blockchain, projects that aren’t Sharia-compliant will still be able to launch on the network, but they will not receive the badge that indicates compliance and elicits a higher level of trust within the community.