KUALA LUMPUR – A cryptocurrency known as Islamic Coin (ISLM Coin) has recently received a Fatwa, ahead of its private sale launch.
According to reports from IFNFintech.com, the ISLM Coin was co-founded by an Islamic banking veteran, Hussein Mohammed Al Meeza, who is also credited as a founding member of numerous Islamic financial institutions such as Amlak Finance and the Al Salam Bank based in Sudan, Bahrain, as well as Algeria.
The news article explained that ISLM Coin is a native coin on the Haqq blockchain. The cryptocurrency is used for payments, governance, transaction fee payments, as well as staking.
The coin’s official website showcased its white paper which stated that 10% of the issued currencies on the Haqq Chain platform will be converted automatically to the Evergreen DAO Endowment Fund. This is an independent decentralised entity that invests in projects which would benefit the Muslim community or donate to Islamic charities.
In the Shariah pronouncement, signed by the Haqq Chain platform’s Shariah board, it stated “After a thorough review of the structure of the platform and the white paper, as well as what was shown to the authority from the blockchain technology and technical framework used in the Haqq Chain platform’s programme, that is a secure and tested technology through which financial transactions are conducted and at the same time, users’ funds are protected.”
ISLM Coin plans to debut through a private sale and then begin trading on worldwide exchanges “shortly”, according to a statement made by the company, although no dates were provided.
IFNFintech.com further reports on ISLM Coin’s white paper which said that the cryptocurrency’s mission is to empower the worldwide community of Muslims with a robust and future-proof financial instrument that would enable independent financial interaction while at the same time support innovation and philanthropy.
The white paper also explained that if at least 3% or 4% of the online Muslim community holds ISLM Coin, it will turn into a crypto asset on Bitcoin’s level, earning USD1 trillion for its holders and also US$100 billion for the Evergreen DAO fund.
IFNFintech.com said that ISLM Coin, much like any idealistic startups, have ambitious goals and given the favourable demographic dynamics that are bolstering the growth of Islamic finances and other Shariah compliant fintech solutions, the optimistic outlook is understandable.
The Muslim community are seeing cryptocurrencies and decentralised finance gaining momentum. In the recent years, there have been entities like IBF Net and Marhaba DeFi which launched their Shariah-compliant cryptocurrencies and joining the NFT market scenes. All the while exchanges such as CoinMENA, Rain and Fasset was also growing their operations with the leverage of their own Shariah compliance.
*Disclaimer: Money Compass Media is a platform to inform the public on news related to investment products. Readers and investors are advised to exercise due care and be responsible for their own investment decisions.
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