In a rapidly adopting cryptocurrency world, many Muslims wonder if it’s compatible with their faith. For Muslims, the principles of Shariah law dictate that interest-based transactions are forbidden. This has led many to question: is cryptocurrency halal? Fortunately, the launch of Islamic Coin, the world’s first Sharia-compliant cryptocurrency, has solved this quandary. Islamic Coin allows Muslims to invest in digital assets without compromising their faith, as it adheres to the ethical and equitable financial transactions outlined in Sharia law.
Islamic Coin is currently in its private sales phase. This digital asset operates on the Haqq Blockchain, a robust network compatible with thousands of applications around the globe. Derived from the Arabic word for truth, Haqq ensures that Islamic Coin remains true to its halal crypto credentials. As Haqq’s native cryptocurrency, Islamic Coin is at the forefront of the halal crypto movement, providing Muslims with a Sharia-compliant way to participate in the digital economy.
Read : Digital Currency vs Cryptocurrency: A guide
Why Islamic Coins Started With Private Sales: A Unique Approach To Community Building
Islamic Coin is currently in private sales mode for a reason. The team behind the project is determined not to use the word “Islamic” as a marketing ploy to prey on people’s emotions, only to present later an investment opportunity that is unclear or unknown. Instead, the team has researched extensively, recognizing Bitcoin’s success as a “first mover” in the industry. Similarly, Ethereum was the first to introduce smart contracts, highlighting the value of being a pioneer in a market that addresses community needs. As such, the Islamic Coin team has concluded that it is imperative to make a meaningful impact in the blockchain and crypto world. They must bring something unique and valuable to the community.
Halal Extends Beyond Food: The Opportunity For Halal Crypto
As the world’s Muslim population grows, so does the demand for Sharia-compliant finance and Halal products. This represents a massive untapped market of over 1.8 billion Muslims worldwide and non-Muslims increasingly embracing Islamic finance principles. In fact, half of the private sales of the Islamic Coins came from non-Muslims. However, there remains a lack of a pristine ecosystem and environment where individuals who follow Sharia compliance can come together to pursue their projects in the crypto world.
Sharia Compliant Crypto: Resistant To Crypto Winter?
The cryptocurrency designed to comply with Sharia law is aimed at experienced crypto investors and those new to the world of digital assets. This strategy is expected to make cryptocurrency more resilient to market downturns, such as the so-called “crypto winter,” which can lead to bankruptcies, regulatory penalties, and sharp declines in token value. By focusing on serving a wider audience and adhering to ethical and religious principles, this cryptocurrency aims to offer an unparalleled value proposition to the crypto industry.
