The Haqq Platform was recently introduced at GITEX Global in Dubai, bringing a new player to the Bitcoin scene. The Haqq Association’s new trading platform will enable the general public to exchange the digital money known as the Islamic Coin following Shariah law.
The blockchain-based platform Islamic Coin aims to introduce the Islamic financial system to the online space. It was developed to cater to the needs of the Muslim community, which seeks a cryptocurrency that complies with Sharia law on a global scale.
Islamic Coin is a cutting-edge and innovative platform that intends to introduce Islamic financial concepts to the cryptocurrency industry. Sharia-compliant, decentralized, secure and private, user-friendly, and community-focused, to name a few of its distinctive features and advantages. Islamic Coin is unquestionably worth checking out if you want more information about blockchain technology and Islamic financing.
Learn more about the Islamic Coin and what makes it Shariah-compliant below!
Why is The New Islamic Coin Shariah-compliant?
Islamic Coin has been creating a stir in the digital assets sector since raising $200 million through a private auction in August among high-net-worth investors worldwide. AlHashmi claims that GITEX Global gave Haqq Association a rare opportunity to collaborate with potential clients and go over the specifics of its operational procedures, which are the most transparent in cryptocurrencies. It is the main reason it got a Shariah fatwa from a group of senior international experts in Shariah finance, headed by His Eminence Sheikh Dr Nizam Muhammad Saleh Yaqubi.
Islamic Coin runs on the Haqq Blockchain, a network supporting hundreds of apps globally while still in private sales mode. Haqq, which in Arabic means “truth,” strictly adheres to Islamic financial customs and values. Its native cryptocurrency is the Islamic Coin.
Meanwhile, the currency, which is still only being sold privately, receives backing from venture capital firms and banking institutions. This support, in the opinion of Mohammed AlKaff AlHashmi, co-founder of Islamic Coin, will increase community confidence in the currency’s adoption before it is made available to the general public.
Although he didn’t give a specific date, AlHashmi said the Coin would become public in May. By 2024, the worldwide Islamic finance market is anticipated to reach over $3.69 trillion, driven by a rise in demand for Sharia-compliant financing. The need for halal goods is expected to surpass $4 trillion.
According to AlHashmi, the global Muslim population has increased to over 1.8 billion, representing a sizable untapped and “underserved” market in cryptocurrency. He also noted that Islamic banking is becoming more and more popular among non-Muslims around the world.
Additionally, Islamic Coin has attracted much interest from investors because of its energy-efficient design. Andrey Kuznetsov, co-founder and chief technology officer, Haqq Association said because it employs a proof-of-stake mechanism that necessitates the purchase of tokens in order to participate in the network, a procedure that saves a substantial amount of energy, we have a digital currency that not only contributes to society through charitable giving but also benefits it.
