AMMAN — Islamic currency, the world's first Sharia compliant cryptocurrencyit will launch publicly next month, according to co-founder Mohammed AlKaff AlHashmi.
The currency, which operates in the Haqq Blockchainadheres to Islamic principles and traditions on finance, Arabian Business reported.
It has been gaining support from venture capitalists and financial institutions and will address needs and add value to the community, AlHashmi said.
AlHashmi said that the coin will be released to the public in May, but did not specify a date.
Advantage“We started with the private sales mode for a reason. We don't want people to think that we are using the word 'Islamic' to play on their emotions and then become an investment in something they don't know about,” he told Arabian Business.
“We did some market research and found that Bitcoin, for example, has become the most famous and successful currency because they have a 'first-mover' advantage, and it was the first currency,” he said.
“When you look at Ethereum, they were the first to start smart contracts. So there's a common factor here: being a 'first mover' on something that addresses the needs of the community. I came to the conclusion that if we want to do something successful and meaningful in the world of blockchain and cryptocurrency, then we should bring something that we are first movers in and then it should address the needs and add value to the community.” .
growing marketThe global Halal market is projected to reach over $3.69 trillion by 2023, and the global Muslim community has grown to over 1.8 billion people, representing an untapped and underserved market in the crypto world.
AlHashmi said that Islamic finance is being embraced by non-Muslims around the world, with at least 50 percent of private sales made in Islamic currencies coming from non-Muslims.
"It's not just about food anymore, it's also about health care products, cosmetics, how to make sure that everything is truly Halal and conforms to the ethics and values of the community," AlHashmi said.
'Clean ecosystem'The coin is launched in response to the need for a clean environment where people can post their projects without having any doubts or thinking whether they are halal or haram.
“There is no clean ecosystem and environment where Muslims or people who follow Sharia compliance can come and do their projects,” he said.
“By this I do not mean that Bitcoin or Ethereum or other currencies are not halal. I can't judge, but if you look at the blockchains available on the market, it won't make sense for you, for example, to put a Sharia-compliant project on a blockchain that at the same time has a casino project, a gaming project or another. project that charges interest: all this would conflict with the principles of the Sharia”.
The Haqq blockchain is eco-friendly and has been built in a way that is compatible with Ethereum, making it easy for people who build their projects there to migrate or integrate them elsewhere.
The coin is also aimed at non-crypto natives, which means it will be relatively more resilient to the effects of the crypto winter, a difficult period of company collapses, major fines, or massive drops in token prices.
Islamic Coin has appointed a Sharia board to decide whether a project complies with Islamic principles, including "leading" experts from the region.
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