Haqq, a blockchain ecosystem that strictly follows Islamic traditions and principles, has launched Islamic Coin ($ISLM), the first cryptocurrency ecosystem for the global Muslim population.
The new token will offer a 100% halal cryptocurrency platform, which has already received accreditation and authorization through the Fatwa of several Muslim authorities. The public launch of $ISLM will take place in May, and it operates on the Haqq blockchain, which is compatible with the Ethereum network and thousands of applications worldwide.
Haqq aims to provide a financial platform for the global Muslim population to enable real-time, transparent, and cross-border transactions while supporting Web3 innovations and philanthropy. To achieve this, 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.
The Haqq Association, the ecosystem’s non-profit arm, has also partnered with the International Islamic University of Malaysia to increase blockchain and crypto awareness and promote a positive learning environment. Moreover, Haqq has formed several commercial partnerships with retail and e-commerce platforms to introduce Sharia-compliant Web3 technologies into traditional Web2 environments. Recently, the project partnered with Holiday Swap, the world’s largest home exchange platform, to transition the company’s tokenized operations to Web3.
Islamic Coin has appointed a Sharia board, including 40 banks, to help decide if a project wishing to launch on the Haqq blockchain is compliant with Islamic principles, with Standard Chartered, Abu Dhabi Islamic Bank, and Dubai Islamic Bank among its members. Projects that aren’t Sharia-compliant will still be able to launch on the network due to the public and open-source nature of the blockchain, but they will not receive the badge that indicates compliance and elicits a higher level of trust within the community.
The Islamic Coin ecosystem is expected to address the reservations that observant Muslims currently have about digital assets and how they fit in with the customs of Islam. Haqq hopes to create a financial platform that meets the unique needs of the global Muslim population while promoting transparency, trust, and philanthropy.
