Islamic Coin, the world’s first Sharia-compliant cryptocurrency, will be launched in May.
Islamic Coin, operates on the Haqq Blockchain, is still in private sales phase and has gained support from financial institutions and venture capitalists.
The Coin is compatible with numerous global applications and strictly follows Islamic finance principles and traditions.
Haqq, which means ‘truth’ in Arabic, strictly abides by Islamic principles and traditions on finance, with the Islamic Coin being its native cryptocurrency.
Islamic coin’s co-founder Mohammed AlKaff AlHashmi said that the current support that they have received will help establish trust and confidence in the currency before its public release.
While AlHashmi confirmed that the coin will be available in May, no specific date was provided.
“We started with 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 moving on to become an investment in something they don’t know,” he told ITP.net’s sister publication Arabian Business.
AlHashimi said that Islamic Coin is taking a page from the likes of Bitcoin and Ethereum as both companies have witnessed success by being ‘first movers’.
“I came to the conclusion that if we want to do something successful and meaningful in the blockchain and crypto world, then we should bring something that we are the first movers in and then it should address the needs of and add value to the community,” he said.
It is projected that the market for Islamic finance will surpass $3.69 trillion by 2024, driven by an increasing demand for Sharia-compliant financial services. Additionally, the Halal products market is estimated to grow to over $4 trillion.
According to AlHashmi, the crypto industry has a significant untapped and “underserved” market in the form of the over 1.8 billion global Muslim population. Additionally, he noted that non-Muslims worldwide are also adopting Islamic finance.
AlHashmi also highlighted that Islamic Coin has established a Sharia board comprising of the “top five” experts in the region to determine if a project aligns with Islamic principles. The board is comprised of 40 banks including Standard Chartered, Abu Dhabi Islamic Bank, and Dubai Islamic Bank, among others.
