Big Ambitions — Big Future. Islamic Coin
How important is it for the Muslim community to have their own digital coin? Cryptocurrency already occupies a significant place in the global economy, digital technologies are developing rapidly. Of course, these processes affect all world communities, including the followers of Islam. In some countries, for example, in Indonesia, Egypt, Kazakhstan, the clergy declared cryptocurrency haram because the use of digital assets “is associated with uncertainty, excitement and harm.” At the same time, Islamic scholars from other countries do not see anything unlawful for Muslims in cryptocurrency mining.
In such a situation, how can a Muslim keep up with the times and at the same time observe religious law and not deviate from Islamic traditions? After all, you can trade cryptocurrency only if it complies with the postulates of Shariah and proves its real benefit.
On the one hand, investing in digital assets can be risky, which is haram for a Muslim. On the other hand, digital assets can be seen as a wealth-enhancing tool without any harm to outsiders. From this point of view, cryptocurrency is halal.
The solution to this issue was found by the Haqq Association, which brought together developers of decentralized technologies and world-famous Sharia scholars. With their help, the Haqq blockchain was developed, which meets the principles of Islamic finance. It is no coincidence that the Association and the blockchain were called “Haqq”. It means “truth” in Arabic. The Association is closely monitoring that the development of the blockchain strictly complies with Sharia.
Islamic Coin was issued on the Haqq blockchain. The purpose and idea of this coin is to enable Muslims to become participants in the digital economy, while not violating the principles and laws that guide Islamic life.
Shortly after the launch, Islamic Coin received a Fatwa that confirms that the coin is Sharia compliant. The coin supports Islamic values and believers can use it without restrictions. Also, the coin received the support of prominent members of the Muslim community. One of them is Top Emirati Sheikh Khalifa Bin Mohammed Bin Khalid Al Nahyan. This suggests that the coin is rapidly gaining popularity and has excellent prospects. Within a month, Islamic Coin managed to raise $200 million. And this is during a bear market.
It seems that Bitcoin has a serious competitor. Considering that the number of Muslims in the world reaches 2 billion, then we must admit that the potential of Islamic Coin is huge. You could say gigantic.
