Islamic Coin: What is it?
According to Alhashmi, Islamic Coin is the native token of Haqq, the proof-of-stake (PoS) blockchain that operates on Cosmos via the EVMOS protocol. Translated as “truth” in Arabic, Haqq “stringently abides by Islamic views and traditions on finance.”
The idea behind the ISLM coin was to give the global Muslim faithful an instrument through which they could participate in the digital economy. Described as a Halal asset, Islamic Coin is said to be compliant to Shariah.
This means it conforms with the basic principles that guide Islamic life and by extension law, around issues of morality and modesty. Alhashmi said that the Islamic Coin was especially designed to facilitate philanthropic acts.
“Islam is the world’s second-largest religion with almost 2 billion followers: that’s roughly a quarter of the world’s population,” Alhashmi, a computer science engineer, Source: BeInCrypto.
“Muslims make up a majority of the population in 47 countries, we designed Islamic Coin to deliver a lasting, powerful impact for one of the largest communities in the world.”
Islamic Coin is digital money that complies with Shariah and is created with the goal of assisting the world’s Muslims. It is built using Haqq, the business’s unique Islamic blockchain. Haqq, whose name means "Truth," upholds strict Islamic financial principles and practices.
Gold and silver are cited in the Quran as instances of worldly pleasures (3:14). Ibn Khaldun's Muqaddimah states that gold and silver in particular should be used as currency because of this.
Many cryptocurrencies share characteristics with gold or silver, such as deflation and labor requirements for production.
Islamic Coins cannot be arbitrarily "printed," and they cannot thereby lose value. Additionally, it is challenging to produce willful deflation by increasing the interest rate of the central bank because there is no interest rate within the system (key rate). Islamic Coin’s price is always reasonable because the market determines it entirely.
Only individuals who commit time and money into the network, such as validators and stakers, are permitted to mint (issue) Islamic Currency at a set, publicly disclosed rate.
- Unlike fiduciary money, Islamic Coin is not operated by the banks whose main business is to earn profit by charging interest. Paying or charging interest is forbidden in Islam.
- In order to further invest in Islamic internet projects or donate to Islamic charity, 10% of each new Islamic Coin’s issued amount is placed into a unique Evergreen DAO. This is the first time a coin that directly benefits a community's economy has been introduced.
- A nonprofit virtual foundation with an emphasis on long-term sustainability and social impact, The Evergreen DAO. It functions practically as a crypto endowment. Evergreen DAO may additionally provide funding for initiatives required for the creation and operation of the Haqq network in the circumstances outlined below. A council made up of the top 5 Haqq blockchain validators makes important decisions.
Our goal is to equip the global community of Muslims with a solid and reliable financial tool that promotes creativity and generosity while enabling individual financial interaction.
IsalmicCoin has the potential to rank among the most significant and valuable crypto assets by utilizing the strength of the community. Islamic Coin will reach bitcoin-scale crypto asset status if 3-4% of the internet Muslim population decides to hold it, creating a trillion dollars for its owners and $100 billion for the Evergreen DAO.
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