#IslamicCoin – purposeful community crypto asset.
Islamic Coin is Shariah-compliant digital money, designed to create value for the World’s Muslim community. It is built on HAQQ – its dedicated Islamic blockchain. Meaning “Truth”, HAQQ stringently abides by Islamic views and traditions on finance.
In the Quran, gold and silver are mentioned as examples of pleasure of this worldly life (3:14). That is why Muqaddimah of Ibn Khaldun has written that gold and silver specifically, should be used as money.
The deflationary nature of many cryptocurrency systems, as well as the necessity to invest some work to produce them, is comparable to the properties of gold or silver.
Islamic Coin cannot be arbitrarily ‘printed’ and thus devalued. It’s also impossible to cause arbitrary deflation through a rise of the Central Bank’s interest rate (key rate) – since there is no interest rate within the system. Islamic Coin’s price is determined solely by the market and thus always fair.
Islamic Coin may only be minted (issued) by those who contribute work and investment – validators and stakers of the network at a predetermined announced 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.
Each time a new Islamic Coin is minted, 10% of the issued amount is deposited into a special Evergreen DAO for further investment into Islamic internet projects or given to Islamic charities. This is the first introduction of a coin bringing direct economic value to a community.
The Evergreen DAO is a non-profit virtual foundation focused on long term sustainability and community impact. It effectively works as a crypto endowment. In some cases described below, Evergreen DAO also may fund activities necessary for the HAQQ network operations and development. Key decisions are made by a council that consists of the top 5 validators of HAQQ blockchain.
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