The rise of cryptocurrency has sparked intense debate among Islamic scholars and finance experts, with some declaring it halal (permissible) and others deeming it haram (forbidden). In this article, we'll delve into the Islamic perspective on crypto, exploring the halal and haram aspects of spot trading and future trading.
Halal Aspects:
Ownership and Control: Cryptocurrencies are decentralized, giving users full ownership and control over their assets, aligning with Islamic principles of property rights.
Transparency and Traceability: Blockchain technology ensures transparent and traceable transactions, reducing the risk of fraud and deceit.
Fair Market Value: Cryptocurrencies are traded based on market forces, reflecting their fair value, which is in line with Islamic teachings on fair trade practices.
Haram Aspects:
Speculation and Gambling: Cryptocurrency trading can involve excessive speculation and gambling, which are haram in Islam.
Uncertainty and Ambiguity: The lack of clear regulations and oversight can lead to uncertainty and ambiguity, conflicting with Islamic principles of clarity and transparency.
Exploitation and Fraud: The crypto market's volatility and anonymity can facilitate exploitation and fraud, violating Islamic teachings on justice and fairness.
Spot Trading:
Spot trading, where assets are exchanged immediately, is generally considered halal by Islamic scholars, as it involves a direct exchange of value without excessive speculation.
Future Trading:
Future trading, where assets are traded at a future date, is viewed as haram by many scholars, as it involves speculation and uncertainty, which can lead to exploitation and fraud.
Conclusion:
Cryptocurrency trading can be both halal and haram, depending on the circumstances. Islamic investors must navigate the complexities of crypto trading, ensuring that their actions align with Islamic principles and values. As the crypto market continues to evolve, scholars and finance experts must work together to establish clear guidelines and regulations, promoting a halal and ethical crypto ecosystem.
#bitcoin #BTC #altcoins #Islamic #IslamicFinance

In the dynamic world of cryptocurrencies, a groundbreaking development is set to emerge, poised to revolutionize Islamic finance: Islamic Coin (ISLM). This Sharia-compliant digital currency, scheduled for release on September 1, 2023, has already garnered substantial attention and funding, making it a cryptocurrency worth watching closely.

A Unique Offering for a Global Market

Islamic Coin enters the cryptocurrency scene with a unique proposition - it's the first digital currency to fully adhere to the principles of Sharia law. Developed by the Haqq Blockchain, ISLM is designed to cater to the values of practicing Muslims, a market estimated to encompass over 1.2 to 2 billion individuals worldwide.

Sharia compliance in the financial realm translates into a commitment to ethical principles such as profit-sharing, clear contract terms, and avoiding activities resembling gambling or speculation. Moreover, ISLM ensures that the underlying businesses are socially responsible, promoting societal well-being and environmental sustainability. This alignment with Islamic values sets the stage for ISLM's role in reshaping how financial transactions occur within the Muslim community.

Challenges and Opportunities

While the potential market for Islamic Coin is substantial, it's important to acknowledge potential challenges. Recent studies suggest a shifting landscape in certain regions, where ties to Islam are loosening, especially among the younger generation. This raises questions about whether the Sharia-compliant nature of the coin will be sufficient to attract widespread adoption.

Expert opinions vary, with some believing that ISLM needs to demonstrate significant utility beyond its alignment with Islamic law to gain traction. Like Bitcoin, its appeal may extend beyond the religious aspect. Dr. Anas Iqtait, an expert on Islamic Finance, emphasizes the importance of harnessing the crypto sector's potential growth, highlighting the Middle East's role in this endeavor.

The Path Forward: Technology and Vision

Islamic Coin operates on the Haqq blockchain, an "ethical Web3" that emphasizes autonomy, immutability, and decentralization. Powered by a proof-of-stake (PoS) mining mechanism, ISLM ensures energy efficiency, contrasting with the high energy consumption associated with Bitcoin's proof-of-work approach.

The coin's total supply, according to the ISLM whitepaper, will reach 100 billion tokens, with gradual reductions over time to create scarcity, value, and prevent excessive inflation. The emission rate will decrease by 5% every two years, leading to a capped total 100 years from its inception.

A Pillar of Stability for a Changing World

In the words of ISLM Co-Founder Mohammed Alkaff, Islamic Coin is poised to deliver a "pillar of stability, intertwined with values that are future-proof in a changing world." By integrating with 20 payment firms in the Middle East and North Africa (MENA) region by Q4 2023, the project is making strides toward establishing its presence.

While ISLM's potential to rival Bitcoin remains uncertain, its unique combination of Sharia compliance, ethical financial practices, and cutting-edge blockchain technology holds promise. The journey ahead involves not only competing with established Islamic financial institutions but also navigating diverse opinions within the Muslim community.

As Islamic Coin seeks to reshape the landscape of Islamic finance, the cryptocurrency world is watching closely to see if it can transcend the realm of a hopeful contender and emerge as a pioneering force in the global crypto market.

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#IslamicCoin #IslamicFinance #Crypto2023 #DeFi #Web3

Find more: https://islamiccoin.net/

Islamic Coin, a Shariah-compliant, ethics-first, digital money that has been featured globally, has announced it is working with Republic Crypto, the web3 advisory group within global digital finance leader, Republic.

The collaboration includes white-glove support to promote Islamic Coin’s go-to-market strategy, along with advisory services focused on tokenomics, DAO governance, and long-term economic utility value. Republic Crypto will also help engage with potential strategic partners, exchanges, and market makers.

Fine-tuning the Islamic Coin value proposition, Republic Crypto advised on creating fair and Shariah-compliant allocation options, distribution, and other mechanisms aimed at adding to the sustainability features in the ecosystem.

Separately, Islamic Coin plans to conduct a Reg D public token offering facilitated by OpenDeal Broker on Republic’s retail investment platform in September 2023. Upon public launch, Islamic Coin’s international community will reap various advantages, including options to offer liquidity, stake their holdings, and gain tokens during the liquidity mining stage.

The Advisory Board of Islamic Coin is steered by members of ruling families of the UAE, including the grandson of UAE founder, Sheikh Dr. Hazza bin Sultan bin Zayed Al Nahyan, the country’s Navy Chief, Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan (serving in a private advisory capacity), Sheikh Khalifa Bin Mohammed bin Khalid Al Nahyan, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan, His Highness Sheikh Juma bin Maktoum Al Maktoum, and Her Highness Sheikha Mariam Suhail Obaid Suhail Al Maktoum.

The Executive Board is also composed of experts from both traditional and Islamic finance. It humbly highlights Emaar’s Hussein Al Meeza (also a co-founder), an award-winning banker with over four and a half decades of experience across the Islamic banking, finance, and insurance industries. He was a key figure in the establishment of the Dubai Islamic Bank, one of the first fully operational Islamic Banks. The Executive Board is further strengthened by Khamis Buharoon AI Shamsi, the former Assistant Director of the Finance Division, and Assistant Director of the Internal Audit Division of the Central Bank of the UAE. Adding to the team’s robust profile, Greg Gigliotti, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors. With a rich background at Goldman Sachs and other global institutions, Gigliotti has managed a portfolio exceeding $16 billion throughout his career.

The Reg D offering is slated for September 2023.

#IslamicCoin #IslamicFinance #Crypto2023 #Web3 #DeFi

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Shariah Oracle: Bridging the Gap Between Blockchain and Halal Certificates

Introduction

The Shariah Oracle is a groundbreaking on-chain registry of Halal Certificates designed to ensure Sharia-compliant interaction within the HAQQ network. Serving as an essential component of the HAQQ Wallet, the Oracle maintains a whitelist of smart contracts, granting access to only verified dApps. By doing so, it allows developers to showcase their ethical relevance to Muslim users and gain entry to the HAQQ Wallet marketplace.

Understanding Oracles and Their Role

Oracles play a crucial role in decentralized applications (dApps) by bridging the gap between on-chain and off-chain worlds. They retrieve data from external sources and provide it to smart contracts, facilitating automated execution. Oracles use various methods, such as API calls, distributed ledger data, consensus-based algorithms, and trusted data sources to ensure the reliability and accuracy of the data fed to smart contracts.

The Shariah Oracle and its Purpose

The Shariah Oracle is a vital tool in curbing unethical or Haram activities within the HAQQ network. It achieves this by permitting access only to Sharia-compliant dApps, thereby enabling developers to demonstrate their ethical commitment to Muslim users and feature their products and services in the HAQQ Wallet marketplace.

How Does the Shariah Oracle Work?

The Shariah Oracle operates through two levels of approval: Community approval and Shariah board approval. Community approval involves ISLM stakers voting on proposals for listing projects in the HAQQ Wallet Marketplace. Shariah Board approval grants a Shariah Compliant label to projects after an audit process by the board. Additionally, the Oracle features a warning system that alerts users when they attempt to sign transactions with non-community-approved contracts, bolstering the HAQQ Network's security.

Maintaining Decentralization in the Shariah Oracle

Despite its Shariah Compliance feature, the HAQQ Network remains decentralized. The Shariah Oracle's influence is confined to the HAQQ Wallet behavior and does not extend to other aspects of the network or Layer 1. Consequently, users who are not concerned with Shariah compliance can still interact with any smart contract deployed on the HAQQ Network using Metamask or other EVM-compatible wallets.

Value Proposition of the Shariah Oracle

The Shariah Oracle offers significant value by ensuring that all smart contracts interacting with the HAQQ Wallet are Shariah-compliant, aligning with Islamic principles and ethics. This feature appeals to Muslim users and ESG-driven investors who prioritize ethical investing practices. Moreover, it enhances the security of the HAQQ Network by mitigating common front-end attacks.

Technical Architecture of the Shariah Oracle

The Shariah Oracle follows a series of steps for both community and Shariah Board approval. The process involves proposal submission, voting, whitelisting or SBT issuance, Shariah board approval, and the possibility of revoking approval if projects deviate from prescribed guidelines.

Future Developments

The Shariah Oracle plans to introduce authorized Shariah auditors in the future to streamline the compliance process and promote decentralization. These auditors will help maintain a robust, inclusive, and regulated ecosystem. The Shariah Oracle is set to go live in Q3 2023.

Conclusion

The Shariah Oracle represents a remarkable fusion of blockchain technology, Islamic principles, and ethical investing standards. By ensuring only Shariah-compliant dApps are accessible via the HAQQ Wallet, it introduces ethical compliance to the digital finance ecosystem. Its two-tier approval system strengthens the network's security while upholding decentralization—a fundamental characteristic of blockchain systems.

Looking forward, the implementation of authorized Shariah auditors will further enhance the compliance process, fostering a more equitable and sustainable financial future. The upcoming launch of the Shariah Oracle in Q3 2023 marks a significant milestone at the intersection of modern finance and faith-based ethics, paving the way for a promising financial landscape.

#IslamicCoin #HAQQnetwork #crypto2023 #DeFi #IslamicFinance

In a groundbreaking move towards revolutionizing Ethical Finance, HAQQ and Nefta have forged a strategic partnership aimed at propelling the global adoption of community-driven decentralized technologies. This collaboration not only streamlines user onboarding but also facilitates the integration of loyalty token systems onto HAQQ's blockchain network, promising to pave the way for a fairer and more inclusive financial landscape.

Seamless Onboarding and Integration

Nefta's versatile whitelabel blockchain toolbox takes center stage in this partnership by expediting user onboarding to HAQQ's blockchain network. This toolbox is an all-inclusive solution, featuring an array of powerful tools packaged for easy accessibility. By rebranding the toolbox, projects can establish their unique identity within the HAQQ ecosystem. The incorporation of user-friendly APIs and SDKs simplifies the integration of blockchain technology, effectively removing barriers for new users.

Smooth Transition to Web3 Loyalty Programs

The collaboration between HAQQ and Nefta extends its benefits to the seamless transition of traditional web2 loyalty and membership programs into the realm of blockchain and web3. This transition is engineered to be effortlessly smooth, allowing users to migrate their existing programs without friction and enjoy the advantages of blockchain technology.

Democratizing Finance Ethically

The partnership between HAQQ and Nefta is founded on shared values, particularly the commitment to democratizing finance and promoting ethical technological advancements. This alliance represents a significant milestone in both entities' journeys, emboldening them to create an inclusive and sustainable financial ecosystem.

Enabling Integration with Holiday Swap

Beyond its immediate impact, this partnership sets the stage for a transformative collaboration with Holiday Swap. Nefta's advanced blockchain toolbox facilitates the seamless integration of Holiday Swap's loyalty token system and related operations into HAQQ's blockchain network. This transition, spanning a global user base of over one million across 185 countries, promises a user experience free of complications.

Andrey Kuznetzov's Enthusiasm

Andrey Kuznetzov, HAQQ's Chief Technology Officer, expresses excitement about the partnership with Nefta. He believes that Nefta's toolbox will expedite HAQQ's mission of democratizing ethical finance. Kuznetzov emphasizes that the simplified user onboarding process, particularly for substantial transitions like that of Holiday Swap's, has the potential to revolutionize the HAQQ ecosystem.

In summation, the HAQQ and Nefta partnership stands as a pivotal moment in the journey towards Ethical Finance's evolution. By joining forces to enhance decentralized technologies and facilitate seamless integrations, the collaboration aims to create a more inclusive, sustainable, and user-friendly financial landscape for individuals worldwide.

Find more:

https://haqq.network/

https://islamiccoin.net/

#IslamicCoin #IslamicFinance #Web3 #DeFi #Crypto2023

In the ever-evolving landscape of the blockchain ecosystem, a notable movement is taking shape, characterized not only by technological innovation but also by a strong commitment to ethical values. Amidst this rapid transformation, a beacon of integrity has emerged, dedicated to safeguarding individual rights and upholding cherished principles.

This movement recognizes the significance of genuine ownership in the global digital financial realm. Consider the Web3 wallet, which serves as more than just a storage system; it symbolizes a personal stake in the burgeoning digital domain. However, the reality is that numerous wallets in existence, despite their impressive features, operate under concealed influences. This often leaves the true owners with limited control and transparency regarding the use of their assets and data.

In an era dominated by decentralized finance, there is a pressing need to bridge the gap between technological advancements and ethical considerations. This endeavor involves merging the fundamental tenets of decentralized finance with the principles underpinning ethical and Islamic finance, resulting in a pioneering approach.

Introducing the HAQQ Wallet: an elegant fusion of Ethics and Finance. This is not merely a wallet but an extension of one's core values. Through this innovative solution, users can rest assured about the impregnable security of their data and enjoy the authority to regulate its access and utilization.

Why remain a passive participant in the expansive digital realm when you can assert your sovereignty within it? Unlike many alternatives, the HAQQ wallet places a strong emphasis on ethics, ensuring that every transaction aligns harmoniously with individual principles. This call to action invites individuals to champion a new frontier where they wield true control over their digital legacy.

#IslamicCoin #IslamicFinance #Crypto2023 #Web3 #DeFi

In the realm of blockchain and cryptocurrency,innovative concepts continue to reshape traditional norms.One such groundbreaking initiative is the Evergreen DAO,an embodiment of the Islamic principles of philanthropy and sustainable development.This article delves into the visionary concept of Evergreen DAO,exploring how it is revolutionizing the landscape by fueling Islamic projects and charities with a steadfast commitment to long-term community impact.

The Essence of Evergreen DAO:

Evergreen DAO stands as a testament to the fusion of blockchain technology and Islamic values.At its core,the DAO (Decentralized Autonomous Organization) serves as a virtual foundation dedicated to sustainability and empowerment.But what truly sets Evergreen DAO apart is its unique focus on Islamic projects and charitable endeavors.

Philanthropy Meets Sustainability:

The central mission of Evergreen DAO is to create a self-sustaining ecosystem where financial resources are perpetually reinvested to generate positive societal change.Unlike conventional charities that rely on periodic donations,Evergreen DAO harnesses the power of cryptocurrency to establish a crypto endowment that continuously funds worthy Islamic initiatives.This enables a long-term commitment to social welfare and innovative projects within the Islamic community.

Community-Druven Decision-Making:

Key decisions within Evergreen DAO are not governed by a central authority but rather by a council of the top validators from the #HAQQ blockchain,ensuring a democratic and community-driven approach.This decentralized decision-making mechanism ensures that the interests and aspirations of the broader Islamic community are at the heart of every allocation.

Direct Economic Value for the Community:

One of the most remarkable aspects of Evergreen DAO is its financial model. A portion of the newly minted Islamic Coins ($ISLM) is deposited into the DAO every time a new coin is created.This infuses the DAO with a perpetual source of funding,ensuring that it can continuously support Islamic projects and charitable initiatives.This symbiotic relationship between cryptocurrency and social impact generates direct economic value for the global Muslim community.

Elevating Islamic Projects:

Evergreen DAO's support is not limited to a single sector;rather,it spans a diverse range of Islamic projects.From educational platforms and research initiatives to technological advancements and cultural preservation efforts,the DAO's contributions are poised to catalyze transformative change across various fields.

Conclusion:

The Evergreen DAO embodies a new era of philanthropy,where blockchain technology intersects with Islamic principles to create lasting positive change.Its role as a crypto endowment,perpetually fueling Islamic projects and charities,marks a paradigm shift in how societal welfare can be approached. As the Evergreen DAO continues to evolve and empower,it solidifies its place as a beacon of hope and progress within the global Islamic community.

For more information visit Islamic Coin website : https://islamiccoin.net

#blockchain #cryptocurrency #IslamicCoin #IslamicFinance

$BTC $ETH $BNB

Hey there,

So, I started this journey into the world of #IslamicFinance and #DeFi out of curiosity about this new direction in the financial realm. Over the years, Islamic finance has been growing due to the interest in financial instruments that spread risks and are grounded in ethical principles. This uniqueness has made them stable and significant, catching the attention of market participants worldwide.

Now, DeFi has been changing how we think about finance by offering a decentralized platform for financial transactions. However, this path has also faced challenges, like the recent crisis involving #Curve . This crisis highlighted the importance of implementing ethical principles and risk-sharing in DeFi. The existing issues and losses associated with the crisis reminded us of the need to build robust financial mechanisms that adhere to principles, promoting stability and trust within the system.

During my exploration, I came across the Islamic Coin project, which combines Islamic financial principles with DeFi technology. This project isn't just providing a solution; it's reshaping and expanding our understanding of DeFi's potential.

The Islamic financial principles that underpin Islamic Coin play a vital role in constructing this ecosystem. The prohibition of Ribā has turned all operations into trading rather than credit-based, reducing risks and promoting fair distribution of benefits. The prohibition of Gharar ensures honesty and transparency in agreements, while the exclusion of Maisir helps avoid unnecessary risks that threaten stability.

I believe that the Islamic financial principles embodied in Islamic Coin have the potential to change the world of finance. This project isn't just creating an opportunity to participate in DeFi; it's also helping ensure compliance with ethical and socially responsible standards.

As I journey through the realm of DeFi technologies, I've found a reliable companion in #IslamicCoin , which provides secure and efficient financial transactions. #HAQQWallet has become a crucial tool in this journey, enabling transactions in line with Islamic financial principles.

In this way, the Islamic Coin isn't just offering new opportunities for market participants; it's also taking the first step toward transforming DeFi into an ethical, stable, and responsible ecosystem. Together, we can change the world of finance by creating a space where ethics and technology come together to achieve common goals.

Swiss HAQQ Association, Islamic Coin, and London-based DDCAP GroupTM have announced a collaborative partnership with a memorandum of understanding (MoU) to explore synergies between DDCAP's ETHOS AFP™ (ETHOS) Shariah-compliant financial technology and HAQQ's digital asset platforms on the HAQQ Blockchain.

The primary goal of this partnership is to create advanced systems catering to the growing demand for ethical and Shariah-compliant infrastructure within the financial sector. Drawing upon DDCAP's extensive experience of over 25 years in sustainable intermediary services for the Islamic financial market, the alliance aims to introduce innovative solutions aligned with the principles of fair and ethical finance in the digital era.

Key components of the collaboration will center around the HAQQ Blockchain, an environmentally friendly and proof-of-stake blockchain supervised by the HAQQ Association. This platform will facilitate several Islamic finance solutions, including a Shariah-compliant alternative to SWIFT for international transactions, a digital asset platform, Central Bank Digital Currencies (CBDCs), tokenization, and various other initiatives.

Mohammed AlKaff AlHashmi, a member of the HAQQ Association and co-founder of Islamic Coin, emphasized the shared values between sustainable development goals (SDGs) and Shariah finance principles, both focusing on creating a more equitable and just financial landscape.

Stella Cox CBE, the Managing Director of DDCAP, expressed enthusiasm about the partnership, highlighting the alignment between DDCAP's commitment to sustainable and responsible practices and the goals of the HAQQ Association in the realms of Islamic finance and blockchain technology.

The HAQQ Blockchain, accompanied by its native token Islamic Coin, has garnered global recognition and accolades. Backed by a substantial investment of $200 million from private investors and high-net-worth individuals, the HAQQ-Islamic Coin team has received awards, including the Most Promising ESG Crypto at The Middle East Blockchain Awards in 2022 and the Golden Excellence Award bestowed by the UAE Minister of Tolerance, Sheikh Nahyan Mabarak Al Nahyan. The founders have also engaged with international figures at the UN's COP27 and remain dedicated to supporting the UN's agenda.

The Advisory Board comprises esteemed members of the Abu Dhabi and Dubai Ruling Families, underscoring the high-level support for the initiative. Notably, the HAQQ team has initiated a $40 million fund to foster Shariah-compliant ventures on the HAQQ blockchain, collaborating with both the public and private sectors to empower the global Muslim community with innovative financial tools for the Digital Age.

DDCAP GroupTM, a renowned provider of asset facilitation services and financial technology solutions, is a strategic partner for entities within the Islamic financial industry. The organization, led by Lord Spencer of Alresford and Stella Cox CBE, has been recognized for its leadership and technology solutions within the Islamic finance sector. The company's commitment to sustainability and responsibility is evidenced by its participation in various initiatives and partnerships.

The collaboration between Swiss HAQQ Association, Islamic Coin, and DDCAP GroupTM aims to contribute to the advancement of ethical finance by leveraging blockchain technology and Shariah-compliant principles to create a more inclusive and equitable financial ecosystem for the global community.

#IslamicCoin #IslamicFinance #blockchain #DeFi #Web3