TL; DR Breakdown
1. Islamic Coin ISLM token sale on Republic is set to raise $43 million at a token price of 0.3 cents. The presale has since concluded.
2. Islamic Coin ISLM has been listed on KuCoin exchange you have the opportunity to invest at a low price now.
3. Islamic Coin has been consistent in its claims of raising $400 million from its private placements.
4. Open Dealer, the subsidiary of Republic, does not have any vested interest in the sale of Islamic Coin.
5. Open Dealer charges a standard commission to all customers that use its services.
6. Islamic Coin is located in Muhleggasse 18, 6340 Baar, Zug, CH, Switzerland.
7. Co-Founder, Mohammed AlKaff AlHashmi has cleared all the misconceptions in a Youtube video: “Islamic Coin: 10 Big Concerns (Finally Answered)” in an interview by Altcoin Dailyon.
8. You can check the FUD write-ups on Cryptopolitan.com and in thecurrencyanalytics.com.
Introduction
In the wake of Islamic Coin’s (ISLM) presales through Republic Crypto’s Reg D Allowlist framework, some individuals have started spewing falsehood and lies against the good and verifiable work HaqqNetwork has been doing since 2021, when it got registered.
These “aggrieved individuals” must have felt “threatened” by the “sensational waves” being created by the Islamic Coin Project in the cryptocurrency space.
I have tried to reproduce, in a very concise form, what Islamic Coin is all about and the benefits it will bring to the cryptocurrency ecosystem in particular and the world in general.
Let’s dive in.
What is Islamic Coin (ISLM) and What are They here for?
Islamic Coin ISLM, is a new player in the world of cryptocurrency. It is a native currency of HAQQ, a community-run network dedicated to empowering an ethics-first Shari’ah-compliant financial ecosystem. Haqq blockchain is built on the Cosmos SDK. ICNetwork Ltd is the developer of the HAQQ Blockchain. ICNetwork Ltd is a privately financed technological enterprise founded by a group of blockchain and fintech entrepreneurs. Its founders include Andrey Kuznetsov, Alex Malkov, Mohammed AlKaff AlHashmi and Hussein Mohammed Al Meeza.
Haqq’s stated mission is to provide the global Muslim population with a financial platform enabling real-time, transparent, and cross-border transactions while supporting Web3 innovations and philanthropy.
Islamic Coin is focused on driving crypto adoption in the MENA region and boosting Islamic finance across 185 countries. Haqq aims to provide the global Muslim population with user-friendly, Shariah-compliant financial products. Such a product has been nonexistent in the crypto space.
The global Islamic finance market is expected to surpass $3.69 trillion by 2024, while the Halal products market is projected to surpass $4 trillion. Concerning this, Co-Founder AlHashmi said: “It’s not only about food anymore, but also about healthcare products, cosmetics, and how to make sure that everything is really Halal and fits with community ethics and values.”
Kindly note that Islamic finance is also being embraced by non-Muslims, as at least 50 percent of Haqq’s private sales of Islamic Coin were purchased by non-Muslims, officials in HaqqNetwork have disclosed.
The new currency will power seamless transactions and interactions in the ecosystem while supporting innovation and philanthropy. The network will dedicate 10% of each Islamic Coin issuance to philanthropic pursuits across the Muslim world.
The coin has the potential to become a Tier-1 asset; as eloquently put by Haqq’s co-founder Mohammed Alkaff AlHashmi recently, “if only 3–4% of the online Muslim community holds the coin, it could become a Bitcoin-scale asset”.
The Advisory Board
To gain international recognition, the Haqq Project had created an advisory board consisting of some members of the UAE royal family. It therefore features H.E. Sheikh Khalifa Bin Mohammed bin Khalid AL Nahyan, H.E. Sheikh Juma bin Maktoum Al Maktoum and H.E. Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan.
The Star-studded Executive Board
The Executive Board includes Hussein Al Meeza, an acclaimed award-winning banker with over 45 years of experience spanning the Islamic banking, finance and insurance sectors. He’s one of the key personalities involved in establishing Dubai Islamic Bank; the first fully fledged Islamic Bank in the world.
Mohammed AlKaff AlHashmi is a computer science engineer with more than 18 years of experience. With this accumulative experience, he focuses on Industry 4.0, Artificial Intelligence, machine learning, Industrial automation, and IOTs. He started his career as an Intelligence Network Engineer at Huawei. He is a serial Entrepreneur who believes in projects that have a purpose and could bring value to the community, so he started MCPM Automation in the MENA region that provides cutting-edge techs to support Manufacturing, Smart Cities, Energy, Sustainability and Environment.
Greg Gigliotti: CEO, Chief Investment Officer and Founding Partner of Xtellus Advisors. A respected fund manager with experience at Goldman Sachs and other global institutions, Mr. Gigliotti has managed a portfolio of over $16 billion during his career.
Mr. Khamis Buharoon AI Shamsi: with over 35 years’ experience, is a world-renowned expert in global finance that has built a solid reputation at the Central Bank of UAE, Abu Dhabi Islamic Bank and other leading financial institutions. Between 2007–2021 he dedicated his career to ADIB, serving as Managing Director, Member of the Board of Directors, Vice-Chairman of the Board of Directors, and Acting CEO and Vice Chairman.
Anish Mohammed is co-founder, Chief Scientist and CTO of Panther Protocol, has 20+ years’ experience in security and cryptography. He has spent half his career researching cryptographic algorithms and protocols at three different research groups including Microsoft Research. He was an early advisor to Hyperloop, Ripple and Ocean protocol. He’s also an early member of the Ethereum Swarm team and was Ethereum Swarm Orange Paper Series reviewer. He was also the principal architect for Boson protocol.
Dr. Bechari holds many prominent posts, including Secretary General of the World Muslim Communities Council, President of the French National Federation of Muslims, and Secretary General of the Islamic European Conference, a Europe-wide umbrella organization that aims to represent Muslims at the European level.
Mr. Juma has held senior positions at DU Telecom: led ARJ Water Technology as Regional CEO and Emaar Group as its General Manager. A recognized global expert, Faris Ahmad Ramadhan Juma is a Board level executive, CEO, strategist, and astute business leader known for seizing opportunities and sustaining success amid shifting global conditions and economic crises with confidence.
Rachel Pether has held senior management positions at Mubadala Investment Company and SkyBridge Capital. She acts as an advisor to various digital asset companies, including cryptocurrency exchange MidChains, Canadian digital asset manager 3iQ, and GameFi company Cheelee.
Arben Kane is a seasoned entrepreneur with over 20 years of experience in technology. He has founded and led several successful companies, including Kontur Inc., a software engineering company that developed the DisasterAWARE platform; Ozolio, a live HD webcam streaming service; FlikMedia, a video application development company; and iRAPP/Code Rebel, the first Citrix for Mac Terminal Services solution with Fortune 100 clients. In addition to his work as a founder, Arben has served as CTO or Senior VP of Engineering for several companies, including EchoEcho, a location-mapping company.
Obaid Helal Obaid Mohammed AL Kaabi holds several senior positions in top UAE corporations. Currently serving as Board Member of Select Group, Sawaeed Holding and Sawaeed Investment, Al Maryah Community Bank, Al Maryal Community Bank Audit Committee and other leading institutions in the country.
These crop of “crème-de-la-crème” will bring their expertise in Islamic finance, insurance, and banking to bear in Haqq operations. Their mission is to create something that improves the world through action and unconditionally supports its community, regardless of the market.
The Shari’ah Board
To date, there’s no cryptocurrency project that has a Shari’ah board! This singular feature tells you how seriously Haqq attaches to producing truly Shari’ah-compliant digital instruments in its ecosystem.
Members include:
Sheikh Dr. Nizam Mohammed Saleh Yaquby, recognized by Bloomberg as ‘The Gatekeeper’ of a $2 trillion market for Islamic financial products. Sheikh Yaquby sits on the Shariah boards of top international finance including HSBC, Lloyds TSB and Barclay. France’s BNP Paribas and Credit Agricole and Citigroup.
Sheikh Dr. Mohamed Zoeir has over 45 years of banking experience. He’s a Shariah scholar and Islamic finance professor, working with Dubai Islamic Bank, Ajman Bank, AlSalam Bank Group, Amlak Finance and Aman Insurance.
Dr. Zoeir acquired extensive experience in the Islamic finance industry through working with globally recognized institutions and as a member of the Fatwa and Shariah Supervisory Boards of various leading Islamic finance institutions and Islamic banks in the GCC and the wider MENA region.
Sheikh Dr. Essam Khalaf Al-Enezi is a faculty member of Shariah and Islamic Studies at the University of Kuwait. He holds a PhD in Islamic Jurisprudence from the University of Jordan and a master’s degree in Islamic Law from the University of Kuwait. He’s also a member of several prominent Shariah Boards, including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOFI), Bahrain Islamic Bank, Dar Al-Istithmar, Warba and Boubyan Banks.
Sheikh Mohamed Fathiddin Beyanouni is a global Shariah scholar and a leading expert in Blockchain and Shariah-compliant cryptocurrencies. He holds Bachelor’s and master’s degrees in Islamic jurisprudence (Fiqh and Usul Al Fiqh) and is regularly published by top Islamic Finance media. Sheikh Beyanouni has more than 15 years’ experience in Shariah consultancy and Islamic finance and over 10 years combined traction in Treasury, blockchain, and decentralized products. He is currently a Shariah board member for several financial and FinTech companies.
Sheikh Mohamed Abdel Hakim Mohamed is a Shariah scholar and Islamic finance powerhouse. He has extensive experience, with more than 20 outstanding years in the space. He has advised and actively participated in globally recognized institutions like Dubai Islamic Bank, Emirates Islamic, Emirates NBD Asset Management, and Alinma Bank. Sheikh Mohamed possesses a deep understanding of financial analysis, credit, risk and jurisprudence of financial transactions and Shariah rulings.
The Shari’ah Oracle
The Shariah Oracle is an on-chain registry of Halal Certificates. It serves as an on-chain mechanism controlling a whitelist of smart contracts allowing for interaction (signing and listing in the in-app marketplace) through the HAQQ Wallet. The Shariah Oracle not only ensures that users interact only with whitelisted, Sharia-compliant dApps, it also provides smart contract developers and web2 businesses with a way to prove their ethical relevance to Muslim users by listing their products and services on the HAQQ Wallet.
This way, the Shari’ah Oracle ensures that Haqq Blockchain remains truly Shari’ah-compliant to fulfill Haqq’s avowed promise to create digital financial instruments that’re in accordance with Islamic Finance laws.
Haqq Blockchain: Committed to Excellence & World-Class Services
In its vision to produce top-notch, world-class services, the project is partnering with experts in various fields.
Haqq Network and Tatum: A Unified Vision for Blockchain Development to make blockchain development more efficient and innovative.
HAQQ integrates with Yieldmos: Bridging Islamic Finance and DeFi Ecosystems. HAQQ ecosystem users can earn auto compounded yields all while still adhering to Islamic finance principles.
Haqq and Thea Carbon: A Partnership for a Sustainable Future making Thea the exclusive
provider of carbon-offsetting infrastructure to the Islamic Coin ecosystem and the preferred
sustainability partner to Evergreen DAO.
-HAQQ and SingularityNET: Pioneering Ethical AI in Decentralized Finance. HAQQ’s alliance
with SingularityNET merges ethical finance and AI innovation. Together, they’ll democratize AI, streamline its integration, and empower users and developers with ethical, AI-driven-financial tools.
The Haqq Association partners with GMO Coin for Blockchain Security and Validator Services.
Fostering ethical finance and blockchain security with our latest strategic alliance with GMO Coin, one of Japan’s leading cryptocurrency exchanges.
HAQQ: The Vanguard of Ethical Blockchain and Halaltainment. HAQQ pioneers a novel approach, skillfully combining ethical finance, sustainability, and gaming. This groundbreaking concept has been called Halaltainment.
HAQQ and P2P.org: A Strategic Alliance to Power Decentralized Trading via Enhanced
SushiSwap Integration and Advanced Graph Services
HAQQ and Allnodes: Empowering Islamic DeFi with efficient Node Hosting and Staking Services. Leveraging optimized infrastructure and user-friendly node management tools; making strides towards a decentralized financial future that is both Shariah-compliant and inclusive.
Haqq & Nefta: A Power Duo for Swift Blockchain Onboarding to advance community-driven decentralized technologies in Ethical Finance globally.
-HAQQ and Brighty app: A strategic alliance to propel Shariah-compliant fintech innovation in Europe partnering it to expand into the Islamic Finance market and the broader ethical finance sector. Brighty will offer accounts in Islamic Coin and staking mechanics, allowing users to transact in Shariah-compliant crypto tokens.
HAQQ x Axelar: Enhanced Cross-Chain Interoperability for Ethical Finance mid surging
DeFi adoption, enabling seamless value transfer between blockchains is vital for an efficient, interconnected web3 ecosystem.
Globalizing its Benefits
In a bid to be the clear market leader in the ethical and Shari’ah-compliant space of the cryptocurrency ecosystems, Haqq Blockchain has formed MOUs with several partners to maximize the benefits of it services to get a WOW experience from its users.
True to its calling, Haqq has formed several commercial partnerships with retail and e-commerce platforms to introduce Sharia-compliant Web3 technologies into traditional Web2 environments. Most recently, the project partnered with Holiday Swap, the world’s largest home exchange platform, to transition the company’s tokenized operations to Web3.
Similarly, the partnership with FAMBRAS, the world’s largest exporter of halal foods, is intended to increase the transparency and traceability of halal foods across the world. FAMBRAS will use Islamic Coin’s proprietary blockchain, to register its halal certificates and trace the journey of the food product from slaughter or manufacture to the supermarket shelf.
Islamic Coin and DDCAP group announce a significant partnership for the Global Islamic Market. DDCAP is a market intermediary and financial technology solutions provider connecting the global Islamic financial market responsibly. DDCAP offers award-winning asset facilitation services and technology to over 300 Islamic financial sector clients worldwide, including banks, non-bank financial institutions, asset managers and fintech, across a diverse range of responsible and sustainable Shariah-compliant products, asset classes and markets.
The exclusive partnership between Haqq Network and Holiday Swap; the world’s largest home exchange platform that allows users to book, host, or swap homes, gives HAQQ the exclusive right to become the Web3 partner to Holiday Swap and assist in moving their loyalty token system and all related operations to Web3, gaining instant exposure to Holiday Swap’s client base. The partnership will enable users of both platforms to offer more services to clients on an ethics-powered, industry-grade digital platform.
Haqq Association has partnered with the International Islamic University Malaysia (IIUM) to explore setting up a research endowment fund for fintech. This will see both parties collaborating on student and staff mobility exchanges and internships as well as students’ sponsorship and financial assistance. According to IIUM, the university, through the IIUM Institute of Islamic Banking and Finance, will be spearheading research and publication as well as co-organizing discourse series and conferences with a view to creating adoption in Southeast Asia’s 277 million Muslim population.
Getting Laurel and Recognition
The Haqq’s impressive performance within the short period of foray into the cryptocurrency space has not gone without notice. Indication that it has created memorable impacts in the world, it was presented at the United Nations COP27 Climate Change Conference in Sharm El-Sheikh. Co-founder Mohammed AlKaff AlHashmi offered SDG aligned solutions, on a panel of international experts on sustainability. Haqq is an advocate for technology-led sustainability efforts worldwide.
And, most recently, Islamic Coin won the Golden Excellence Award for Shariah compliance. The award was granted by the UAE Minister of Tolerance, His Excellency Sheikh Nahayan Mabarak Al Nahayan, at the Blockchain Summit 2023 that took place on the 4th and 5th of February in Dubai.
Earlier, in November 2022, Islamic Coin won the Most Promising ESG Crypto at the Middle East Blockchain Awards.
Success in Raising Startup Capital
It’s customary for every business start-up to source venture capital to prove its market acceptability and win investor’s confidence. Islamic Coin has had two private placements. The first, conducted in August 2022, secured $200 million from international private buyers, becoming the top private sale raise in 2022 and the top 10 raise in history. Co-Founder AlHashmi disclosed later that “at least 50% of the private sales made in Islamic Coin came from non-Muslims”.
In April 2023, $200 million was raised from Alpha Blue Ocean’s ABO Digital, DF101, Futurecraft Ventures, and Optic Capital. This brings to the total of $400 million that was raised, very impressive indeed.
In case you’re wondering, why should HaqqNetwork do private placements? Co-Founder Mohammed AlKaff sheds more light to Arabian business.
“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,”
Projected Market Capitalization
Thinking twice before investing in Islamic Coin token sale on Republic: A rebuttal
Islamic Coin has stated in many of its blueprints that even though its product is directed at the 2.1 billion Muslims in the world, it’s targeting and focused on the 1.2 billion Muslim internet users. It projected to work assiduously and get 3–4% to adopt its product. With that minimal rate of penetration, it hopes to get $1.4 trillion in market capillarization. It's pretty clear that Islamic Coin (ISLM) is a Bitcoin-scale crypto asset.
To casual onlookers, Haqq Network's vision to raise this is a mirage. Most informed analysts think it is achievable, giving the crest and foundation upon which, the mission lies! ISLM is a SOLUTION to the most excruciating PROBLEMs faced by Muslims.
Conclusion
Gentlemen, these are the credentials of Islamic Coin (ISLM). The promoters of this project are not only dead serious but also very credible and reputable, going by the giant strides they’ve been making in the two years of its existence. Islamic Coin is planning to conduct its public listing soon. It’s since concluded the presales via the Republic Crypto Reg D Allowlist framework and is listed on KuCoin exchange.
Because of its steadfastness, its vision and the extent of the giant strides made, it has created ripples in the crypto space. Many competitors have started shivering from the looks of things. Perhaps that explains why some FUD articles have started to be flung at it.
I made this contribution to help clear and reassure unbiased investors about the correct and authentic reality of what’s on ground about this project that appears to be a PANACEA for Muslims.
Muslims have long been unable to invest in a Shari’ah-compliant crypto hitherto. Islamic Coin has finally taken the bull the horn and offered this new solution in the cryptocurrency space. A first-ever novelty.
Muslim’s greatest fear being: the charging and offerings of interest that’s haram, by their “worldview” as enshrined in Shari'ah law.