Financial isolation of Muslim communities and how #IslamicCoin opens up new opportunities
Islam today is the second largest religion in the world and represents more than a quarter of the world's population. However, this country is also home to the largest number of unbanked subscribers. What are the factors that contribute to the financial exclusion of Muslims?
Limited access to traditional and Islamic banking services. According to World Bank statistics, a significant portion of the unbanked population lives in Muslim-majority countries, which indicates a lack of accessible banking services.
Low level of financial education. Insufficient financial education opportunities do not allow Muslims to acquire the necessary knowledge and skills to effectively interact with financial systems.
Lack of trust in financial institutions. Trust issues and skepticism about financial institutions may deter Muslims from using available banking services.
Economic instability. In some Muslim-majority countries, economic instability can make it difficult for individuals and businesses to access financial services and resources.
Limited access to technology. Unequal access to technology and the Internet creates a "digital divide" making it difficult for Muslims in some regions to access digital financial services and platforms.
By introducing the digital revolution within the Islamic financial ecosystem, Islamic Coin is becoming a paradigm for combining ethics and technology in the blockchain world. Weaving together spiritual principles and modern innovations, this currency reaffirms the opportunities that blockchain and cryptocurrencies offer.
The #HaqqNetwork also engages in philanthropy and brings direct economic benefit to Muslim communities around the world. Ten percent of every Islamic Coin token issue is directed to be invested in Islamic-related businesses or donated through a special autonomous authority (#DAO ) to charity. It is a practical embodiment of Islamic principles, supporting economic and social innovation within the community.
