Islamic Coin serves as the native currency of the HAQQ blockchain, and powers the project’s Sharia-compliant financial ecosystem. It promotes ethical finance, and philanthropy, aiming to give the global Muslim population a financial tool for the digital age. Of each $ISLM issuance, 10% is automatically deposited into the Evergreen DAO to empower the community through Muslim charity donations and investments in Islam-related ventures.
Holders can use $ISLM to settle payments, participate in community governance, cover transaction fees on HAQQ, and generate passive income via staking. $ISLM is also Sharia-compliant, meaning that it aligns with the values of Islam and the teachings of the Quran. While it prohibits Riba, Islamic Coin’s ecosystem will include decentralized versions of Sukuk, the Islamic equivalent of bonds, as well as other traditional Islamic finance instruments.
Islamic Coin meets all the criteria of a halal asset, and gained a Fatwa in June 2022 from a committee of leading Muslim authorities and scholars with extensive experience in Islamic Finance.
“Sharia principles revolve around the community, so Sharia finance is a community-first system,” said Islamic Coin Co-Founder Mohammed Al Kaff Al Hashmi. “In Sharia finance, the charging of interest is eliminated, and this is designed to protect the community. It simply does not make sense to burden individuals who are already in a financially vulnerable position and seeking assistance with interest charges.”