Sheikh Saeed Hamdan Mohammed Al Nahyan, a member of the UAE royal family who is notably the UAE naval chief rear admiral, has joined HAQQ Association as an advisor, in support of the rollout of Islamic Coin.
HAQQ Association is a Swiss non-profit focused on blockchain and fintech, and whose community-run blockchain uses Islamic Coin (ISLM Coin) as its native currency.
Sheikh Saeed is one of a string of members of the ruling families from Abu Dhabi and Dubai to support Islamic Coin as a private individual. The Shariah compliant cryptocurrency counts the likes of Sheikh Khalifa Bin Mohammed Bin Khalid Al Nahyan, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan and Sheikh Juma Bin Maktoum Al Maktoum as advisors.
Co-founded by Islamic banking veteran Hussein Mohammed Al Meeza, who was also a founding member of several Islamic financial institutions including Amlak Finance and the Al Salam Bank brand in Sudan, Bahrain and Algeria, ISLM Coin’s community broke the 100,000 threshold and is currently working on listing on exchanges. The Haqq Platform was launched last October.
The platform received a Fatwa by a five-member Shariah board, led by Sheikh Dr Nizam Mohammed Saleh Yaquby in June last year. It also secured US$200 million from private investors.
According to its white paper, 10% of the currencies issued on the Haqq Chain platform will be automatically converted to the Evergreen DAO Endowment Fund, an independent decentralized entity, which is an endowment cryptocurrency fund that invests in projects benefiting the Muslim community or given to Islamic charities.