Cryptocurrency Islamic Coin (ISLM Coin) has secured a Fatwa ahead of its private sale and listing.
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 is a native coin on the Haqq blockchain used for payments, governance, paying transaction fees and staking. 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.
“After a thorough review of the structure of the platform and the white paper, and what has been shown to the authority from the blockchain technology and the technical framework used in programming the Haqq Chain platform, that is a safe and tested technology through which financial transactions are conducted and users’ funds are protected,” read the Shariah pronouncement, which was signed by the platform’s five-member Shariah board, led by Sheikh Dr Nizam Mohammed Saleh Yaquby.
ISLM Coin expects to launch via a private sale and subsequently to trade on global exchanges “shortly”, it said without specifying a timeline.
“Our mission is to empower the international community of the followers of Islam with a robust and future-proof financial instrument that allows for independent financial interaction, while supporting innovation and philanthropy,” read its white paper, as viewed by IFN Fintech. “If 3–4% of the Muslim online community will hold Islamic Coin, it will become a Bitcoin-scale crypto asset, generating a trillion dollars for its holders, and US$100 billion for the Evergreen DAO.”
Like any idealistic start-ups, ISLM Coin has ambitious goals. Its optimism is understandable, given favorable demographic dynamics which are supporting the growth of Islamic finance as well as Shariah compliant fintech solutions.
Cryptos and decentralized finance especially have been gaining significant traction within the Muslim community. In recent years, we have seen the rise of entities such as IBF Net and Marhaba DeFi launching Shariah compliant cryptos and venturing into the non-fungible token market while exchanges such as CoinMENA, Rain and Fasset expand their operations leveraging on their Shariah compliance.