Islamic Coin (ISLM Coin) will be launching in the next two months before the end of 2022, following its US$200 million private sale in August.
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. The Haqq Platform was launched last month in Dubai.
“There is a massive appetite for cryptocurrencies that are compatible with the provisions of our Islamic Shariah, which can provide new banking products and solutions that are transparent, credible, sustainable and more equitable for managing money,” said Co-Founder Mohammed AlKaff AlHashmi, who is also the chief business officer at Haqq Association, which specializes in Shariah compliant digital financial services.
Mohammed in a statement shared that the platform has received keen interest from regional and institutional investors which he expects to “translate to real working partnerships on the ground through the signing of several MoUs”.
ISLM Coin was issued a Fatwa earlier in June by a five-member Shariah board, led by Sheikh Dr Nizam Mohammed Saleh Yaquby.
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.