Islamic Coin plans to offer several services, including a wallet and a super app, and will soon be available on exchanges. Islamic Coin, the native currency of the Haqq ecosystem, plans to offer the larger Muslim community as well as others a Shariah-compliant financial instrument for the digital age.
The Middle East Blockchain Awards, which honored Web 3.0 and Blockchain accomplishments alongside some of the major players in the region, were hosted on November 18 in Abu Dhabi. Because it promotes ethical and sustainable conduct and meets ESG requirements, digital currency won the reward category. Mohammed AlKaff AlHashmi, a co-founder and executive board member, accepted the honor.
Targeting 1.1 billion Muslim web users
The one-of-a-kind configuration of Islamic Coin ensures that 10 percent of each issuance is deposited into the Evergreen Decentralized Autonomous Organization (DAO) for further investment into religious businesses or charity, thereby delivering direct monetary benefit to the global Muslim community and beyond. The team has already engaged in sustainability initiatives and recently presented at the WGGO Youth International Conference in New York, supported by the United Nations.
Islamic Coin fully complies with Shariah laws and capitalizes on a vast international market. By 2024, the value of Islamic finance is expected to reach $3.69 trillion; by 2025, the value of ESG assets is expected to reach $53 trillion.
“We have a digital currency that not only makes social contributions through charity but is also good to society because it uses a proof-of-stake system that requires the purchase of tokens to be part of the network, a process that saves significant amounts of energy,” explained Andrey Kuznetsov, Islamic Coin’s co-founder and chief technology officer.
Islamic Coin aims to reach 1.1 billion Muslim internet users worldwide and supporters of fair and transparent finance. Already, the cryptocurrency has garnered attention from prominent figures in both traditional and Islamic finance and has secured support from royal families in the UAE.
Royals and leading experts lend support
Leading Islamic Coin’s Shariah Board is Sheikh Dr. Nizam Mohammed Saleh Yaquby, who is referred to as “The Gatekeeper” of a $2 trillion market for Islamic financial products. Sheikh Yaquby is a member of the Shariah boards of several major global financial organizations, including HSBC, Lloyds TSB, and Barclays, as well as Citigroup, BNP Paribas, and French bank Credit Agricole.
The Executive Board is composed of influential individuals from both conventional and Islamic finance. One of the important figures in the establishment of Dubai Islamic Bank, the first fully-fledged Islamic Bank in the world, is Hussein Al Meeza, an award-winning banker with over 45 years of experience in the Islamic banking, finance, and insurance sectors.
Khamis Buharoon AI Shamsi, who previously worked for the Central Bank of the UAE as an assistant director in the finance division and an assistant director in the internal audit division, is now a member of the board.
Additionally, Greg Gigliotti, the company’s CEO, chief investment officer, and founding partner, has joined. Gigliotti is a reputable fund manager who has experience working for Goldman Sachs and other multinational companies. Throughout his tenure, he oversaw a portfolio worth more than $16 billion.
Islamic Coin plans to offer several services, including a wallet and a super app. Its product offerings will soon be available on exchanges.