Islamic Coin (ISLM) is the native currency of Haqq Network, one of the first ethics blockchain projects to support sustainability-center developers, validators, and contributors operating on the open-source blockchain.
The advent of trustless crypto exchanges has empowered crypto enthusiasts with numerous options to seamlessly buy Cardano in USA and take advantage of features like instant crypto conversion.
Beyond their trustless nature, these crypto exchanges have expanded their horizons, welcoming diverse perspectives embodied in ISLM. These Sharia-compliant tokens are now readily accessible on numerous reputable and trustless platforms. Read on and discover everything about the Islamic Coin.
Ethical foundations are deeply rooted in Islamic finance and Sharia law principles. Sharia-compliant cryptocurrencies, such as ISLM, adhere to specific ethical guidelines outlined in Islamic teachings, aiming to bring together tradition and innovation. The fundamental ethical principles associated with Islamic coins are as follows:
Avoidance of Usury (Riba) – Promoting ethical financial practices without engaging in interest-bearing activities, which are typical for traditional monetary systems.
Sharia-compliant activities – Avoid involvement in businesses or activities considered haram (forbidden) in Islam, such as those related to alcohol, gambling, and pork.
Transparency and fairness – Setting clear and understandable terms in contracts, avoiding uncertainty (gharar), which is closely related to gambling, for example, and ensuring equity in dealings, with the aim to create a fair and transparent financial system.
Immediate exchange of value – Following the principle of avoiding gharar, Islamic-centered cryptocurrencies must encourage immediate exchange of value in transactions to prevent delayed and deferred transactions, bringing uncertainty.
Social justice – Cryptocurrencies should promote and contribute to a more inclusive financial system and empower social justice and wealth distribution.
Ethical boundaries – Embracing innovation without disregarding ethical considerations, aligning modern financial instruments with Islamic principles.
This way, an alternative financial system is created, aligning with the values of individuals who adhere to Islamic principles.
Haqq network emphasizes sustainability and actively supports:
The goal is to create a sustainable and collaborative environment within the open-source blockchain space. At the same time, the network challenges issues related to the Ethereum network. Haqq network aims to incentivize developers to create decentralized autonomous organizations (DAOs) with purposeful mechanics on its network.
It aims to achieve that by offering both validators and authors shared smart contract fees in the proportion 50%/50%. This way, the network aims to eliminate uncertainty, adhering to gharar and riba.
By integrating the Islamic Coin (ISLM) into trustless and transparent crypto exchanges, Haqq aims to stay committed to providing Islamic users with secure avenues for trading and investment.
Trustless accessibility ensures a seamless and reliable experience for crypto enthusiasts. Users can execute transactions without relying on intermediaries, reducing the risk of disruptions or delays, which are against Islamic principles. Hence, blockchain’s trust-minimized nature contributes to a more resilient and available financial system.
The Islamic Coin is globally accessible, with countless users being able to access and trade ISLM on various cryptocurrency exchanges seamlessly. This cryptocurrency is not limited to specific regions or markets. On the contrary, Islamic Coin is widely available and supported by reputable cryptocurrency exchanges.
Users, regardless of their geographical location, can participate in transactions involving Islamic Coin that comply with Sharia law. This consists in adhering to ethical and legal principles outlined in Islamic finance.
By introducing Islamic Coin (ISLM) to a broader audience, Haqq demonstrated a forward-looking approach to financial systems that appeals to a diverse range of investors.
This signifies a broader trend of innovation within the crypto space, achieved by blending traditional Islamic principles with cutting-edge technology without compromising the core religious principles.
Islamic Coin boasts a massive community with over a million participants and contributors. Haqq’s launching its mobile wallet with Ledger support on Google Play and App Store plays no small part in ISLM’s wider adoption. Also, it is worth mentioning that Islamic Coin managed to secure $200 million in funding during and despite the bear market conditions.
ISLM’s market cap is around $5 million. However, this wasn’t enough to launch ISLM into the top 1,000 cryptocurrencies list. On the other hand, in terms of trading volume, Haqq’s native token is among the top 500, with a $4 million 24-hour trading volume.
Finally, it is vital to note that ISLM has a 20 billion total supply, with around 114 million tokens in circulation. This leaves investors enough space to take advantage of this undoubtedly interesting and innovative blockchain project.
Cryptocurrencies have gained popularity for various reasons. Among the key factors contributing to their widespread adoption are: decentralization, security, speculative investment potential, blockchain technology, and financial inclusion. The last aspect, financial inclusion, marked a significant milestone in cryptocurrencies opening up to new markets.
This inclusivity not only breaks down traditional barriers but also highlights the potential of innovative tokens like Islamic Coin (ISLM) to contribute to the massive adoption of cryptocurrencies.
By providing access to financial services for previously excluded individuals, Islamic Coin exemplifies the transformative power of cryptocurrencies in creating a more inclusive and accessible global financial ecosystem.