World’s First Sharia-Compliant Cryptocurrency Launching Soon

A Sharia-compliant cryptocurrency is a new form of digital currency that adheres to Islamic principles and values. The global financial industry is shifting towards more ethical and sustainable practices. This has led to the emergence of new and innovative financial products that cater to specific cultural and religious needs.

Islamic finance is one such industry that is growing rapidly, with a projected market size of over $3.69 trillion by 2024. This industry is driven by the increasing demand for Sharia-compliant financial services, and the Halal products market is estimated to exceed $4 trillion. The crypto industry also has a significant untapped market of over 1.8 billion global Muslims seeking Sharia-compliant investments.

Islamic Coin is the latest addition to the blockchain industry that caters to the needs of the Islamic finance market. Developed on the Haqq Blockchain, the currency strictly adheres to Islamic finance principles and traditions. The platform’s co-founder, Mohammed AlKaff AlHashmi, confirmed that the Coin would be available for public release in May, with a specific date yet to be provided.

Related: Islam and Crypto: How Digital Assets Can Comply With Islamic Financial Law

Establishing Trust and Confidence in Islamic Coin

AlHashmi chose private sales to build trust before the public launch. This approach is similar to Bitcoin and Ethereum. The currency aims to address the community’s needs and add value to them.

To ensure that the currency adheres to Islamic principles, Islamic Coin has established a Sharia board consisting of the top five experts in the region. This board includes 40 banks, such as Standard Chartered, Abu Dhabi Islamic Bank, and Dubai Islamic Bank. The board determines whether a project aligns with Islamic principles and ensures that the currency is compliant with Sharia law.

Related: Is Cryptocurrency A Bubble?

Revolutionizing Islamic Finance with Blockchain Technology

Islamic Coin’s launch is a significant milestone for the crypto industry. It showcases how blockchain technology can develop Sharia-compliant financial instruments that cater to the unique needs of the Islamic finance market. This cryptocurrency can revolutionize how Muslims invest their money, opening new opportunities for the global Muslim population.

As the crypto industry matures, more initiatives like Islamic Coin are expected to cater to specific communities. Blockchain tech provides opportunities to develop innovative financial products for different cultures, leading to more inclusive and equitable financial systems. With the launch of Islamic Coin, the crypto industry has taken a significant step towards achieving this goal.

In conclusion, the development of a Sharia-compliant cryptocurrency could provide a new avenue for Muslims to engage in digital finance while adhering to their religious beliefs and practices.