Brief about Islamic Coin (ISLM)

Islamic coin (ISLM) is a cryptocurrency based on a profit-sharing model that adheres to the principles and guidelines of Islamic law.

In the ever-expanding market for cryptocurrencies, the debut of islamic coin stands out for its unique promise of being Shariah-compliant.

This digital asset aims to cater to the estimated 1.9 billion Muslims globally, embedding Islamic ethical and financial principles into the framework of a cryptocurrency.

But what makes it fundamentally different, and why should it be on your radar as it gears up for its ICO?

Shariah-Compliant Crypto Explained

Islamic coin operates on the HAQQ Network, a blockchain infrastructure designed to be Shariah-compliant.

Developed in partnership with Republic Crypto, the coin aims to serve a variety of purposes, including providing liquidity mining and staking options – significantly, 10% of each token issuance is allocated for philanthropic initiatives.

However, the cryptocurrency market is crowded, with over 23,000 active coins vying for attention and investment.

Islamic Coin’s specific appeal to Islamic principles provides it with a unique selling point, but time will tell how well this will translate into wide-scale adoption.

The coin has seen significant pre-launch investments, raising $193 million in private sales. While promising, these initial numbers do not guarantee the asset’s future success or utility.

The “Shariah-compliant” element entails adhering to the Islamic financial principles that prohibit practices like charging interest (‘riba’).

The discouragement of speculation and social responsibility are also integral to this compliance, and islamic coin purports to fulfill these criteria.

The Debate Over Crypto and Islamic Law

Cryptocurrency’s standing within Islamic law remains contentious: on one side of the debate, some scholars argue that the volatile and speculative nature of digital currencies makes them non-compliant with Islamic law.

On the other side, proponents point to the absence of interest and the potential for financial inclusivity as aspects that could make cryptocurrencies Shariah-compatible.

Islamic Coin attempts to navigate these issues by adhering to Islamic financial principles, but the consensus on this is far from universal.

In a positive development, a fatwa – essentially a religious ruling endorsing Islamic Coin has been issued by Sheikh Dr. Nizam Mohammed Saleh Yaquby.

However, it’s worth noting that fatwas are not universally binding, and several Islamic scholars have differing viewpoints on the matter.

Here are some of the benefits of using ISLM:

Benefit	Description
Shariah Compliance	ISLM is compliant with Islamic law, meaning that it does not involve any interest-based transactions or gambling.
Profit-sharing model	Users who hold Islamic Coins are entitled to a share of the profits generated by the network.
Transparency	Islamic coin could offer transparency through blockchain technology, with all transactions recorded on a public blockchain.
Global Access	As cryptocurrencies are accessible to anyone with an Internet connection, it makes it possible for Muslims around the world to access a financial system that aligns with their religious beliefs.
Improved Security	Islamic coin prioritizes user data and transaction security.