The Middle East has emerged as a global leader in cryptocurrency adoption, with the region witnessing a significant increase in transactions involving digital assets. However, one major concern among Muslims has been whether cryptocurrencies align with the principles of Islam. Addressing this concern head-on, the Dubai-based Haqq ecosystem has introduced Islamic Coin, the world’s first 100% halal cryptocurrency. With its launch scheduled for 2023, Islamic Coin aims to drive crypto adoption in the Middle East while promoting Islamic finance across 185 countries.
Bridging Crypto and Islamic Finance
Haqq, a Dubai-based ecosystem, operates under the principles and traditions of Islam, striving to offer user-friendly, Shariah-compliant financial products. At the heart of this ecosystem is Islamic Coin, the native token that facilitates seamless transactions and interactions while fostering innovation and philanthropy. Notably, 10% of every Islamic Coin issuance will be dedicated to philanthropic endeavours across the Muslim world. This commitment to social impact has garnered accreditation and authorization through the Fatwa of several Muslim authorities, bolstering trust among the Muslim community.
Read More: Pakistan’s Crypto Future: Is The Wind Changing?
Potential of Islamic Coin
Mohammed Alkaff Alhashmi, co-founder of Haqq, envisions Islamic Coin becoming a tier-1 asset. He believes that if even a small percentage of the online Muslim community, around 3-4%, holds the coin, it could achieve the scale and success comparable to Bitcoin. This ambitious goal has already attracted over $200 million in investments, an impressive feat given the challenging market conditions of the previous year.
Exclusive Partnerships and Innovative Initiatives
Islamic Coin has already secured several exclusive partnerships with prominent Web3 projects and Islamic educational institutions. Notably, in collaboration with the International Islamic University of Malaysia (IIUM), Haqq is spearheading initiatives to increase blockchain and crypto awareness. The establishment of a blockchain academy in Malaysia will offer free courses on crypto and blockchain technology, providing students with valuable knowledge and fostering a positive learning environment.
Additionally, Haqq has partnered with DDCap Group to develop a Web3 Shariah-compliant alternative to SWIFT, the global financial messaging system, and other Sharia-compliant products. These initiatives demonstrate the commitment of Haqq and Islamic Coin to bridge the gap between traditional financial systems and the Web3 revolution.
Integration of Sharia-Compliant Web3 Technologies
Recognizing the need to introduce Sharia-compliant Web3 technologies into traditional Web2 environments, Haqq is forming strategic partnerships with retail and e-commerce platforms. In a recent collaboration, Haqq partnered with Holiday Swap, the world’s largest home exchange platform, to transition the company’s tokenized operations to Web3. This integration will enhance transparency, security, and accessibility while ensuring compliance with Islamic principles.
Read More: Turkish cryptocurrency chief detained in Albania
Islamic Coin and the Haqq ecosystem are transforming the landscape of cryptocurrency adoption in the Middle East. By addressing the concerns of Muslims regarding the halal nature of digital assets, Islamic Coin provides a Shariah-compliant alternative that resonates with the values of the global Muslim population. With its upcoming public release in 2023, Islamic Coin is set to revolutionise the financial landscape, empowering Muslims worldwide with real-time, transparent, and cross-border transactions while supporting philanthropic endeavours. As the Middle East embraces crypto and Islamic finance, Haqq’s vision of a blockchain-powered, ethically driven ecosystem is poised to reshape the future of finance.