Haqq and Islamic Coin have joined the DDCap group to create a Sharia-compliant Web3 alternative to Web2 financial products.
Dubai: The world of crypto is rife with risky investments. Many new coins and services ask for financial contributions with little guarantee of return, and stories of crypto investors losing large sums make headlines frequently. There is a problem of ethics and reliability in the crypto world that has proven difficult to resolve. The Haqq network, powered by Islamic Coin ($ISLM), aims to change that trend, and cater to over 2 billion Muslims worldwide.
Founded in 2022, the Haqq network is based on the Haqq blockchain: the first Shariah-compliant decentralized ledger specifically designed to follow the rules and traditions of Islamic finance. Islamic Coin has a community of over 1.3M users — a feat accomplished in less than six months, demonstrating strong support and interest from global communities.
In a world with growing CSR initiatives, many have taken an interest in Islamic finance products, as they promote mainly CSR businesses and even altruism and economic activity. Compared to other financial models, Islamic finance shares the risks and profits, meaning that everyone from all income levels can benefit. Islamic finance also has a specific set of industries in which it can operate with full transparency, making it an attractive financial option for Muslims and non-Muslims.
Islamic Coin is the native coin of the Haqq blockchain. When a new ISLM coin is minted, 10% of the issued amount is deposited into a special Evergreen DAO for further investments into community-centric projects or charities. This devotion to charitable endeavors makes Islamic Coin one of the only cryptocurrencies on the market that bring direct economic value to local and regional communities.
Current market trends indicate that the global Islamic finance market will exceed $3.69 trillion by 2024 due to rising demand for Sharia-compliant services, finances, and products.
About Islamic Coin
Islamic Coin is the native currency of the Haqq community-run blockchain, dedicated to powering an ethics-first, Shariah-compliant financial ecosystem. Its mission is to give the global Muslim population a financial platform for real-time, transparent, and international transactions that support Web3 initiatives and charity.
Targeting over 2 billion Muslim users worldwide, Islamic Coin has attracted the attention of leading figureheads in both traditional and Islamic finance. In August 2022, the project secured $200 million during a private sale, surpassing previous records. The token ($ISLM) is set for public launch in 2023.