Islamic Coin (ISLM) is a Shariah-compliant digital currency. The coin has just got itself a Fatwa, from Muslim authorities.
Translated from Arabic, a Fatwa is an “opinion.” It is usually given in response to questions raised by people, businesses or Islamic courts. Fatwas are not binding judgments, but if it is a positive fatwa, then you can carry onwards and upwards with the peace of mind that you have been given the seal of approval from religious leaders.
Islamic Coin has itself a positive Fatwa and will steam ahead. Building the autonomous, immutable independent financial system is Islamic Coin’s Management Board. They will oversee the development of the ISLM coin, which operates on the Haqq blockchain.
The Fatwa from authorities was granted based on its use of proof-of-stake mining, and the decentralized nature of the ISLM coin. And, its charitable activities.
Shariah compliance has been a recurring issue in crypto. Islamic Coin claims to be a world-first, by sticking to the principles of the Quran. And “creating an instrument to serve and empower the Muslim community, while delivering direct value and promoting the principles of Islam via blockchain and innovation.”
Islamic Coin Key Figues
Mohammed Alkaff is the Islamic Coin Co-Founder. “We are proud to build and deliver a Shariah-compliant, immutable, independent financial system that serves the Muslim community and beyond. A pillar of stability, intertwined with values that are future-proof in a changing world.”
Another figure behind the coin is Sheikh Dr. Nizam Mohammed Saleh Yaquby. He is known as ‘The Gatekeeper’ of a $2 trillion market for Islamic financial products.
Also onboard is Islamic Banker of the Year Hussein Mohammed Al Meeza, a key figure of Dubai Islamic Bank. The bank is the first Shariah-Compliant financial institution in the world.
Islamic Coin’s influential board also counts Peter Rafferty in the team. He has his finger in a few pies in the Middle East, including the $600 billion portfolio of the Abu Dhabi Investment Authority. He also holds a leadership role in the US Chamber of Commerce.
Islamic Coin will be launching via a private sale soon.