Islamic Coin operates on the Haqq blockchain, which is described as an ethical Web3 platform designed for autonomy, immutability, and independence. The blockchain utilizes a proof-of-stake (PoS) mining mechanism to achieve decentralization, ensuring lower energy consumption compared to #bitcoin 's proof-of-work method. Islamic Coin, designed specifically for the Muslim community, is built on this native Haqq blockchain, aligning with Islamic values and principles. Notably, it features a Sharia board that includes UAE royals and traditional bankers, including representatives from Dubai Islamic Bank.
The ISLM whitepaper outlines that there will be a final total of 100 billion tokens. The initial release, referred to as the genesis block of Islamic Coin, comprises 20 billion tokens. Over time, the creation of new coins will gradually decrease, eventually ceasing when the total reaches 100 billion tokens. This scarcity-focused approach aims to instill value and prevent excessive inflation.
Every two years, known as an Era, the emission rate of new coins will decrease by 5% until it reaches 100 billion tokens. This transition is projected to occur 100 years from the initiation of the first Era's block.
Islamic Coin's potential impact on the crypto space could be groundbreaking. A Sharia-compliant digital currency tailored to the needs of practicing Muslims could achieve significant recognition and become a major player in the crypto landscape.
However, it's important to note that not all Muslims are in agreement with its principles, and various Muslim authorities might not endorse the fatwa associated with it. These varying sentiments might influence the coin's adoption rate. Additionally, the coin will face competition from established Islamic financial systems and institutions that already adhere to Sharia principles.
Regarding the role of women and ISLM, if the coin adheres to Sharia principles, women's financial autonomy would be maintained, just as it is in traditional Sharia-compliant finance. According to Islamic jurisprudence, women and men have independent financial identities. Even in marriage, a woman's property remains separate from her husband's. Therefore, if Islamic Coin aims to align with Sharia principles, it would not be appropriate to restrict women from using it.
Co-Founder Mohammed Alkaff expressed pride in creating a Sharia-compliant financial system that serves both the Muslim community and others, offering stability and values that remain relevant in a changing world.
By Q4 2023, the project plans to integrate with 20 payment firms in the Middle East and North Africa (MENA) region.
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