The Haqq Blockchain, which is used by the Islamic Coin and is presently only available for private sales, was created to fully adhere to Islamic financial rules and customs.
The first currency
According to Mohammed AlKaff AlHashmi, one of its co-founders, the Islamic Coin, the first cryptocurrency in the world that complies with Sharia, is scheduled to go live in May. The Haqq Blockchain, which is used by the Islamic Coin and is presently only available through private sales, was created to fully adhere to Islamic financial rules and customs. The blockchain would be environmentally benign and work with countless different applications throughout the world.
Currency
The currency would seek to increase support from venture capitalist financiers and foster trust prior to its distribution to the general public, as its name implies.
“Private sales mode was where we started for a reason. AlHashmi told Arabian Business, “We don’t want people to believe that we are using the phrase ‘Islamic’ to play on their emotions before moving on to become an investment in something they don’t know.
Crypto
He said that after conducting market research, his team came to the conclusion that the reason why coins like Bitcoin and Ethereum were popular was that they met community demands while being the first to market.
His initiative “should bring something that [makes it] the first mover and… address the needs of and add value to the community,” he said in his conclusion.
By 2024, it is anticipated that the global market for Islamic finance would surpass $3.69 trillion and the market for Halal goods will surpass $4 trillion.
AlHashmi pointed out that the cryptocurrency will be aimed at the world’s Muslim population, which numbers over 1.8 billion people and is currently untapped in the cryptocurrency industry.
Future Prospects
By 2024, it is anticipated that the global market for Islamic finance would surpass $3.69 trillion and the market for Halal goods will surpass $4 trillion.
AlHashmi pointed out that the cryptocurrency will be aimed at the world’s Muslim population, which numbers over 1.8 billion people and is currently untapped in the cryptocurrency industry.
However, non-Muslims still accounted for at least 50% of all private purchases of Islamic coins.
The Haqq blockchain was created with sustainability and compatibility with Ethereum in mind. People may move their creations around or incorporate them into other platforms with ease.
People may upload their ideas to the platform without hesitation or concern that they will not comply with Islamic rules because the blockchain is created to be secure and in accordance with Sharia principles.
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