Q: May you share the inspiration behind Islamic Coin and the importance of getting a genuinely Sharia-compliant platform within the blockchain and crypto area?
The inspiration for Islamic Coin got here from the obvious want for an Islamic finance platform that may meet the necessities and rules of Islamic finance, giving Muslims a dependable and compliant technique to interact with fashionable digital property. It’s vital to keep in mind that there are almost 2 billion Muslims worldwide that want a service like this. Islamic Coin will empower these underserved communities with innovative fintech improvements and philanthropic initiatives.
By following Sharia tips, Islamic Coin goals to offer a clear and moral framework that aligns with Islamic values, permitting Muslims to be a part of the rising discipline of cryptocurrencies whereas staying true to their non secular beliefs. The market potential is gigantic: Islamic Coin targets the worldwide Muslim inhabitants of 1.eight billion, accessing the $three trillion Islamic finance and $four trillion halal markets.
Q: Transparency and traceability are key facets of blockchain know-how. How does Islamic Coin leverage these options?
Via blockchain know-how, each transaction on the Haqq blockchain will get recorded on a decentralized and unchangeable ledger that everybody within the community can entry. It allows customers to confirm the authenticity of transactions: they will hint the whole historical past of every asset, together with its acquisition, transfers, and utilization.
This function performs a significant function in guaranteeing that each one transactions inside the platform align with the rules of Islamic finance, equivalent to steering away from interest-based transactions (riba) and prohibited actions (haram).
Q: The extensive adoption of blockchain and crypto has progressed immensely however nonetheless has a technique to go. Apart from, Haqq is a brand new ecosystem. What’s your secret to really reaching the worldwide Muslim group and attracting help from skilled monetary establishments?
That is certainly a problem. First, we’ve shaped a good and educated Shariah Board that ensures platform compliance with Sharia rules and helps us construct belief with the group. The board consists of revered students and Muslim finance consultants, together with Sheikh Dr. Nizam Mohammed Saleh Yaquby, Sheikh Dr. Mohamed Zoeir, a Shariah-compliant cryptocurrency skilled Sheikh Mohamed Fathiddin Beyanouni, and others. To bolster credibility and entice help, Islamic Coin has a sturdy Government Board, Advisory Board, and involvement from royal members of the family.
Second, instructional initiatives promote consciousness of Islamic finance, blockchain, and cryptocurrencies. Islamic Coin presents assets, webinars, and partnerships, together with collaboration with the Worldwide Islamic College in Malaysia to determine a web based Blockchain Academy. By providing accessible and complete instructional content material, the initiative goals to empower people with the information essential to navigate the evolving panorama of blockchain know-how.
And third, strategic partnerships with skilled monetary establishments skilled in Muslim finance and world corporations play a significant function. Notable partnerships embody FAMBRAS, the world’s largest halal meals certifier, and journey firm Vacation Swap.
Q: Are you able to inform us extra in regards to the Blockchain Academy initiative? How will it foster training and empower people inside the group?
Blockchain Academy will supply free programs for these excited by studying about crypto and blockchain, and, by way of IIUM, college applications for additional training. These will cowl a variety of matters, together with blockchain fundamentals, sensible contracts, decentralized finance (DeFi), and the intersection of blockchain with Islamic finance.
Along with programs, the initiative will host webinars and workshops that includes business consultants and thought leaders and supply certification applications to validate people’ proficiency in blockchain know-how. The objective is to foster networking and collaboration amongst contributors, making a vibrant group of learners, fanatics, and professionals.
This initiative doesn’t solely promote monetary literacy however allows people to grab new alternatives, contribute to the event of blockchain options, and form the way forward for Islamic finance within the digital period.
Q: Islamic Coin presents a number of different key developments, such because the Sharia-compliant digital id system and sensible contracts for facilitating transactions. May you elaborate on these initiatives and the way they contribute to the mission’s mission?
Islamic Coin values id verification and privateness whereas adhering to Sharia rules. Following Islamic ethics, our Sharia-compliant digital id system ensures the safe and correct institution of consumer identities.
Implementing this technique enhances belief and transparency: customers can confidently shield their identities and have interaction in transactions aligned with Islamic rules. It additionally promotes accountability and safeguards towards fraud, making a safe setting for the Muslim group in blockchain and cryptocurrency transactions. We’re additionally planning an elective digital id to account for donations and Zakat funds with strategies that make it clear. Everybody will all the time know that the donations will go to the precise folks, and that it’s an elective service.
Through sensible contracts, we automate agreements, eliminating intermediaries and bettering the system’s effectivity, serving to customers keep away from interest-based transactions and adhering to asset switch guidelines.
Q: Strategic partnerships play a significant function in increasing the mission’s affect. May you focus on the partnerships Islamic Coin has shaped? How do these partnerships improve the mission’s capabilities and align with its aims?
The partnerships we’ve shaped are crucial to us, as Islamic Coin is a community-oriented mission. Up to now, we’ve partnered with skilled monetary establishments with experience in Islamic finance, know-how suppliers, Sharia advisory companies, instructional establishments, and analysis facilities.
Via these partnerships, we intention to reinforce Islamic Coin’s capabilities by leveraging established establishments’ experience, assets, and networks within the monetary, technological, and academic sectors. They allow Islamic Coin to increase its attain and entry a various pool of customers and traders.
Partnerships contribute to the mission’s credibility, trustworthiness, and long-term sustainability, aligning the platform with respected entities and enhancing its worth proposition inside the world Muslim group.
Q: What are your ideas on the way forward for Islamic Coin? How do you envision the mission’s development and affect, and what function does the group play in driving its success?
Islamic Coin has the potential to develop into a number one platform for Sharia-compliant digital property within the rising discipline of Islamic finance and cryptocurrencies. Our dedication to Sharia compliance, strategic partnerships, and academic initiatives positions us for widespread adoption amongst Muslims worldwide. Elevated consciousness, regulatory help, and market demand can gas our development inside the Islamic finance ecosystem.
Certainly one of our distinctive worth propositions is that we give attention to serving underserved and unbanked populations who observe Islamic monetary ethics. We consider that we’re in a very good place to empower and allow them, particularly as they symbolize a big untouched market.
To reciprocate the help we’ve acquired from establishments and communities worldwide, we’re launching The Evergreen DAO, a non-profit digital basis targeted on long-term sustainability and group affect. This crypto endowment is about to launch in This fall of 2023.
By prioritizing growth, monetary inclusion, group engagement, and social affect, we intention to drive the development of Islamic finance within the digital age. On the finish of the day, we intention to empower people and establishments to actively take part within the rising blockchain and cryptocurrency ecosystem.