Cryptocurrency recognized by Shariah law will compete with bitcoin

The Islamic Coin or Islamic Coin (ISLM) is a newly created cryptocurrency that complies with Shariah law. The founders of the cryptocurrency said that the «Muslim digital asset» will be able to compete with bitcoin in the future and reach a value of more than a trillion dollars.

«The introduction of the coin will be gradual,» said Mohammed Alkaff Alhashmi, co-founder of Islamic Coin. «However, as soon as 3−4% of the Muslim online community owns Islamic Coin, the cryptocurrency will become an asset on the scale of Bitcoin. Islamic Coin will bring a trillion dollars in capitalization.»

According to Alhashmi, Islamic Coin is the original token of Haqq, a blockchain on the PoS. The coin is not yet listed on major exchanges. The concept of the ISLM token is to provide Muslims with a tool with which they could influence the economy of their country. The Islamic coin is described as a halal asset that complies with Shariah law. Alhashmi emphasized that the ISLM cryptocurrency is specially designed to promote charity.

The market supply of Islamic Coin is limited to 100 billion tokens. Each time new coins are minted, 10% will go to Evergreen DAO, a non-profit organization «focused on making a long-term impact on Islamic society.» The coins are stored in the DAO «for investment in Islamic Internet projects or for donation to Islamic charitable organizations.»

With a market capitalization of $ 1 trillion, Islamic Coin will be worth more than all 19,000 cryptocurrencies on the market combined. At the moment, according to Coinmarketcap, the global cryptocurrency market capitalization is $ 916 billion. In particular, bitcoin accounts for 40% or $ 366 billion of this amount.

The co-founder of Islamic Coin and his team believe that their project can play a key role in making blockchain technology a guardian of Islamic values. «I believe that DeFi will benefit from the adoption of our morals. Shariah finance is based on Islamic ethics and Quranic values. Our financial school does not support gambling, and every project goes through a Shariah board that has over 45 years of experience in working with the finances of Muslim countries.»

The ISLM token has already begun to receive support from influential members of the Islamic community, as the highest-ranking sheikh of the UAE, Khalifa Bin Mohammed Bin Khalid Al Nahyan, was recently added to the Islamic Coin advisory board.

As a reminder, Asia is seeking to reduce the dependence of the region’s economies on US influence. Researchers from a Chinese state institute have put forward the idea of developing a pan-Asian digital currency. The Asian digital token will be able to be pegged to 13 national currencies at once, including the yuan, Japanese yen, South Korean won, and others.