Islamic Coin, a cryptocurrency formulated in line with Shariah principles to champion ethical standards, has launched its Reg D Token Offering to the public. This endeavor is being undertaken in partnership with OpenDeal Broker, an affiliate of Republic.
In an announcement released on Monday, Islamic Coin elucidated its strategic collaboration with Republic to bolster its market introduction.
The crypto consultancy arm of Republic, Republic Crypto, will offer its expertise to Islamic Coin in several key areas. They will guide the development of the coin’s tokenomics, foster the implementation of DAO (Decentralized Autonomous Organization) governance, and ensure the digital currency retains lasting economic utility for the Islamic community.
Additionally, as part of this alliance, efforts will be made to forge connections with potential strategic collaborators, exchanges, and other key stakeholders in the market.
With its recent public debut, the international community of Islamic Coin enthusiasts stands to reap several benefits. As highlighted in the announcement, community members can look forward to providing liquidity, staking their assets, and accruing tokens during the liquidity mining stage.
Islamic Coin has already made significant strides, securing $193 million in private sales. This considerable achievement saw the involvement of distinguished investors, including ABO Capital, DF 101, A195, and Optic Capital.
Further strengthening its position in the market, Islamic Coin has cultivated an exclusive alliance with DDCAP Group and its expansive affiliation with over 300 Islamic banking institutions.
A crucial driver behind Islamic Coin is the HAQQ Network—a blockchain infrastructure that upholds Shariah principles. This network aims to cater to the vast 1.9 billion Muslim populace globally, and even extends its reach beyond this demographic.
What sets Islamic Coin apart is its profound sense of social responsibility. A significant portion, 10% of each issuance, is earmarked to champion philanthropic initiatives, underscoring the project’s dedication to humanitarian causes.
Royal Families of Abu Dhabi Support Islamic Coin
The HAQQ and Islamic Coin initiative has garnered influential backing, notably from the royal families of Abu Dhabi, further bolstering the project’s credibility and reach.
The endeavor also profits from the acumen of seasoned professionals rooted in both Islamic finance and conventional finance domains. These experts hail from prominent financial hubs, such as Wall Street and the City of London.
Islamic Coin’s prominent debut is timely, given the noticeable surge in cryptocurrency adoption across Muslim-majority countries. A study by Chainalysis in October 2022 pinpointed the Middle East and North Africa as the regions experiencing the most rapid growth in the cryptocurrency domain.
Significantly, among the top twenty countries with the highest crypto adoption rates, four are Muslim-majority nations. Additionally, countries with sizable Muslim demographics, such as India and Nigeria, also made the list.
In another testament to the burgeoning interest in the crypto space, The Sultanate of Oman recently disclosed its strategic investments in the cryptocurrency sector. This includes an ambitious plan to channel almost $1.1 billion into cryptocurrency mining ventures.
The intersection of cryptocurrencies and Sharia law is indeed a topic of extensive debate, given that Sharia dictates correct Islamic conduct in various life facets, including financial undertakings.
Islamic scholars have yet to reach a consensus on the compatibility of cryptocurrencies with Sharia principles. The core of the contention lies in the speculative attributes of digital currencies.
Prominent Islamic institutions and scholars in countries like Turkey, Egypt, and Indonesia lean towards a more conservative viewpoint, suggesting that the inherent volatility and speculative nature of cryptocurrencies render them non-compliant with Sharia.
On the flip side, cryptocurrency advocates present a different perspective, emphasizing its potential compliance with Islamic tenets. They argue that, as cryptocurrencies do not involve the accrual of interest or ‘riba’—a practice strictly forbidden in Islam—cryptocurrencies can be viewed as halal, or permissible under Sharia law. This nuanced debate underscores the complexities and ongoing evolution of modern finance within the framework of traditional religious teachings.
