The “Arabian Business” magazine stated that the world’s first Sharia-compliant cryptocurrency is scheduled to be launched next May, and this comes at a time when the demand for digital currencies in the world has increased.
One of its founders told Arabian Business that the world’s first Sharia-compliant digital currency, the Islamic currency, will be launched to the public next month.
But what makes it halal?
The Islamic currency, which is still in private sale mode, is powered by Haq Blockchain, a network compatible with thousands of applications worldwide.
Haq Blockchain, which means “truth” in Arabic, strictly adheres to Islamic principles and traditions in finance, with Islamic currency as its original cryptocurrency.
The currency continues to gain support from investment capital and financial institutions. According to the co-founder of Islamic Coin, Mohammed Al-Kaf Al-Hashemi, this support will build community confidence and confidence in the attractiveness of the coin before it is released to the public.
Al-Hashemi indicated that the currency will be offered next May, but he did not specify the date. He said, “We started with a private sale mode because we didn’t want people to think we were using the word ‘Islamic’ to manipulate their feelings and then move on to becoming an investment in something they didn’t know.”
He added, “We did some market research and discovered that bitcoin, for example, has become the most popular and successful cryptocurrency because it has a first-mover (first-coin) advantage.”
He continued, “When you look at Ethereum, they were the first to start smart contracts. So there is a common thread here: to be a ‘first mover’ in something that addresses the needs of society. I came to the conclusion that if we want to do something successful and meaningful in the world of blockchain and crypto, We have to bring something that we are the first movers of, and then we must meet the needs of the community.”
The global Islamic finance market is expected to reach more than $3.69 trillion by 2024, supported by the growing interest in Sharia-compliant financing, while the market for halal products is expected to reach more than $4 trillion.
This article was originally published by RT.