ISLM

Islamic Coin (ISLM) is a groundbreaking cryptocurrency designed to align with the principles and traditions of Islamic finance. It operates on the Haqq blockchain, which is compatible with the Ethereum network and thousands of global applications. The Haqq blockchain, named after the Arabic word for “truth,” is developed by ICNetwork Ltd, a private tech enterprise from the UAE with a team of experts in blockchain and ethical finance.

ISLM aims to provide a financial platform that offers real-time, transparent, and cross-border transactions while supporting Web3 innovation and philanthropy. It adheres to Shariah law, which prohibits the payment or receipt of interest, a core principle of Islamic finance. Instead of interest, Islamic banks engage in profit-sharing with their customers.

The project has garnered significant interest and investment, including a notable $200 million raised from high-net-worth investors worldwide and an additional $200 million from ABO Digital, totaling $400 million in funding. It has also received Fatwa (Islamic legal opinion) approval from several Muslim authorities and support from members of the Abu Dhabi and Dubai royal families.

ISLM's appeal lies in its focus on ethics, sustainability, and transparency. It strictly follows the guidelines set by Islamic finance, which bans speculative trading and emphasizes fairness and risk-sharing. The tokenomics of ISLM include a limited total supply, with 10% of each new coin minted going to the Evergreen DAO for investment in Islamic internet projects or donations to Islamic charities.

Islamic Coin has also established partnerships with educational institutions and retail platforms to integrate Shariah-compliant Web3 technologies. It has appointed a Shariah advisory board consisting of 40 banks, including Standard Chartered, Abu Dhabi Islamic Bank, and Dubai Islamic Bank, to ensure the compliance of projects within its ecosystem.

With the global Islamic finance market projected to exceed $3.69 trillion by 2024 and a growing Muslim population representing a significant market for crypto, ISLM is positioned to play a pivotal role in the financial future of the Muslim community and beyond.