The Islamic Version of BitCoin is Here, But is it Really Halal?

A new digital currency called “IslamicCoin” is set to launch on September 1st, 2023, and it is being promoted as “Halal” (permissible under Islamic law).

This currency has been developed by the Haqq Association, which aims to foster an ethics-first and Shariah-compliant financial ecosystem.

Haqq Association is a new player in the cryptocurrency world and was launched last year at GITEX Global in Dubai.

The association responsible for IslamicCoin’s development consists of experienced entrepreneurs in the fields of blockchain and fintech.

Their main objective is to establish a platform that offers highly ethical financial services while exploring the potential of distributed technologies in the domain of ethical finance.

About IslamicCoin

IslamicCoin has been introduced with the aim of empowering the global Muslim community through a modern financial tool that facilitates smooth transactions and interactions, promoting both innovation and philanthropy.

The recently launched trading platform allows the public to trade IslamicCoin in accordance with Shariah law, ensuring compliance with religious principles.

The digital currency has garnered significant attention in the digital assets industry after a successful private sale, which saw high-net-worth investors from around the world contributing $200 million in August.

Is it Halal?

IslamicCoin is a digital currency built on the principles of Islamic finance, ensuring Sharia-Compliance. All transactions on the platform adhere to Islamic guidelines, avoiding interest-based dealings, excessive speculation, and investments in unethical businesses.

Similar to other cryptocurrencies, IslamicCoin operates on a decentralized blockchain network. This decentralized nature means that the platform is not governed by any central authority, and transactions are verified and recorded by a network of users globally.

Is it Secure?

IslamicCoin prioritizes top-level security and privacy features, critical for any financial platform. With advanced encryption technology, the platform safeguards user data and ensures secure and private transactions.

The user experience is at the heart of IslamicCoin’s design, offering a simple and intuitive interface that enables easy buying, selling, and trading of cryptocurrencies.

Furthermore, the platform provides users with a wealth of educational resources and support tools, empowering them to navigate the world of cryptocurrencies with confidence.

Twitter Responses

The coin has received mixed reviews online, with some questioning if it’s really halal and some giving negative feedback to the initiative.

Twitter Responses to islamiccoin
Twitter Responses to islamiccoin

IslamicCoin is dedicated to fostering a robust and cohesive community of users with a shared passion for Islamic finance and blockchain technology.

To encourage growth and development, the platform hosts regular events, seminars, and workshops, providing opportunities for users to come together and engage in meaningful discussions.

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