It became known when the world’s first halal cryptocurrency will become available

The world’s first cryptocurrency that complies with the principles of Islamic law, Islamic Coin, will become available to a wide range of consumers in May, one of its co-founders Mohammed al-Hashemi told Arabian Business.

Islamic Coin, which is currently in private sale mode, is powered by the Islamic Haqq Blockchain digital asset database, which is compatible with thousands of applications worldwide. Haqq strictly adheres to Islamic principles and traditions in the field of finance, and Islamic coin is its cryptocurrency.

“The Islamic cryptocurrency, which is currently in private sale mode, is receiving support from venture capitals and financial institutions. This support will build community trust and confidence in the attractiveness of the currency before its public release in May,” he said.

According to al-Hashemi, there is still no “clean”, halal from the point of view of Islam, system and environment where Muslims can come and implement their projects.

“By that, I don’t mean that bitcoin or other cryptocurrencies are not halal. I can’t judge, but if you look at the available blockchains in the market, it doesn’t make sense, for example, to put an Islamic project on a blockchain that simultaneously has a casino, gambling or another project that collects interest – all this is contrary to the principles of Islamic law,” the entrepreneur said.

According to the publication, the global Islamic finance market is expected to exceed $3.69 trillion by 2024 amid growing interest in financing under Islamic law.

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