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What is Islamic Coin (ISLM) - A Comprehensive Overview
Understand how Islamic Coin ensures adherence to Shariah law while enabling users to participate in the digital economy, supporting ethical investments and global financial inclusion.
Author
Imperator
Date
Nov 4, 2024
Islamic Coin is a Shariah-compliant cryptocurrency designed to provide the global Muslim community with a halal digital asset. Built on the Haqq blockchain—which means "truth" in Arabic—it ensures that all operations adhere to Islamic finance principles, avoiding interest (riba), excessive uncertainty (gharar), and gambling (maysir).
The mission of Islamic Coin is to bridge traditional Islamic finance with modern cryptocurrency technology, empowering Muslims to participate in the digital economy without compromising their religious beliefs.
A unique feature is its commitment to social welfare: a portion of each issuance is dedicated to charitable causes through the Evergreen DAO, aligning with the Islamic tenet of charity (zakat).
How Does Islamic Coin Work?
Islamic Coin operates on the Haqq blockchain, a Proof-of-Stake network specifically designed to comply with Islamic financial principles.
Islamic Coin staking is an integral part of this process, allowing users to earn rewards while helping secure the network.
The blockchain is Ethereum Virtual Machine (EVM)-compatible, allowing it to support smart contracts and decentralized applications (dApps) that adhere to Shariah law.
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Role of Smart Contracts
Smart contracts automate transactions while ensuring compliance with Islamic principles, facilitating clear agreements between parties without intermediaries.
Transparency and Clarity: Smart contracts define transaction terms clearly, ensuring transparency and reducing ambiguity.
No Interest-Based Lending: Transactions are structured to eliminate interest, adhering to Islamic finance principles.
Shariah Oracle: A specialized compliance mechanism that reviews smart contracts for adherence to Shariah law.
Evergreen DAO: Social Impact
The Evergreen DAO is a decentralized autonomous organization that funds charitable causes, in alignment with the Islamic principle of zakat.
Allocation of Funds: 10% of every newly minted coin is allocated to the DAO, funding charitable projects.
Community-Driven Initiatives: The DAO is governed by community members, ensuring transparent and equitable distribution of funds.
Compliance Monitoring and Audits
Islamic Coin continuously monitors activities to prevent involvement in non-compliant industries. Regular audits are conducted to maintain adherence to Shariah law.
Shariah Scholars and Experts: Islamic Coin collaborates with Shariah scholars for guidance and audits to maintain halal status.
Regular Compliance Checks: Ongoing audits ensure all activities remain in line with Islamic jurisprudence.
Key Features of the Haqq Blockchain
Islamic Coin is built on the Haqq blockchain, designed to ensure compliance with Islamic finance principles while integrating advanced blockchain technology:
Shariah Compliance: The Haqq blockchain ensures that all transactions adhere to Islamic finance principles by eliminating interest (riba), avoiding excessive uncertainty (gharar), and prohibiting gambling (maysir).
Proof-of-Stake Mechanism: The network uses a Proof-of-Stake consensus mechanism, which is energy-efficient and aligns with ethical practices by minimizing resource consumption. Similar to networks like Akash, Synternet, and Sui, this mechanism ensures sustainability while maintaining network integrity.
Ethereum Compatibility: The blockchain is EVM-compatible, supporting decentralized applications (dApps) and smart contracts similar to Ethereum. This allows for the development of Shariah-compliant financial products and services.
Main Functions of Islamic Coin
Islamic Coin serves several key functions aimed at providing a Shariah-compliant digital currency:
Facilitating Shariah-Compliant Transactions: Enables users to conduct financial transactions that align with Islamic principles, ensuring ethical investment opportunities.
Promoting Ethical Investment: Provides a vehicle for ethical investment, attracting Muslims and other investors interested in responsible finance.
Enabling Decentralized Applications (dApps): Supports the development of Shariah-compliant dApps, promoting innovation within an ethical framework.
Facilitating Global Remittances: Offers cost-effective and compliant cross-border payments for secure remittances within and beyond the Muslim community.
By fulfilling these functions, Islamic Coin aims to harmonize modern financial technology with Islamic values, acting as both a digital currency and a platform for ethical finance and community development.
The ISLM Token
What is the ISLM Token?
The ISLM token is the native cryptocurrency of the Islamic Coin ecosystem, supporting Shariah-compliant activities such as transactions, staking, and participation in decentralized applications (dApps).
The ISLM token promotes ethical investment opportunities for the Muslim community, providing a digital asset that aligns with Islamic finance requirements. It allows Muslims to participate in the cryptocurrency space securely, without compromising their beliefs, offering a compliant way to store and transfer value.
ISLM Tokenomics
ISLM has a capped supply of 100 billion tokens to ensure scarcity and long-term value. The initial supply was set at 20 billion tokens, distributed as follows:
Business Reserve: 5.48 billion (1 billion reserved for future incentives)
Evergreen DAO: 2 billion for charitable initiatives
Private Sale Buyers: 2.93 billion
Reserved Private Sale: 7 billion
Founders and Advisors: 8.47 billion (including partners)
Newly minted tokens are distributed with 10% allocated to the Evergreen DAO, while validators and delegators receive the rest, promoting ethical and sustainable growth.
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Compliance with Shariah Law
Islamic Coin is designed to comply with Shariah law, ensuring that all financial practices align with Islamic jurisprudence. Smart contracts on the Haqq blockchain facilitate transparent transactions, eliminating ambiguity.
To maintain compliance, Islamic Coin collaborates with Shariah scholars who review operations and provide guidance. Regular audits and compliance checks ensure adherence to Islamic principles, building trust within the Muslim community and appealing to ethical investors.
By strictly following Shariah principles, Islamic Coin bridges the gap between modern digital finance and traditional Islamic values, promoting financial inclusion.
How to get started with Islamic Coin
To acquire Islamic Coin, follow these steps:
Select a Compatible Exchange: Identify reputable cryptocurrency exchanges that list Islamic Coin.
Purchase Islamic Coin: Register on the chosen exchange, complete any necessary verification, and buy Islamic Coin
Transfer to Your Wallet: Move your purchased coins from the exchange to your wallet for enhanced security.
Stake ISLM: Stake your ISLM tokens on the Haqq blockchain to help secure the network and earn rewards. We’ve written a guide for the best Islamic coin validators.
What is Islamic Coin: Closing Thoughts
Islamic Coin aims to bridge the gap between traditional Islamic finance and modern cryptocurrency. By adhering to Shariah principles, it provides a safe, ethical, and halal digital asset that allows Muslims to participate confidently in the growing digital economy.
With features like smart contracts, the Evergreen DAO, and a robust compliance framework, Islamic Coin is set to make a significant impact on the global financial system, offering financial inclusion and ethical investment options.
FAQs about Islamic Coin
What is Islamic Coin?
Islamic Coin is a Shariah-compliant cryptocurrency built on the Haqq blockchain, providing a halal digital asset for the Muslim community.
How is Islamic Coin different from other cryptocurrencies?
Islamic Coin adheres to Shariah law, avoiding interest, uncertainty, and gambling, making it suitable for the Muslim community.
What is the purpose of the Evergreen DAO?
The Evergreen DAO funds charitable causes using a portion of newly minted Islamic Coin, aligning with the Islamic principle of zakat.
What is the ISLM token?
The ISLM token is the native currency of the Islamic Coin ecosystem, supporting Shariah-compliant transactions and staking.
How does Islamic Coin ensure compliance with Shariah law?
Islamic Coin collaborates with Shariah scholars and conducts regular audits to ensure compliance with Islamic finance principles.
How can I acquire Islamic Coin?
You can acquire Islamic Coin by registering on a compatible exchange, buying the coin, and transferring it to a secure wallet.
What are the benefits of staking ISLM tokens?
Staking ISLM helps secure the network, provides staking rewards, and supports the growth of the ecosystem while adhering to Shariah principles.
Stake Islamic Coin with Imperator.co!
Maximize your ISLM staking rewards : earn more, start now.
