One of the most actual questions that arise among Muslims who want to become cryptocurrencies owners of is the question of which digital assets and tokens comply with the norms of Islam and Shariah. We have already reviewed Muslim cryptocurrency and blockchain projects for the Islamic world and talked about the permissibility of using cryptocurrencies in the Muslim world.
In this article, we will talk about which tokens and cryptocurrencies declare themselves acceptable for use by Muslims, but we want to warn you that we are not responsible for the work of all the all projects and cannot guarantee compliance with all the promises of their developers.
Islamic Coin is the native currency of the Haqq blockchain, a public network designed to empower a financial ecosystem based on ethics consistent with Shariah rules. The total issue of IslamicCoin is limited, and 10% of each issue is automatically allocated for charitable purposes.The mission of the project is to provide the Muslim community of the world with a financial instrument for the digital age that provides seamless transactions and interaction, supporting innovation and philanthropy. Unlike other similar projects, IslamicCoin has a fatwa and fully complies with Shariah law in the field of finance. The IslamicCoin project (ISLM) is the most promising crypto project for the Islamic community, which simultaneously complies with Shariah and also offers the most advanced technological stack for creating a highly loaded system for mass use.
Haqq (traslate as “truth” from Arabic ) is a Proof of Stake blockchain network compatible with the existing ecosystem of blockchain tools and developer tools (primarily Ethereum and Cosmos) and meeting modern industry requirements, with high transaction throughput. Haqq’s goal is to serve the international Muslim community by providing a financial and technological tool that allows for independent financial interaction.
Every time a new ISLM is issued, 10% of the proceeds are credited to a special Evergreen DAO account for further investment in projects intended for the Muslim community or donated to Islamic charities. Evergreen DAO is a non-profit virtual foundation focused on the long-term perspective and impact on the community. It works effectively as a crypto fund. Key decisions are made by a board consisting of Haqq network validators, whose contribution to the stability and security of the network is the greatest.
At the stage of private sales, IslamicCoin aroused a huge investor interest and was able to raise more than $200 million in just a few weeks. Unlike technically outdated Bitcoin and Ethereum, which have a lot of problems, IslamicCoin uses the full power of the most progressive blockchain technologies and is based on the most fair and reliable ideology.
The developers of Bayan Token position their digital currency as a “Shariah-compliant utility token. Utility tokens provide users with access to the company’s services or products after a certain time after the token is launched. Such tokens cannot be considered an investment instrument.The proceeds from the sale of Bayan tokens were to go to finance several real projects in Malaysia, Singapore, Brunei and Indonesia. The token was also planned as a settlement currency to pay for goods and services in these countries, however, in the 6 years since the announcement of the launch of Bayan Token, developers seem to have failed to realize the declared potential of the project.The Bayan Token roadmap stopped in 2019 and since that time the developers have not published a single update on the further development of the project.
The Coinmarketcap resource marks Bayan Token as “untracked”, and therefore it is not possible to estimate the real turnover and cost of BYT.
ADAB Solutions are the developers of the world’s first Islamic FICE crypto exchange based on Shariah rules. The exchange should use its own ADAB token, with the help of which it was planned to develop a global ecosystem based on the principles of Islamic finance, as well as the creation of a community regulating the development of the project and the development of Islamic crypto-economics.The solutions of the ADAB project were supposed to solve the problems of halal cryptocurrency transactions by providing access to the cryptocurrency market for the Muslim Ummah. Currently, the official ADAB Solutions website is unavailable, and the latest publications in the official channels of the project on social networks date back to 2019. The FICE crypto exchange is also unavailable. As in the case of Bayan Token, the Coinmarketcap resource marks ADAB as “untracked”, and therefore it is impossible to estimate the real turnover and its cost.
A cryptocurrency based on Binance SmartChain, which functionality according to the idea of the developers, is to convert 2% of trading commissions with a token into fiat money with the subsequent transfer of funds to Islamic charities. It is obvious that the project has lost relevance and currently MUSC tokens are trading at a price of about $0.007.
But even the low price of the token and the apparent lack of investor interest are only part of an absolutely incomprehensible situation with the project. The official Muslim Coin website currently does not provide any information about the project and leads to a resource that sells generators.
Stellar and the native XLM token are an open, decentralized blockchain network created to “erase” the boundaries between different blockchain systems. Despite the fact that the project was not originally created as accessible to the Muslim community, but according to Islamic investors, it is considered to comply with the norms of Islam.In 2018, the Stellar blockchain platform received a document confirming its compliance with Shariah law from an International licensing Agency managed by the Central Bank of Bahrain and the Shariah Council.
The ISLAMICOIN project complies in its work with the necessary standards of Islamic finance and Shariah rules for monitoring and auditing smart contracts.The basis of Islamicoin and the token functioning within the system. ISLAMI is a Polygon blockchain. The project aims to create an Islamic blockchain that helps individuals, companies and charities achieve financial independence in the global Islamic community in addition to creating a decentralized autonomous charitable organization.
In addition to the low cost of the token, which indicates a low demand from investors, there is a very important question for the Islamicoin project: can the audit report presented on the official website be considered an analogue of the fatwa?
A public network project based on the DAG blockchain, designed, according to the developers, to serve the ecosystems of Islamic finance. Qitmeer uses the classic POW consensus and UTXO data model and develops a unique asset release mechanism that requires a reserve of the base currency, which corresponds to the basic ethical financial values. The HLC project token is currently not represented on exchanges and is marked by the Coinmarketcap resource as “untracked”.
Caiz is synonymous with “Jaiz” in Arabic, which means “permissible”, “confident” and “legitimate”. Other interpretations of the word “Jaiz” are “acceptable”, “approved” or “permissible”. CaizCoin’s vision is to create a blockchain structure of the future in which everyone could participate and improve their lives. The mission of CaizCoin is to create a sustainable, inclusive and ethical blockchain that will become the basis for an equal and transparent world.Very good words and a very detailed model of the ecosystem. But there is one important note! In the official document of the Caizcoin project, there is not a word about its compliance with the laws of Islam and Shariah. The project also does not have a fatwa, which means that it is impossible to confirm the regulatory status in accordance with the sources of Islamic law, based on the authority of people considering specific issues of compliance of CaizCoin with the principles of Islamic finance. Can this be confirmed by the numerous awards received by the project? This is also a very big question!
CaizCoin is launched on Stellar blockchain, which is its fork. Stellar technology is similar to Ripple, which is not really a blockchain at all, but is a very controversial project, criticized by many serious crypto analysts for the fact that this system is much more centralized than FED. This kind of “blockchain” is very straightforward, primitive and only able to make transactions. That’s all. No smart contracts and EVM (Ethereum Virtual Machine), which is extremely important for modern crypto projects.The developers say that Caizchain is the world’s first Islamic blockchain developed in close cooperation with Islamic financial laws. Real applications based on this blockchain are under development. Looking at the Caizcoin blockchain explorer, you can see that there are almost no transactions there, and the last one was made 7 months ago. Is the Caizcoin blockchain not working?
Maybe you want to know about the people behind this project? There is no information about the team on the official website. But there are a lot of photos on the Instagram account showing how well this team is working.
ISLAMIC GOLD DINAR
The IGD token is a decentralized crypto token with a total issue volume of 2.2 billion. The purpose of the project is to provide the crypto community with an investment ethical and affordable financial instrument. The project’s team is hidden behind avatars and it is not possible to find information about the project participants.
The implementation of the roadmap’s stages is also questionable, since the project launched back in 2019 has not been able to present the token declared in functionality and usefulness to the community.
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