Islamic finance is becoming the driving force of the economic and social development of the world. This was discussed at the 11th World Islamic Forum on Microfinance, held in Dubai from November 21 to 24, where representatives of Islamic Coin also spoke. The purpose of the forum was to promote, strengthen and unite Islamic microfinance organizations (IsMF), as well as to discuss financial accessibility, information strategies and innovations. The event was attended by prominent speakers and professionals from the microfinance, Islamic microfinance and microinsurance industries.
The impressive list of participants from different countries showed that Islamic finance attracts more and more interest and opens up huge opportunities for the financial market.
Opening the forum, Dr. Amjad Saqib, founder of Akhuwat Pakistan, said that Islamic microfinance is a need of the time, and it can be used as a weapon against poverty in the Muslim world. Microfinance based on Islamic traditions and religious norms can be an excellent solution to this problem. According to rough estimates, 72% of the population of most Muslim countries does not turn to the services of official funding institutions. Studies show that in the 56 member countries of the Islamic Development Bank, only 28% of the adult population use official (or semi-official) financial intermediaries either for deposit accounts or for loans. Even with the availability of financial services, some people consider standard financial products incompatible with the principles of financing, according to Shariah standards.
The Islamic finance sector is the fastest growing in the world and has demonstrated exceptionally high growth rates in recent years – 15-20% per year. Islamic banking is practiced by more than 400 financial institutions around the world, and its annual turnover is about $ 750 billion.
And, of course, the development of this financial services market cannot do without modern and reliable digital solutions. IslamicCoin and the Haqq blockchain can be used in a variety of financial projects: from large investment programs to building local networks for exchanging, transferring and paying for goods and services using digital assets. IslamicCoin is also a particularly popular tool for Islamic microfinance because it fully complies with the principles of Islam and Shariah, which is confirmed by a Fatwa.
“There is a huge demand for cryptocurrencies and applications compatible with the provisions of Islam and Sharia. They are able to provide users with new financial products and solutions that are trustworthy. Such solutions are absolutely transparent, sustainable and fairer towards users who use them to manage their funds,” says another member of the IslamicCoin team, Mohammed AlKaff AlHashmi, member of the HAQQ association specializing in Shariah-compliant digital financial services.
IslamicCoin is the first project to provide the community with powerful financial technology that allows for seamless transactions, support innovation and charity. The project is 100% compliant with Sharia law and benefits the community. Developers focus on sustainable development and use technology and innovation to ensure financial sustainability.
“At the heart of Islamic finance is the prohibition on charging interest. Islamic finance has always been focused on not shifting most of the risks to one side of the financial relationship. In Islamic finance, balance and transparency of transactions should be observed, which can negatively affect our society,” says Mohammed AlKaff AlHashmi, one of the founders of IslamicCoin.
IslamicCoin targets 1.1 billion Muslims using the Internet. The project creates convenient tools designed for users who have never been owners of cryptocurrencies. The mission of the project is to provide the international community of followers of Islam with a reliable and promising financial instrument that allows for independent financial interaction, support innovation and philanthropy. Using the power of the Muslim community, IsalmicCoin can become one of the most important and valuable crypto assets. If 3-4% of the Muslim online community own an Islamic coin, it will become a bitcoin-scale crypto asset, bringing its holders a trillion dollars and $100 billion for the Evergreen DAO.