The first Shariah-complience project rushed on NASDAQ! Оn 1st of August Mohammed Khalaf AlHashmi, Co-founder, Member Board of Executive Board of Heart Association and Andrey Kuznetsov, CTO, Haqq Association gave an interview for Jane King from LilaMax Media. Jane King is a well-known American veteran broadcaster and journalist, founder and CEO of LilaMax Media, which publishes daily television reports from the NASDAQ Marketsite. LilaMax Media was launched on January 21, 2014.
About Islamic Coin
Islamic Coin is a native currency of Haqq network which is totally Shariah compliant system dedicated to work with large financial ecosystems. 10 percent of total coin’s supply is automatically dedicated for philanthropic purposes.
«It targets 1.1 billion Muslims online. We built custom tools, for example a special wallet which is adopted to regular users who are not crypto savers… So, we are empowering Muslim people online with the digital money which fit modern digital world», – Andrey Kuznetsov.
«The most important basics of Sharia rules or Islamic Finance is not to charge interest. Charging interest is 100% prohibited by Islam so this is one of the main important things and always to have a balance when we have a deal or we have a transaction. Islamic Finance is always focusing to have a balance to not put the majority of the risks on one party and the minority of the risk on the other party, so always balance should be their transparency documentation and also avoiding the charging the interest and avoiding any transactions or projects that might be negatively impacting the community or the society», – Mohammed Khalaf AlHashmi.
How does Islamic Coin in general align with Islamic law?
Actually, the good fact that if we look at the Islamic Financial rules, it talks always about transparency and sustainability… If we look at the crypto as a platform or a technology to use for that, crypto always a lot of people call it like a single source of fruit where you can follow all the transactions, check everything that’s happening there, everything is locked hundred percent. So, it goes with the Shariah rules in terms of documentation and transparency and having everything and especially when we talk about the charity…
IslamicCoin is the first Islamic crypto endowment in the world, so always when we talk about charity it’s very important to focus on the input where the money comes uh the money comes from and the output how this money gonna be spent. When we look at the crypto and blockchain it is the best technology to follow all of these transactions, to follow the source of money and how it’s going to be spent and distributed. And if we look at our Holy Quran we will find that the longest verses in Holy Quran in chapter of Al-Baqarah talks about the concept of borrowing and how important to make it documented and transparent. This goes hundred percent with the technology of blockchain and crypto to be the best fintech tool to empower this interesting.
We are giving 10% of every minted coin to the charity and how it will be chosen… it’s it will be chosen through a validator, so the community basically will be the one who manages this we as uh co-founders and partners we don’t have any influence there. However, it is very early now to talk in details about this because uh in our plan we are preparing now for the Evergreen fund it will take another six to ten months to be ready with all its details. But I can say at this point that its hundred percent managed and validated by validators who are representing the community and we have no influence there.
How would you say Islamic coin compares with gold and silver?
Actually, when uh if you compare cryptocurrency not just Islamic one but any cryptocurrency with the Fiat or national currencies, you will find most similarities with the precious metals than National currencies because National currencies they not just centralized. As a federal reserve can just snap on the print some amount of money, you can do the same with a precious metal and it’s the same for some cryptocurrencies including Islamic Coin. Islamic Coin is produced by a constant info inflation rate for the following two years since mention starts. Then for the subsequent two years inflation rate falls by five percent, then next two years five percent more and more… for the following 100 years until 100 billion of coins will be minted.
Do you expect to reach the Bitcoin’s level?
Islamic Coin is the first to enable the community with ethic first powerful Financial technology that enables them to do seamless transactions and interactions while supporting Innovation and philanthropy. So, in another words we wanna create project that is hundred percent complies with Shariah rules and adding value to the community. We are focusing on sustainability and we use the technology and innovation to provide the financial sustainability and giving back to the society to support the Innovation.
Let us remind you that Islamic Coin project raise more than $200 million during the private token sale and became the owner of a prestigious award in the field of digital finance – Gulf Excellence Award. The project has a Fatwa and the leaders of the Islamic financial market take part in the work on it.
Halal or Haram? If you want to share your opinion about cryptocurrencies and blockchain technologies, please welcome Telegram chat. We need to know what you think!