Dubai: HAQQ Blockchain, the brainchild of IC Network Ltd, has successfully completed the private sale of Islamic Coin and is due to launch its public offering very soon.
IC Network Ltd is the developer of the HAQQ Blockchain, the first Shariah-compliant decentralized ledger, specifically designed to follow the rules and traditions of Islamic finance.
It launched Islamic Coin, a purposeful community crypto asset and first Shariah-compliant cryptocurrency, last month with private sale.
Islamic Coin used as a native coin on the HAQQ blockchain (Haqq is an Arabic word that translates as Truth in English). Each time a new Islamic Coin is minted, 10% of the issued amount is deposited into a special “Evergreen DAO” for further investment into projects beneficiary for Muslim community or given to Islamic charities.
The Evergreen DAO, according to IC website, is a non-profit virtual foundation focused on long term sustainability and community impact. It effectively works as a crypto endowment.
“IC is the first introduction of a coin bringing direct economic value to a community”, according to the information posted on islamiccoin.net.
"The Islamic Coin private sale is successfully finished", the blockchain said in a single line message posted on its website.
“Islamic Coin will be available at various Centralized Exchange (CEXs) and Decentralized Exchange (DEXs) soon”, the Islamic Coin blockchain said without disclosing the exact date and time of public launch, though various media reports said Islamic Coin will open for public this May.
According to reports at least 50 percent of the private sales made in Islamic Coin came from non-Muslims.
Islamic Coin has been jointly founded by Andrey Kuznetsov, a serial entrepreneur and engineer focused on fintech, cybersecurity, and network communication solutions; Alex Malkov, a legal consultant for leading blockchain and fintech platforms; Mohammed AlKaff Al Hashmi, a Computer Science Engineer with more than 18 years of experience, and Hussein Mohammed Al Meeza, a Banker.
The advisory board list a number of UAE Royal Family members including Dr. Hazza bin Sultan bin Zayed Al Nahyan, Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan, Sheikh Juma bin Maktoum Al Maktoum, Sheikha Mariam Suhail Obaid Suhail Al Maktoum and others.
The network also has a Shariah Board with a number of Islamic Scholars including Dr. Nizam Mohammed Saleh Yaquby, Dr. Mohamed Zoeir, Dr. Essam Khalaf Al-Enezi, Sheikh Mohamed Fathiddin Beyanouni and Sheikh Mohamed Abdel Hakim Mohamed as its members.
“We started with private sales mode for a reason. We don’t want people to think that we are using the word ‘Islamic’ to play on their emotions and then moving on to become an investment in something they don’t know,” Mohammed AlKaff Al Hashmi, one of the founders, told Arabian Business.
The global Muslim population has grown to over 1.8 billion people, which represents a huge untapped and “underserved” market in the crypto world, AlHashmi said adding that Islamic Finance is being embraced by non-Muslims worldwide.
“There is no clean ecosystem and environment where Muslims or people who follow Sharia compliance can come and do their projects in", he added.
The Sharia compliant cryptocurrency is also targeting non-crypto native people, meaning that it will be relatively more resistant to the effects of the crypto winter – when the market goes through a tough period of company collapses, major fines or massive drops in token prices.
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