Islamic Coin

Project Overview

Islamic Coin (ISLM) is a cryptocurrency built on the Haqq blockchain, which claims to be the world's first Shariah-compliant blockchain ecosystem. The project aims to serve the global Muslim community while adhering to Islamic financial principles.

Purpose and Utility

The stated purpose of Islamic Coin is to function as a medium of exchange within the Haqq ecosystem while incorporating unique features that align with Islamic principles. 20% of the minting is automatically dedicated to the Evergreen DAO for charitable and developmental purposes within the Muslim world.

Business Model Evaluation

The project's core functionalities appear to align with Islamic principles. The platform prohibits interest-based activities and gambling. The blockchain is designed to support halal DeFi applications and smart contracts that comply with Shariah principles.

Development and Adoption

The project has received fatwa certifications from various Islamic scholars and institutions. The development team maintains regular updates to the platform, and there is evidence of ongoing ecosystem development. The project has established partnerships with several Islamic organizations and financial institutions.

Token Distribution

The total supply is capped at 100 billion ISLM tokens. The distribution includes allocations for ecosystem development, team members, and the Evergreen DAO. Team tokens are subject to vesting periods to ensure long-term commitment.

Additional Considerations

The platform explicitly prohibits activities involving riba, gambling, and other non-halal activities. The governance structure includes oversight from Shariah scholars to ensure ongoing compliance with Islamic principles.