Islamic Coin
Crypto Overview
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.
Crypto Impact
To assign a comfort level investing in Islamic Coin from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Islamic Coin.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.