Wrapped Islamic Coin

Overview

Wrapped Islamic Coin (WISLM) is a wrapped version of Islamic Coin (ISLM), designed to provide Sharia-compliant access to decentralized finance while maintaining compliance with Islamic principles. The token operates on the HAQQ Network, a dedicated Islamic blockchain platform.

Purpose and Utility

The primary stated purpose of WISLM is to serve as a bridge between traditional Islamic finance and decentralized finance, enabling Muslims to participate in digital asset markets while adhering to Sharia principles. The token is meant to facilitate transactions within the HAQQ ecosystem and provide a means of value transfer that aligns with Islamic financial principles.

Business Model Assessment

The project's business model appears to focus on providing Sharia-compliant digital asset infrastructure. The token itself doesn't involve interest-bearing mechanisms or explicit gambling features. 7.5% of all tokens are allocated to charitable causes through the Evergreen DAO, which aligns with Islamic principles of social responsibility.

Development and Adoption

The project shows ongoing development activity within the HAQQ Network ecosystem. While adoption is still in early stages, this doesn't impact its Sharia compliance status. The team maintains regular updates and continues to build infrastructure for Islamic finance in the digital asset space.