Dubai: It has been at the forefront of rapid crypto adoption for the past few years. In 2022 alone, cryptocurrency transactions in the MENA region accounted for $566 billion: a 48% increase from the previous year. At the same time, five out of the top 20 countries in the global crypto adoption index are Muslim-majority nations, with Pakistan, Turkey, Indonesia, and Nigeria leading the group.
However, Muslims still hold significant reservations about digital assets, with the main concern being whether or not crypto is halal: e.g., earned lawfully and through ethical means according to the principles of Islam.
The Dubai-based Haqq ecosystem is addressing this concern with the launch of Islamic Coin: a 100% halal cryptocurrency.
New Fatwa-accredited Asset, Boosting Islamic Finance
Islamic Coin is the native token of the Haqq, the world’s first ecosystem that abides by the principles and traditions of Islam. Focused on driving crypto adoption in the region and boosting Islamic finance across 185 countries, Haqq aims to provide the global Muslim population with user-friendly, Shariah-compliant financial products.
The new currency will power seamless transactions and interactions in the ecosystem while supporting innovation and philanthropy: the network will dedicate 10% of each Islamic Coin issuance to philanthropic pursuits across the Muslim world. To date, Islamic Coin has received accreditation and authorization through the Fatwa of several Muslim authorities.
The coin has the potential to become a tier-1 asset: as Haqq’s co-founder Mohammed Alkaff Alhashmi recently claimed, if only 3-4% of the online Muslim community holds the coin, it could become a Bitcoin-scale asset. To date, Islamic Coin has secured over $200 million — a record shattering feat given last year’s bear market.
With the public release scheduled for 2023, Islamic Coin already has multiple exclusive partnerships with leading Web3 projects and Islamic educational institutions.
Increasing Crypto Awareness and Adoption
As part of its initiative to boost crypto adoption, Haqq Association — the ecosystem’s non-profit — has partnered with the International Islamic University of Malaysia (IIUM) to increase blockchain and crypto awareness while fostering a positive learning environment. Haqq and IIUM will create a blockchain academy in Malaysia, offering free courses about crypto and blockchain technology courses. Students at IIUM can also enroll in these courses for credits toward existing university programs.
Haqq and Islamic Coin recently partnered with DDCap Group, and will be working on a Web3 Shariah-compliant alternative to SWIFT as well as other products.
Haqq is also forming several commercial partnerships with retail and e-commerce platforms to introduce Sharia-compliant Web3 technologies into traditional Web2 environments. Most recently, it has partnered with Holiday Swap, the world’s largest home exchange platform, to transition the company’s tokenized operations to Web3.
To keep track of news on Haqq and Islamic coin, visit the official website.