Islamic Coin and Shariah Oracle to Bring Ethical Compliance to Crypto

Cryptocurrency adoption rates have skyrocketed in recent years, gradually transforming the global financial landscape in unprecedented ways. A major hurdle has been the integration of crypto with Sharia financial systems. However, with the recent emergence of the Islamic Coin token, this issue may finally be a thing of the past.

The Islamic Coin project aims to bridge the gap between Islamic finance ethics and the new frontier of digital currencies: As the first Sharia-compliant cryptocurrency, the project is quickly gaining support from influential figures in the Muslim world.

Prominent People Gathering Behind Islamic Coin

Recently, iconic UAE military figure and influential figure Rear Admiral Pilot Sheikh Saeed bin Hamdan bin Mohammed al-Nahyan supported this initiative. This addition to the Islamic Coin advisory board is an exciting development considering Saeed is a trusted voice in the region. Its alignment with the Swiss nonprofit HAQQ Association demonstrates a personal investment in bringing crypto to Islamic finance.

Sheikh Saeed is not the only notable name in line with Islamic Coin. The grandson of the first UAE president, Sheikh Dr. Other influential figures such as Hazza bin Sultan bin Zayed al-Nahyan have also embraced this new intersection of finance and technology. The advisory board consists of other respected personalities such as Sheikh Mohammad bin Khalifa bin Mohammad bin Khalid al-Nahyan, Sheikh Khalifa bin Mohammed bin Khalid al-Nahyan, and His Highness Sheikh Juma bin Maktoum al-Maktoum, which signals solid approval from higher authorities.

The project enjoys great support from the Muslim public even before its more official launch. The Islamic Coin user base has exceeded 100,000 recently, marking a major milestone in user adoption. If the project continues to grow at its current pace, it has the potential to appeal to a significant portion of the world’s Islamic internet user population.

An Ethical and Innovative Finance Guide

Islamic Coin aims to create Sharia-compliant financial instruments that combine seamless transactions and philanthropy at its core. This will empower Muslim communities around the world with methods of finance that are compatible with their religious beliefs. With 10% of every issue being channeled to Islamic-related initiatives or donated to Muslim charities, the initiative offers an uplifting, socially responsible approach to digital.

Most importantly, the Islamic Coin project is a collaborative effort: backed by a solid Sharia and board of directors on the HAQQ blockchain, which includes experienced leaders in both traditional and Islamic finance. The Sharia board includes five leading experts from the UAE region, as well as 40 Islamic banks and banking divisions. Each time a new project is submitted to the HAQQ blockchain, the board decides whether it complies with Islamic principles. This entire process is conducted in a transparent and decentralized manner through an on-chain mechanism called Shariah Oracle.

Shariah Oracle Strengthens Ethical Compliance in Blockchain Networks

Shariah Oracle is a transformative on-chain mechanism integrated with Haqq Wallet. It is designed to ensure ethical compliance in blockchain networks.

It basically functions as an online registry for Halal Certificates, allowing smart contract developers and businesses to verify their ethical relevance for Muslim users. This mechanism ensures that users only interact with whitelisted, Shariah-compliant applications, empowering the network against unethical or non-compliant activities.

The implementation of Shariah Oracle is nuanced and works with approval from both the community and the Shariah board. To gain community approval, a proposal for a smart contract must be submitted, which will then be voted on by the token holders. Consent at this stage provides a safety net against fraudulent activity by warning users of any interaction with unapproved contracts.

To qualify for Sharia, an approved project must submit a proposal for review by the Sharia Board. While the Board can revoke its approval if a project exhibits incompatible behavior, it ensures user safety by marking contracts that are not sharia compliant.

It aims to centralize compliance audits by empowering additional auditors to avoid bottlenecks and ensure a smoother process. Through these concerted efforts, she leverages the power of technology to maintain ethical compliance in our digital ecosystem.

Islamic Finance Finally Gets a Digital Method

Islamic Money is poised to revolutionize the world of Islamic finance with an impressive number of supporters and an innovative approach. It will mark a pivotal moment in the convergence of technology and Islamic finance and will solidify its position as a leading player in the nascent Sharia-compliant virtual currency financial ecosystem.

This convergence of sharia finance and cryptocurrency is more than just a financial innovation: it represents a promising new chapter in the story of how technology can serve society.