Founded on May 5, 2022, Open Mainnet Islamic Coin is the native currency of HAQQnetwork, a community-managed blockchain dedicated to empowering a financial ecosystem that complies with sharia ethics. Islamic Coin is a revolutionary cryptocurrency designed to revolutionize the way Muslims conduct their financial and investment activities.
With the help of Islamic Coin, Muslims can now use a transparent, decentralized, and secure digital payment system that strictly follows the principles of Islamic finance. The use of Islamic Coin also helps promote financial inclusion, as it is accessible to everyone, regardless of their location or financial background. Islamic Coin promises to provide a safe and secure way for Muslims to conduct their financial transactions while adhering to Islamic values and principles.
IC Network
ICNetwork Ltd is a privately financed technology company founded by a group of experienced blockchain and fintech entrepreneurs interested in the creation of highly ethical financial services and the exploration of the potential of distributed technology in the ethical finance domain. A notable early contributor and founder of IC Tech is Andrey Kuznetsov (visionary, serial tech entrepreneur, and crypto evangelist).
ICNetwork Ltd is the developer of Haqq Blockchain, the first Sharia-compliant decentralized ledger, specifically designed to follow Islamic financial rules and traditions.
Haqq Blockchain
Haqq Blockchain – Haqq (Arabic for the truth) is a Proof of Stake blockchain network that is compatible with the existing ecosystem of Blockchain tools and developer instruments (notably, Ethereum and Cosmos) and meets the requirements of modern industry, with fast finality and high transaction throughput. Haqq’s goal is to serve the international Muslim community by providing financial and technological tools that enable independent financial interactions while supporting the evolution of technology and philanthropy.
Islamic Coin – a purposeful community crypto asset. It is used as the native coin on the Haqq blockchain. Every time a new Islamic Coin is minted, 10% of the issued amount is deposited into a dedicated DAO. Evergreen DAO for further investment into beneficiary projects for the Muslim community or given to Islamic charities. This is the first introduction of a coin that brings direct economic value to the community.
Evergreen DAO
Evergreen DAO is a non-profit virtual foundation focused on long-term sustainability and community impact. It effectively functions as a crypto endowment fund. In some cases described below, Evergreen DAO may also fund activities necessary for the evolution of the Haqq network. Key decisions are made by a board made up of Haqq network validators whose contribution to the stability and security of the network is the greatest.
Haqq Association
Haqq Association is a (non-profit) association based in Switzerland. It is funded through donations. The association brings together the most prominent actors in the Islamic world to promote community-driven decentralized technologies worldwide. One of the most important functions of Haqq is to oversee the further development of the Haqq blockchain and ensure that the development goes according to the principles of Islamic Finance. Such oversight is carried out by world-renowned Sharia Scholars and Professors of Islamic Finance, members of Haqq’s Sharia Council.
Islamic coins and how they work
Islamic coins! Whether you are a seasoned collector or just starting out, there is something special about Islamic coins, From Blockchain.
So, what makes Islamic coins so special? For starters, these coins represent more than just currency – they are an important part of Islamic culture and beliefs. Islamic coins also often feature blockchain payments that are real-time and can be used in wallets globally.
But how do Islamic coins actually work? It’s actually quite simple. Most Islamic coins are halal digital assets, designed to create value for the Muslim community. It is built on the original Haqq blockchain and strictly adheres to the principles of Islamic Finance.
Lastly, Islamic coins can also be collected as a hobby. There are a wide variety of coins that can be used in Blockchain currency
Exploring the Benefits of Islamic Coins
Have you heard about Islamic coins? If yes, you might be wondering what makes it special and the benefits it offers. Islamic coins are coins that are used for Blockchain transactions in a legal and secure manner.
Islamic coins cannot be minted and devalued arbitrarily.
It also cannot be deflated arbitrarily through rising interest rates; its price is determined by the market and is thus always fair.
Islamic Coins are minted automatically at a predetermined announcement rate and distributed among validators and delegators who actively contribute and invest in the functioning and security of the Haqq network.
Unlike fiat money, Islamic Coins are not operated by banks whose main business is to earn money by charging interest. Charging interest is what leads to riba and is therefore haram.
Every time a new Islamic Coin is minted, 10% is deposited into a dedicated Evergreen DAO for further investment into Islam-related ventures or donated to Muslim charities. This is the first introduction of a coin that brings direct economic value to the Muslim community.
Interpretation
Islamic Shariah’s view on establishing the “Haqq Chain” network and issuing its own currency “Islamic Coin”
Praise be to Allah. Peace and blessings are upon our Prophet Muhammad, his family, all his companions, and those who follow them with good intentions until the day of judgment, and thereafter:
The Sharia Authority which was established with the aim of providing a legitimate Islamic view in establishing the “Haqq Chain” platform (“The Platform”) and issuing its currency known as “Islamic Coin”, has held a number of meetings until 22/01/2022 AD. (19/06/1443 Hijri), to review the Platform’s White Paper which is a White Paper in Arabic and English that lists the Platform’s blockchain-based features, the technical framework used to program the “Haqq Chain” platform, the Platform’s objectives, and the mechanism used to issue and distribute its currency “Islamic Coin”, as well as information about the DAO Evergreen Endowment Fund to be established on the Platform.
How to Safely Store Cryptocurrency
Make certain that your crypto is always secure. Always keep your passwords in a secure location, and keep a seed phrase handy just in case. Cold storage with a cold wallet is always the best solution.
Trezor and Ledger are two of the most popular options. Try Metamask to store your cryptocurrency in a hot wallet. A tutorial on how to can be found here.
Using a Multisig wallet will also provide you with additional security features for large amounts. When more than one decision maker is involved or the risk (amount) is higher, multi-sig wallets require multiple parties to sign the transaction. Read a fantastic tutorial on
Website: Islamic Coin
