Islamic Coin Gets Fatwa from Muslim Scholars
Islamic Coin (ISLM), a Shariah-compliant digital currency has gotten itself a Fatwa, from Muslim authorities, according to TradeArabia News Service. The edict was led by Sheikh Dr Nizam Mohammed Saleh Yaquby, recognised as ‘The Gatekeeper’ of the $2 trillion markets for Islamic financial products.
Translated from Arabic, a Fatwa is an “opinion.” It is usually given in response to questions raised by people, businesses or Islamic courts. The Muslim Coins cryptocurrency will be bent on being accepted and useable in the whole Ummah.
Fatwas are not binding judgments, but if it is a positive fatwa, then you can carry onwards and upwards with the peace of mind that you have been given the seal of approval from religious leaders.
Islamic Coin has itself a positive Fatwa and will steam ahead. Building an autonomous, immutable independent financial system is Islamic Coin’s Management Board’s target. They will oversee the development of the ISLM coin, which operates on the Haqq blockchain.
The Fatwa from authorities was granted based on its use of proof-of-stake mining, and the decentralized nature of the ISLM coin. And, its charitable activities. Shariah compliance has been a recurring issue in crypto.
Islamic Coin claims to be a world-first, by sticking to the principles of the Quran. And “creating an instrument to serve and empower the Muslim community, while delivering direct value and promoting the principles of Islam via blockchain and innovation.”
Islamic Coin Key Figures
Mohammed Alkaff is the Islamic Coin Co-Founder. “We are proud to build and deliver a Shariah-compliant, immutable, independent financial system that serves the Muslim community and beyond. A pillar of stability, intertwined with values that are future-proof in a changing world.”
Also onboard is Islamic Banker of the Year Hussein Mohammed Al Meeza, a key figure of Dubai Islamic Bank. The bank is the first Shariah-Compliant financial institution in the world. READ: Top Cryptoassets with Biggest Market Capitalisation Growth
Islamic Coin’s influential board also counts Peter Rafferty on the team. He has his finger in a few pies in the Middle East, including the $600 billion portfolios of the Abu Dhabi Investment Authority. He also holds a leadership role in the US Chamber of Commerce. Islamic Coin will be launching via a private sale soon. #Islamic Coin Gets Fatwa from Muslim Scholars