Islamic Coin, a digital currency designed to adhere to Shariah principles and promote ethical values, has commenced its Reg D Token Offering to the public in partnership with OpenDeal Broker, a subsidiary of Republic.
In a press release on Monday, Islamic Coin announced its collaboration with Republic to support its market entry strategy.
Republic Crypto, the crypto advisory services division of Republic, will assist in customizing tokenomics, implementing DAO governance, and ensuring sustained economic utility value for the Islamic community. The partnership also involves establishing relationships with potential strategic partners, exchanges, and market participants.
As stated in the announcement, “Following this public launch, members of the international Islamic Coin community will enjoy various benefits, including opportunities for providing liquidity, staking their holdings, and earning tokens during the liquidity mining phase.”
Islamic Coin recently raised $193 million in private sales, with the participation of notable investors such as ABO Capital, DF 101, A195, and Optic Capital. Additionally, the project has formed an exclusive integration with DDCAP Group, along with its extensive network of over 300 Islamic banks.
Islamic Coin operates on the HAQQ Network, a Shariah-compliant blockchain network that aims to serve the world’s 1.9 billion Muslim population and beyond.
A distinctive aspect of Islamic Coin is its commitment to charitable causes, with 10% of each issuance dedicated to supporting philanthropic endeavors.
Support from Abu Dhabi’s Royal Families
The royal families of Abu Dhabi have expressed their support for the HAQQ and Islamic Coin project. The project also benefits from the expertise of professionals in Islamic and traditional finance from Wall Street and the City of London.
The high-profile launch of Islamic Coin aligns with the significant adoption of cryptocurrencies in Muslim-majority nations in recent years.
A Chainalysis report from October 2022 highlighted the Middle East and North Africa as the fastest-growing crypto markets, with four Muslim-majority countries among the top twenty adopters, along with other states with substantial Muslim populations such as India and Nigeria.
Just last month, The Sultanate of Oman revealed its multi-million-dollar investments in the crypto industry, including plans to invest nearly $1.1 billion in cryptocurrency mining operations.
However, it’s important to note that there have been ongoing discussions regarding the compliance of cryptocurrencies with Sharia law, which pertains to correct Islamic behavior in various matters, including financial activities.
Islamic scholars hold divided opinions on the permissibility of cryptocurrency. Some argue that its speculative nature makes it impermissible under Sharia law. This perspective has received support from influential Islamic groups in countries like Turkey, Egypt, and Indonesia.
Conversely, proponents of cryptocurrency argue that it can be considered halal (permissible) because it does not involve the collection of interest, known as riba.
