The Shariah-compliant digital currency Islamic Coin (ISLM), has gained a positive Fatwa issued by the world’s leading Muslim authorities.
The decree was led by Sheikh Dr Nizam Mohammed Saleh Yaquby, acclaimed as ‘The Gatekeeper’ of the $2 trillion market for Islamic financial products.
Fatwa refers to queries raised by people, businesses or Islamic courts. Fatwas are not binding judgments. However, with a positive fatwa, one can carry on with a particular thing with approval coming from religious leaders. Islamic coin too has gained a positive fatwa i.e, legal endorsement.
The native token of the Haqq Blockchain has received the Fatwa on the grounds of its use of proof-of-stake mining, philanthropic missions and the decentralized nature of the ISLM coin.
10% of the issuance will be automatically converted into the Evergreen DAO Endowment Fund which is an independent decentralized entity. On the other hand, the fund is an endowment crypto fund for investing in projects that serve the International Islamic community.
Islamic token will be initially issued through a private sale and then be launched into top global exchanges.
The Islamic Coin’s Management Board is assigned with monitoring the development of the ISLM coin and its Haqq blockchain.
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The award-winning team has some of the popular figures hailing from the Islamic and traditional Finance world.
The team includes Islamic Banker of the Year, the 27-year old Hussein Mohammed Al Meeza, who is also a prominent figure of Dubai Islamic Bank. Dubai Islamic Bank is the first fully developed Shariah Compliant financial organization in the world.
Al Meeza is also a founding member of Emaar Properties and Board Member of the General Council of Islamic Banks and Financial Institutions.
Islamic Coin’s leading figures also include Peter Rafferty, with an impressive $600 billion portfolio of the Abu Dhabi Investment Authority and who has also served as a leader in the US Chamber of Commerce.
