Welcome to our unique Q&A session with Zain Awan, the Chief Advertising and marketing Officer of Haqq Community and Islamic Coin. Islamic Coin is a groundbreaking cryptocurrency challenge that has got down to bridge the hole between the quickly rising world of cryptocurrencies and the rules of Islamic finance.
With a mission to onboard over 1.8+ billion Muslims into the digital finance ecosystem with out compromising their values and religion, Islamic Coin is making waves within the crypto business.
Immediately, now we have the privilege of diving deeper into the challenge and its distinctive options as we chat with Zain Awan, who will make clear the modern strategy taken by Islamic Coin. Be part of us as we discover the fascinating intersection of digital finance, Sharia compliance, and the way forward for blockchain expertise.
Speaker: Zain Awan, CMO at Islamic Coin & HAQQ Community
1. Congratulations on the upcoming itemizing on Kucoin! Are you able to inform us extra concerning the significance of this milestone for Islamic Coin and its group?
“Our mission of onboarding the world’s over 1.9+ billion Muslims into the fashionable period of digital finance is just simply starting, with extra folks now gaining access to ISLM by itemizing it on public exchanges like KuCoin. We’re engaged on getting ISLM on extra exchanges within the coming weeks. We solely just lately emerged from stealth and have since achieved landmark achievements like our $400m personal funding spherical. ISLM is HAQQ’s native token designed to gasoline innovation in Shariah-compliant and moral monetary purposes. As extra folks start to put their fingers on ISLM, which serves necessary utility features comparable to staking, governance, funds, and even Islamic Bonds, in any other case often called Sukuk. We’re assured that ISLM will ship on its guarantees of creating a Shariah-compliant ecosystem, together with the defisphere.”
2. You talked about that Islamic Coin may also be listed on Haqqex and Sushiswap. Might you elaborate on why these exchanges had been chosen and the way they align with Islamic Coin’s rules and values?
Sure! Haqqex, whereas centralized, represents a Shariah-compliant crypto change which aligns with our imaginative and prescient at Islamic Coin and HAQQ. Muslims globally are continually in search of alternatives to take part in fashionable finance. Nonetheless, the problem has all the time been about balancing their quest for monetary safety with spiritual beliefs and ethics.
Haqqex represents that bridge, and we’re proud to be one in all their main companions. Sushi, alternatively, is a DEX, a serious gateway for gamers within the DeFi areas providing an unlimited array of crypto belongings. We perceive the distinctive wants of core DeFi natives preferring buying and selling on DEXs because it doesn’t require KYC earlier than customers can entry it.
We’re trying ahead to seeing extra exchanges acknowledge the worth of ISLM and combine it into their platforms. Our vibrant communities throughout varied platforms stand as a testomony to our world attraction because the go-to answer for moral finance within the Web3 area. We’re dedicated to upholding the very best requirements of compliance, and we consider this can proceed to resonate with exchanges trying to supply priceless, moral monetary choices to their customers.
3. The introduction of the “The whole lot App” sounds intriguing. Might you present some insights into how this app will profit the International Muslim Neighborhood and help early-stage tasks?
For us at Islamic Coin, our dedication to cater to the world’s world Muslims, a lot of whom usually are not correctly serviced within the legacy monetary system in existence at the moment, is unflinching. And whereas we’re at it, we’re additionally innovatively taking a look at how we join the dots. By connecting dots, we imply boosting the utility of what we have already got present with modern purposes that make use of the usage of belongings like ISLM. Give it some thought like this: as a Muslim, you may merely use a single app in your communication, spending, funding, logistics wants and extra.
The connecting piece right here might be ISLM, which already boasts spectacular utilities, as I discussed earlier. Take, for example, our partnership with FAMBRAS; with this and lots of extra, ISLM can cater to customers of our The whole lot app comfortably, whether or not it’s for funding, communications, life-style and extra. We’re presently engaged on this in stealth and might be giving extra particulars to our group as quickly as we predict it’s the correct time for that. Undoubtedly, an thrilling future is forward of us. Tremendous app could have utility for the Muslim group and past as a method of communication, accessing key elements of utility which is required and a one-stop store for the way forward for the group to be nurtured.
4. Making a halal and moral NFT market is a novel initiative. How does this market align with Islamic Coin’s dedication to accountable digital finance, and what affect do you hope it is going to have on the NFT area?
Once more, we’re grateful for the distinctive alternative now we have to deal with a worldwide drawback for these all for moral finance. You’ll agree with me that loads of hypothesis and wash buying and selling occurs within the standard NFT sector. Whereas it could be troublesome to deal with this problem utilizing standard means, our focus is on deploying what now we have to get to our vacation spot on this journey. Let me show you how to perceive my level. We have already got the Shariah Oracle, or you may even name it the HAQQ Oracle. That is an thrilling piece of expertise that helps guarantee Shariah compliance for these utilizing our premier pockets — HAQQ pockets. With the HAQQ pockets, customers can nonetheless set their preferences concerning the dApps/contracts they wish to work together with. How will this NFT market pull its information feed? The Shariah Oracle! This doesn’t enable unethical transaction practices to leak into the HAQQ pockets. And whenever you take a look at it, past the wash buying and selling that occurs within the NFT area, now we have additionally seen instances of cash laundering and different vices facilitated utilizing NFTs. We hope an moral NFT market layered on HAQQ addresses these challenges. The final level I wish to cowl on this level is the enterprise mannequin. There’s been an enormous debate on royalties, charges and different points per NFTs buying and selling on NFT marketplaces like Opensea, Blur, Sudoswap, Superare, and many others. Whereas I gained’t be going into deep particulars about how our NFT market will function based mostly on these parameters, relaxation assured will probably be modelled in response to Islamic Finance rules for the very best moral compliance.
5. Islamic Coin envisions offering a “tremendous utility single token.” Might you clarify what this implies and the way it will encourage widespread participation within the HAQQ ecosystem?
A typical denominator everybody is aware of about on this area is volatility. Actually, you hear statements like “Volatility is a characteristic. It’s not a bug”. Tremendous utility, subsequently, is a strategy to promote the legacy and permit customers not solely to learn by way of the direct and obvious issues that are being constructed but in addition to be a part of the groundbreaking ecosystem that Haqq is already actualizing. The actual builders on this area seldom focus on the value of tokens, despite the fact that it tends to excite a considerable amount of any challenge’s group. Particularly if there’s an upward pattern. However what makes or mar any challenge on this area is the utility(ies), a challenge’s token powers. The success of Ethereum at the moment might be simply traced to the utilities it permits builders and tasks, whether or not they’re making a dApp focussed on funds, agriculture, training and even healthcare. For us at Islamic Coin, now we have given this some deep thought and subsequently structured the tokenomics of ISLM to point out we’re on this for the lengthy haul. I discussed the totally different sectors dApps are disrupting for Ethereum, and the place do you assume I’m going with that? We perceive how necessary the utility of any crypto token is, which is why now we have and are nonetheless bagging quite a few collaborations and partnerships in each main sector you may consider. MBM in Dubai, FAMBRAS, and extra. Our finish purpose is to energy ISLM utility in a number of areas with totally different dApps that might be created, fuelling the financial imaginative and prescient of Islamic Coin. The principle premise right here is that our viewers is admittedly not core web3 natives, which is sensible to make sure common people not that savvy with crypto can entry and use ISLM. The potential optimistic impact right here is that ISLM could turn out to be the primary asset that isn’t depending on the ISLM worth and will even turn out to be an inner hedge for web3 natives trying to protect themselves from excessive volatility in some instances. Tremendous utility is not going to be an remoted profit however a compounding one which empowers ISLM holders to drastically be part of the reducing fringe of moral Web3.
6. Clear governance is a key facet of Islamic Coin’s strategy. How will the challenge guarantee transparency, and what mechanisms might be in place for group involvement in decision-making?
So early on, the narrative now we have established is that HAQQ, our L1 Blockchain with ISLM as its native token, is community-run. For us, we pleasure ourselves in inclusion, which suggests levelling the taking part in discipline. As it’s possible you’ll effectively know, validators run any PoS blockchain. HAQQ, being a PoS blockchain, requires no minimal quantity for validators in ISLM to have the ability to qualify as a validator. Nonetheless, solely the highest 150 validators are chosen to take part in community governance. ISLM is instrumental in fueling a governance mannequin that’s each inclusive and Shariah-compliant. Members can suggest, again, and vote on initiatives, making certain an moral and community-driven governance course of inside the HAQQ Community. Governance on HAQQ with ISLM additionally covers Evergreen DAO and Shariah Oracle.
7. Curiosity-free buying and selling is a notable characteristic of Islamic Coin. How will this be applied, and what advantages does it supply to customers in comparison with conventional buying and selling platforms?
The distinguished distinction between standard finance and Islamic Finance is that the latter prohibits Riba — curiosity, which is the bedrock of standard finance. Islamic Finance hinges on Shariah Legislation, which prioritizes group over profit-making. For example, rather than the curiosity mannequin, Islamic Coin, which was created by way of a Fatwa, facilitates Sharia-compliant monetary transactions, following Mudarabah and Musharakah, representing Islamic frameworks for structuring loans. Mudaraba is a novel type of partnership the place one associate gives the capital, and the opposite gives experience and administration. Earnings are shared as per an agreed-upon ratio, however any loss is borne solely by the capital supplier.
Then again, Musharakah is a partnership strategy the place revenue and loss are shared, fostering mutual curiosity and accountability. These transactions are seamlessly executed by way of good contracts, providing strong utility for Islamic Coin. All these and extra might be coded into good contracts deployed on HAQQ with transactions facilitated utilizing ISLM. We’re organizing hackathons in addition to encouraging innovators inside the area to discover these sustainable monetary mannequin choices by way of our $40 million ecosystem funds. Islamic Coin additionally has utility within the realm of inheritance, a distinguished facet of Islamic finance. It deploys good contracts to stick to Sharia pointers, minimizing disputes and authorized proceedings, thereby making certain truthful and automated distribution. Regardless of the zero tolerance to rate of interest in Islamic Finance, it’s really a power which may result in sustainable progress and never compromise the steadiness of the group – permitting for extra harmonization and legacy within the monetary equipment that’s constructed with this basis.
8. Might you share some insights into the charity-driven initiatives that Islamic Coin is concerned in and the way these align with the challenge’s broader mission?
Philanthropy is an integral a part of Islamic Coin. We established Evergreen DAO and designed it such that 10% of every ISLM minted is deposited into it. These funds might be solely channelled in the direction of initiatives useful for the Muslim group and the community at giant. Its governance construction is delineated by the HAQQ Neighborhood and HAQQ Shariah Board, making certain each spending proposal aligns with Islamic finance rules. Zakat is without doubt one of the 5 pillars of Islam, and for us at Islamic Coin, we see Evergreen DAO as a driver of enabling sustainable charitable practices to the broader Muslim inhabitants globally.
9. What challenges do you foresee in pioneering a brand new period of accountable digital finance, and the way does Islamic Coin plan to navigate them?
Pioneering a brand new period of accountable digital finance presents a number of challenges, significantly when aligning it with the rules of Islamic finance. First, the sheer dimension of the potential market—estimated at round $3 trillion for Islamic Finance and a further $4 trillion for Halal merchandise—suggests immense prospects but in addition complexities by way of scalability, laws, and market training. The first problem lies in accessibility. Regardless of an unlimited market, Islamic finance merchandise usually are not available to the broader inhabitants, usually on account of geographical or regulatory constraints. Islamic Coin goals to bridge this hole by leveraging fashionable monetary applied sciences that may attain folks no matter location. To this finish, Islamic Coin is designed as a Sharia-compliant digital asset that may serve the wants of the worldwide Muslim group and past. By doing so, we’re not simply growing accessibility; we’re additionally educating the market on how Islamic monetary rules might be utilized within the digital age. Navigating these challenges would require steady innovation, stakeholder engagement, and rigorous compliance with each monetary laws and Islamic rules. We’re dedicated to those goals and are excited to spearhead this transformative shift.
10. Wanting forward, what are a few of the main milestones or developments that the Islamic Coin group can sit up for within the close to future?
Now we have so much in retailer, and our group can relaxation assured we’re actively collaborating and inching new offers that may additional develop our ecosystem and assist gasoline our mission. Only in the near past, now we have built-in with CoinPayments, a foremost crypto cost answer with entry to over 100k retailers. Now, greater than 100k retailers and companies can facilitate moral transactions utilizing ISLM. That’s simply one of many offers. There are lots of extra, like our collaboration with Axelar to assist convey USDC into the HAQQ ecosystem to spice up liquidity. Our Gold-backed stablecoin is one other key growth that’s ongoing, and we hope to replace our group on this. A lot of our collaborations and integrations will take impact within the coming weeks and months now that ISLM is publicly obtainable. Actually, past our revolutionary merchandise, HaqqPad and Haqq Labs, our accelerator launchpad and incubation arms, respectively, need to go full steam attracting modern tasks throughout a variety of merchandise as a result of we’re narrative agnostic and trying to contact key sectors which might be essential for a thriving ecosystem comparable to HAQQ and Islamic Coin. Whereas we’re working arduous to realize these, our hope is that extra exchanges will acknowledge and embrace the transformative work we’re doing at Islamic Coin and HAQQ. By integrating ISLM into their platforms, these exchanges can supply their communities a novel alternative to take part in our groundbreaking imaginative and prescient for moral finance on this fashionable period of digital finance.
It was a pleasure to listen to from Zain Awan, the Chief Advertising and marketing Officer of Haqq Community and Islamic Coin. We gained priceless insights into the mission and values of Islamic Coin and the way they’re working in the direction of bridging the hole between the world of cryptocurrencies and Islamic finance. The upcoming itemizing on Kucoin and the launch of the “The whole lot App” are thrilling developments within the pipeline, and we sit up for seeing Islamic Coin’s continued development and success within the digital finance ecosystem.
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