An important aspect of Islamic banking is the digital economy represented by shariah-compliant cryptos.
On September 21, 2023, Islamic Coin ISLM (Islamic Coin token) launched its Reg D Token Offering to the Public. ISLM is a digital money that adheres to Shariah principles and emphasizes ethical values.
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.
Recently, the team has raised $193 million in private sales. ISLM has engaged in many partnership agreements, including an exclusive integration with DDCAP Group, a network of over 300 Islamic banks.
Islamic Coin is powered by HAQQ Network, a Shariah-compliant blockchain network, and caters to the world’s 1.9 billion Muslim population and beyond. 10 percent of each Islamic Coin issuance is dedicated to charitable causes.
The HAQQ and Islamic Coin platforms are supported by leaders from the royal families of Abu Dhabi and Dubai, the project is backed by experts in Islamic and traditional finance from Wall Street and the City of London.
Total funding for Islamic Coin has reached $400 million, beating Circle, BlockFi and Solana and has become one of the largest ever in the history of the crypto space.
Read: An additional $200 mn boosts funding for Islamic Coin
Global Islamic finance
Dr Abdul Rahman Bin Abdullah Al Humaidi, Director-General and Chairman of the Board of Directors of the Arab Monetary Fund, said Arab countries account for about 60 percent of the global Islamic financial industry, which amounted to $3 trillion by the end of 2021.
He said building the capabilities of workers in this industry and the capabilities of the regulatory and supervisory authorities is key for the continued momentum, growth, and development of the industry.
He pointed out that setting accounting standards for Islamic finance institutions helps support the growth of the industry, and achieves calibration and harmonization between Islamic financial practices among Arab countries, or between practices in Arab countries and international practices.
It also leads to the transparency of accounting disclosure, the reliability and credibility of financial statements, and facilitates the work of Islamic finance institutions.
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