IslamicCoin developers announced public launch of the ISLM coin

May 2023, IslamicCoin – the first cryptocurrency that complies with Shariah law – will be publicly launched. This was announced in an interview with Arabian Business by Mohammed AlKaff AlHashmi, one of the co–founders and a member of the executive board of the project. Earlier, developers have already reported that the IslamicCoin project managed to attract more than $200 million.

In a conversation with Arabian Business, Mohammed AlKaff AlHashmi explained that the decision on private sales was initially made in order to get support from the venture investors and banks, create trust among the community and confidence in the success of the currency before its public launch. The IslamicCoin team chose this sales method also in order to avoid the impression that they are trying to use people's emotions to sell them something unknown.

"There is no space that would allow Muslims or those who observe Sharia law to implement their projects in the safest way. When you consider all the available blockchain technologies, it is obvious that a project that meets the requirements of Sharia should not work on the same blockchain with gambling projects or any other projects whose work contradicts the principles of Sharia. The HAQQ blockchain creates a special digital space in which you do not need to ask the questions "Is it allowed?", "Is it forbidden?", "Does it comply with Shariah Law?", says Mohammed Alqaff Alhashmi.

Analysts predict that by 2024, the volume of the international Islamic finance sector may exceed $3.69 trillion. This growth is due to the growing enthusiasm for investments that comply with Shariah law. According to this forecasts, the market for halal products will reach at least $4 trillion. We are talking not only about food, but also about medical products and cosmetics.

According to Mohammed AlKaff AlHashmi, the Muslim population of the world, which is currently estimated at more than 1.8 billion people, represents a huge, but largely untapped part of the cryptocurrency market. He also noted that Islamic finance is available to people of all religions. More than half of ISLM's private sales were made by non-muslims.

10% of all issued IS LM coins are sent to the Evergreen Dao Foundation, a charitable organization engaged in financing projects useful to society, among other things. However, the founders of the coin have no say in their selection process. In the third quarter of this year, its own voting system will be launched for projects that want to receive support. These projects will then be reviewed by the Shariah Council for compliance with Islamic laws.