Turkish journalist Adan Ateş has published an article on ekovizyon.com.tr “Islamic Economics on the Blockchain HAQQ.”
At the recent “Blockchain Week” event, held at the Hilton Hotel in Istanbul, representatives from domestic and international companies gathered to discuss topics in the fields of blockchain, Web 3.0, artificial intelligence, tokens, and cryptocurrencies.
Report by Adan Ateş
The “Blockchain Week” event covered a variety of subjects, such as decentralization, regulation, decentralized finance, blockchain applications, the metaverse, digital identity, and many more. The event drew considerable attention from entrepreneurs, students, and IT professionals. Over the course of two days, industry challenges, proposed solutions, and future prospects were discussed.
One of the most notable and innovative blockchain projects presented at the event was “HAQQ.COMMUNITY & IslamicCoin.” This is a blockchain network that adheres to the economic principles and rules of Islam. The system operates in such a way that all decisions are made only after a two-tiered approval process involving the community and religious experts (fatwa). Company representatives emphasized that no decision is imposed on users without prior approval from the community or religious authorities.
Founders of HAQQ Network and Islamiccoin:
“Our Solutions Fully Comply with Islamic Principles”
Muhammad El-Kaff El-Hashimi, one of the founders of HAQQ Network and Islamiccoin (ISLM), a Dubai-based network and cryptocurrency wallet with over 1.2 million downloads, stated:
“Islamiccoin is the native token of the HAQQ Network. Our network is built on the principles of ethics and transparency. We don’t make decisions unilaterally and don’t impose them on the end user. Our Islamic values definitely influence our decision-making process. Our cryptocurrency is used not just by Muslims. Many individuals from other faiths and belief systems also actively use our network and currency. In fact, the majority of our users are non-Muslims. 5% of our revenue goes to charity.”
“With 1.2 million wallet downloads, we see the level of trust users have in our system. Our users can confidently use our network. I have not heard of any Islamic financial institutions going bankrupt, as they operate based on principles of trust. We don’t limit ourselves to just developing Islamic financial applications. We also focus on user education. Through our ‘Blockchain Academy,’ we offer continuous and up-to-date courses. We place special emphasis on transparency in matters of Zakat (the obligatory Islamic tax).”
Andrey Kuznetsov, a Business Development Expert at HAQQ Network and Islamiccoin, added:
“We collaborate with universities in Malaysia and have completed the accreditation process with certificates obtained from them. We pay great attention to community approval. All our services are provided in accordance with Sharia principles and rules.”
These statements underscore the unique nature of the project, which combines Islamic financial principles with modern blockchain technology, while attracting a broad range of users from various religious and cultural communities.
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