Halal cryptocurrencies in the digital finance world

From the very beginning of trade relations, people needed funds to exchange goods, food, medicines and clothing. Before the appearance of the first banknotes, precious metals and stones played the role of instruments for exchange. But even after the appearance of paper money, banknotes remained associated with gold and silver, and their issuers guaranteed the possibility of exchanging their currency for a certain amount of gold or silver which was supposed to guarantee their value.

Islamic jurisprudence and Islamic financial institutions, whose work is based on Shariah laws have always been satisfied with this use of gold and silver, and therefore accepted banknotes as a means of exchange. Today, Islamic finance is not limited only to Muslim countries and Islamic banks. Their influence extends to countries where there is no Muslim majority. Assets related to Islamic finance are estimated at more than 2.3 trillion US dollars, and their growth rate is about 18% per year. With the advent of cryptocurrencies, the question arose not only about the expediency of their use in trading and exchange operations, but also about compliance with the principles of halal.

Primarily, halal cryptocurrency is a digital financial instrument that must comply with the requirements of Shariah laws and fit into the framework of Makasid al–shariah (divine goals). This model is fundamentally different from traditional practice and has its own goals and mechanisms.

Cryptocurrencies are recognized not only as a real alternative to traditional financial systems, and some experts speak of them as an "economic revolution". Numerous players operating in the cryptocurrency market offer various types of coins and tokens, but with numerous drawbacks, such as lack of regulatory support, inadequate strategic planning and uncertainty about their provision.

Halal cryptocurrencies are a response to the challenges taken by the participants of digital financial systems. The main task in their development is to ensure the well-being of mankind and the creation of sustainable Islamic financial systems in the digital space. If you want to understand more deeply the models and principles of functioning of halal cryptocurrencies, we recommend you to read the book of Saleh A. Alawaji Alghamdi, Council of Ministers office of the Advisor, Kingdom of Saudi Arabia.

IslamicCoin is a digital currency conforming to the norms of Islam and Shariah, functioning in its own blockchain Haqq, which means "Truth". Already at the stage of closed sales, IslamicCoin aroused huge investor interest and was able to raise more than $ 200 million in just a few weeks. Unlike technically outdated Bitcoin and Ethereum, which have a lot of problems, IslamicCoin uses the full power of the most progressive blockchain technologies and is based on the most fair and reliable ideology and rules of conduct.

Successful investors choose ideology, technology and prospects based on something more than minor fluctuations in price charts. For almost 20 years of the existence of a new type of digital money, cryptocurrencies have not brought a drop of real value into this world, have not made people free, independent and happy.

And this means that it's time for a new type of finance based on responsible choices and new values!