Welcome to our unique Q&A session with Zain Awan, the Chief Advertising 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 ideas 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 trade.
At the moment, we now have the privilege of diving deeper into the challenge and its distinctive options as we chat with Zain Awan, who will make clear the progressive strategy taken by Islamic Coin. Be a 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 in regards to the significance of this milestone for Islamic Coin and its neighborhood?
“Our mission of onboarding the world’s over 1.9+ billion Muslims into the trendy period of digital finance is barely 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 arms on ISLM, which serves vital utility features reminiscent of staking, governance, funds, and even Islamic Bonds, in any other case generally known as Sukuk. We’re assured that ISLM will ship on its guarantees of building a Shariah-compliant ecosystem, together with the defisphere.”
2. You talked about that Islamic Coin can even be listed on Haqqex and Sushiswap. May you elaborate on why these exchanges had been chosen and the way they align with Islamic Coin’s ideas and values?
Sure! Haqqex, whereas centralized, represents a Shariah-compliant crypto trade which aligns with our imaginative and prescient at Islamic Coin and HAQQ. Muslims globally are continually searching for alternatives to take part in fashionable finance. Nonetheless, the problem has at all times been about balancing their quest for monetary safety with non secular beliefs and ethics.
Haqqex represents that bridge, and we’re proud to be considered one of their main companions. Sushi, however, is a DEX, a serious gateway for gamers within the DeFi areas providing an unlimited array of crypto property. 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 wanting 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 international attraction because the go-to resolution for moral finance within the Web3 house. We’re dedicated to upholding the very best requirements of compliance, and we consider this may proceed to resonate with exchanges seeking to supply beneficial, moral monetary choices to their customers.
3. The introduction of the “All the pieces App” sounds intriguing. May you present some insights into how this app will profit the World Muslim Neighborhood and assist early-stage tasks?
For us at Islamic Coin, our dedication to cater to the world’s international Muslims, a lot of whom will not be correctly serviced within the legacy monetary system in existence immediately, 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 progressive purposes that make use of using property like ISLM. Give it some thought like this: as a Muslim, you possibly can merely use a single app on your communication, spending, funding, logistics wants and extra.
The connecting piece right here shall be ISLM, which already boasts spectacular utilities, as I discussed earlier. Take, as an example, our partnership with FAMBRAS; with this and plenty of extra, ISLM can cater to customers of our All the pieces app comfortably, whether or not it’s for funding, communications, life-style and extra. We’re presently engaged on this in stealth and shall be giving extra particulars to our neighborhood as quickly as we expect it’s the suitable time for that. Undoubtedly, an thrilling future is forward of us. Tremendous app could have utility for the Muslim neighborhood and past as a method of communication, accessing key components of utility which is required and a one-stop store for the way forward for the neighborhood 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 influence do you hope it is going to have on the NFT house?
Once more, we’re grateful for the distinctive alternative we now have to handle a worldwide drawback for these enthusiastic about moral finance. You’ll agree with me that quite a lot of hypothesis and wash buying and selling occurs within the standard NFT sector. Whereas it could be tough to handle this problem utilizing standard means, our focus is on deploying what we now have to get to our vacation spot on this journey. Let me enable you perceive my level. We have already got the Shariah Oracle, or you possibly can 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 permit unethical transaction practices to leak into the HAQQ pockets. And once you have a look at it, past the wash buying and selling that occurs within the NFT house, we now have additionally seen circumstances 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 received’t be going into deep particulars about how our NFT market will function primarily based on these parameters, relaxation assured it is going to be modelled in keeping with Islamic Finance ideas for the very best moral compliance.
5. Islamic Coin envisions offering a “tremendous utility single token.” May you clarify what this implies and the way it will encourage widespread participation within the HAQQ ecosystem?
A standard denominator everybody is aware of about on this house is volatility. In reality, you hear statements like “Volatility is a characteristic. It’s not a bug”. Tremendous utility, subsequently, is a solution to promote the legacy and permit customers not solely to learn through the direct and obvious issues that are being constructed but additionally to be a part of the groundbreaking ecosystem that Haqq is already actualizing. The actual builders on this house seldom talk about the worth of tokens, though it tends to excite a considerable amount of any challenge’s neighborhood. Particularly if there’s an upward development. However what makes or mar any challenge on this house is the utility(ies), a challenge’s token powers. The success of Ethereum immediately may 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, we now have given this some deep thought and subsequently structured the tokenomics of ISLM to indicate 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 vital the utility of any crypto token is, which is why we now have and are nonetheless bagging quite a few collaborations and partnerships in each main sector you possibly can 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 primary premise right here is that our viewers is actually not core web3 natives, which is smart to make sure common people not that savvy with crypto can entry and use ISLM. The doable optimistic impact right here is that ISLM could change into the primary asset that isn’t depending on the ISLM value and should even change into an inside hedge for web3 natives seeking to protect themselves from excessive volatility in some circumstances. Tremendous utility won’t be an remoted profit however a compounding one which empowers ISLM holders to drastically be part of the slicing fringe of moral Web3.
6. Clear governance is a key side of Islamic Coin’s strategy. How will the challenge guarantee transparency, and what mechanisms shall be in place for neighborhood involvement in decision-making?
So early on, the narrative we now have established is that HAQQ, our L1 Blockchain with ISLM as its native token, is community-run. For us, we delight ourselves in inclusion, which implies levelling the taking part in area. As it’s possible you’ll properly 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 neighborhood over profit-making. As an illustration, rather than the curiosity mannequin, Islamic Coin, which was created via 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 supplies the capital, and the opposite presents experience and administration. Income are shared as per an agreed-upon ratio, however any loss is borne solely by the capital supplier.
However, Musharakah is a partnership strategy the place revenue and loss are shared, fostering mutual curiosity and accountability. These transactions are seamlessly executed via sensible contracts, providing sturdy utility for Islamic Coin. All these and extra may be coded into sensible contracts deployed on HAQQ with transactions facilitated utilizing ISLM. We’re organizing hackathons in addition to encouraging innovators inside the house to discover these sustainable monetary mannequin choices via our $40 million ecosystem funds. Islamic Coin additionally has utility within the realm of inheritance, a distinguished side of Islamic finance. It deploys sensible contracts to stick to Sharia pointers, minimizing disputes and authorized proceedings, thereby making certain honest and computerized distribution. Regardless of the zero tolerance to rate of interest in Islamic Finance, it’s really a power which might result in sustainable progress and never compromise the steadiness of the neighborhood – permitting for extra harmonization and legacy within the monetary equipment that’s constructed with this basis.
8. May 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 shall be solely channelled in direction of initiatives useful for the Muslim neighborhood and the community at massive. Its governance construction is delineated by the HAQQ Neighborhood and HAQQ Shariah Board, making certain each spending proposal aligns with Islamic finance ideas. Zakat is among 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 ideas of Islamic finance. First, the sheer dimension of the potential market—estimated at round $3 trillion for Islamic Finance and an extra $4 trillion for Halal merchandise—suggests immense potentialities but additionally complexities when it comes to scalability, laws, and market training. The first problem lies in accessibility. Regardless of an unlimited market, Islamic finance merchandise will not be available to the broader inhabitants, usually resulting from 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 neighborhood and past. By doing so, we’re not simply rising accessibility; we’re additionally educating the market on how Islamic monetary ideas may be utilized within the digital age. Navigating these challenges would require steady innovation, stakeholder engagement, and rigorous compliance with each monetary laws and Islamic ideas. We’re dedicated to those goals and are excited to spearhead this transformative shift.
10. Wanting forward, what are a number of the main milestones or developments that the Islamic Coin neighborhood can look ahead to within the close to future?
We’ve got so much in retailer, and our neighborhood can relaxation assured we’re actively collaborating and inching new offers that may additional develop our ecosystem and assist gasoline our mission. Only recently, we now have built-in with CoinPayments, a foremost crypto fee resolution 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 a lot of extra, like our collaboration with Axelar to assist carry 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 neighborhood on this. Lots of our collaborations and integrations will take impact within the coming weeks and months now that ISLM is publicly out there. In reality, past our revolutionary merchandise, HaqqPad and Haqq Labs, our accelerator launchpad and incubation arms, respectively, wish to go full steam attracting progressive tasks throughout a variety of merchandise as a result of we’re narrative agnostic and seeking to contact key sectors which might be needed for a thriving ecosystem reminiscent of HAQQ and Islamic Coin. Whereas we’re working laborious 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 Officer of Haqq Community and Islamic Coin. We gained beneficial insights into the mission and values of Islamic Coin and the way they’re working in direction of bridging the hole between the world of cryptocurrencies and Islamic finance. The upcoming itemizing on Kucoin and the launch of the “All the pieces App” are thrilling developments within the pipeline, and we look ahead to seeing Islamic Coin’s continued development and success within the digital finance ecosystem.
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