Ethics-first, Shariah-compliant Crypto Engages Advisory Board prepares listing
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As of November 2022, Islamic finance represents around 6 percent of the global banking market. According to analyst estimates, the sector will reach $3.69 trillion in value by 2024: a forecast that makes the issue of harnessing the latest technologies, such as blockchain, and launching inclusive financial products more urgent than ever.
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A recent Islamic Finance Outlook 2022 Edition by S&P Global confirms this trend. The report mentions three factors affecting the industry’s resilience, such as digital access to banking services, issuing Sukuk on digital platforms using blockchain technology and improving cyber security. Inclusion is another problem: there is still a lack of halal financial products that would reflect the requirements of Islamic finance.
Islamic coin: where finance, technology and ethics meet
One of the sector’s pioneers is Islamic Coin, a native currency of the Haqq community-driven blockchain. Its primary function is to provide the world’s Muslim community with easy access to financial services by strengthening an ethics-first Shariah-compliant financial ecosystem. Islamic Coin focuses on 1.1 billion Muslim Internet users worldwide and caters to millions more who support ethics-first financial services.
Nearly 10 percent of each issue is deposited into the Evergreen DAO for further investment in Islamic-related businesses or donated to Muslim charities, providing direct financial value to society. In 2022, Islamic Coin received a Fatwa from the world’s leading Muslim scholars, confirming that the coin meets the highest ethical standards of the Muslim community.
The demand for this type of digital money becomes evident when the coin secured $200 million during a private sale, breaking all records for 2022.
40-plus years of combined team experience as an important resource
According to Mohammed AlKaff AlHashmi, co-founder and member of Islamic Coin’s executive board, this success is largely due to the support of top advisors, managers and scholars from both traditional and Islamic finance.
Another board member is Hussein Al Meeza, an award-winning banker with over 45 years of experience in the Islamic banking, finance and insurance sector, one of the key figures involved in the establishment of Dubai Islamic Bank, the first fully-fledged Islamic bank in the world. Khamis Buharoon AI Shamsi, the former Assistant Director of the Finance Department, and Assistant Director of the Internal Audit Department of the Central Bank of the UAE; and Greg Gigliotti, a respected fund manager with experience at Goldman Sachs and other global institutions who has managed a portfolio of over $16 billion during his career, also serves on the board.
Islamic coins The Shariah Board is chaired by Sheikh Dr. Nizam Mohammed Saleh Yaquby, recognized by Bloomberg as ‘The Gatekeeper’ of a $2 trillion market for Islamic financial products. Sheikh Yaquby sits on the Shariah boards of top international finance companies including HSBC, Lloyds TSB and Barclays; France’s BNP Paribas, Credit Agricole and Citigroup.
Ruling family member Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan to join the advisory board
As stated in Islamic Coin’s latest announcement, HE Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan will join the project’s advisory board. A member of Abu Dhabi’s ruling Al Nahyan family and Vice President of the Wajib Volunteer Association, His Excellency Sheikh Mohammad is an established entrepreneur in the region with various businesses and development projects throughout the GCC.
Together with his father, His Highness Sheikh Khalifa Bin Mohammad Bin Khalid Al Nahyan, also a member of the Advisory Board, he will lend his experience to develop and further Islamic Coin’s mission – to deliver Sharia-compliant digital money to the world’s Muslim community and beyond .
“An important milestone lies ahead for Islamic Coin as it will soon roll out on leading exchanges under the $ISLM ticker. It is inspiring to join the team at this stage and work to build and create new opportunities together,” commented HE Sheikh Mohammad .
Note: Investing in cryptocurrency and cryptoassets is subject to financial risk and readers should do their own due diligence. Entrepreneur Media does not support such investments.
