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 undertaking 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.
In the present day, now we have the privilege of diving deeper into the undertaking and its distinctive options as we chat with Zain Awan, who will make clear the revolutionary 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 just simply starting, with extra individuals now getting 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 functions. As extra individuals start to put their arms on ISLM, which serves essential utility features resembling staking, governance, funds, and even Islamic Bonds, in any other case often called Sukuk. We’re assured that ISLM will ship on its guarantees of creating 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 have 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 continuously in search of alternatives to take part in trendy finance. Nevertheless, 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 certainly one of their main companions. Sushi, however, is a DEX, a serious gateway for gamers within the DeFi areas providing an enormous array of crypto belongings. 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 trying ahead to seeing extra exchanges acknowledge the worth of ISLM and combine it into their platforms. Our vibrant communities throughout numerous platforms stand as a testomony to our international attraction because the go-to answer for moral finance within the Web3 area. We’re dedicated to upholding the very best requirements of compliance, and we imagine it will proceed to resonate with exchanges trying to supply invaluable, moral monetary choices to their customers.
3. The introduction of the “Every thing App” sounds intriguing. May you present some insights into how this app will profit the World Muslim Group and assist early-stage tasks?
For us at Islamic Coin, our dedication to cater to the world’s international Muslims, a lot of whom usually are not correctly serviced within the legacy monetary system in existence in the present day, 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 current with revolutionary functions that make use of using belongings like ISLM. Give it some thought like this: as a Muslim, you possibly can merely use a single app to 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, for example, our partnership with FAMBRAS; with this and lots of extra, ISLM can cater to customers of our Every thing app comfortably, whether or not it’s for funding, communications, way of life and extra. We’re at the moment engaged on this in stealth and shall be giving extra particulars to our neighborhood as quickly as we predict it’s the correct time for that. Positively, an thrilling future is forward of us. Tremendous app could have utility for the Muslim neighborhood and past as a way 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 singular initiative. How does this market align with Islamic Coin’s dedication to accountable digital finance, and what affect do you hope it can have on the NFT area?
Once more, we’re grateful for the distinctive alternative now we have to handle a world downside for these desirous about moral finance. You’ll agree with me that a whole lot of hypothesis and wash buying and selling occurs within the standard NFT sector. Whereas it could be troublesome to handle this problem utilizing standard means, our focus is on deploying what now we 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 relating to 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 whenever you take a look at it, past the wash buying and selling that occurs within the NFT area, now we 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 so forth. Whereas I received’t be going into deep particulars about how our NFT market will function primarily based on these parameters, relaxation assured will probably be modelled in accordance 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 area is volatility. Actually, you hear statements like “Volatility is a function. It’s not a bug”. Tremendous utility, due to this fact, is a option to promote the legacy and permit customers not solely to learn by way of the direct and obvious issues that are being constructed but in addition to be a part of the groundbreaking ecosystem that Haqq is already actualizing. The true builders on this area seldom focus on the value of tokens, although it tends to excite a considerable amount of any undertaking’s neighborhood. Particularly if there’s an upward pattern. However what makes or mar any undertaking on this area is the utility(ies), a undertaking’s token powers. The success of Ethereum in the present day might be simply traced to the utilities it permits builders and tasks, whether or not they’re making a dApp focussed on funds, agriculture, schooling and even healthcare. For us at Islamic Coin, now we have given this some deep thought and due to this fact structured the tokenomics of ISLM to point out 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 essential the utility of any crypto token is, which is why now we 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 could possibly be created, fuelling the financial imaginative and prescient of Islamic Coin. The primary premise right here is that our viewers is de facto not core web3 natives, which is sensible to make sure common people not that savvy with crypto can entry and use ISLM. The attainable constructive impact right here is that ISLM could turn into the primary asset that isn’t depending on the ISLM value and should even turn into an inside hedge for web3 natives trying to protect themselves from excessive volatility in some circumstances. Tremendous utility is not going to be an remoted profit however a compounding one which empowers ISLM holders to drastically be part of the reducing fringe of moral Web3.
6. Clear governance is a key side of Islamic Coin’s strategy. How will the undertaking guarantee transparency, and what mechanisms shall be in place for neighborhood involvement in decision-making?
So early on, the narrative now we have established is that HAQQ, our L1 Blockchain with ISLM as its native token, is community-run. For us, we pleasure ourselves in inclusion, which suggests levelling the taking part in subject. As you might nicely 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. Nevertheless, 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 function of Islamic Coin. How will this be carried out, 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. For example, instead of 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 singular type of partnership the place one companion 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 good contracts, providing strong utility for Islamic Coin. All these and extra might be coded into good contracts deployed on HAQQ with transactions facilitated utilizing ISLM. We’re organizing hackathons in addition to encouraging innovators inside the area 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 good contracts to stick to Sharia pointers, minimizing disputes and authorized proceedings, thereby making certain truthful and computerized distribution. Regardless of the zero tolerance to rate of interest in Islamic Finance, it’s truly 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 undertaking’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 helpful for the Muslim neighborhood and the community at giant. Its governance construction is delineated by the HAQQ Group and HAQQ Shariah Board, making certain each spending proposal aligns with Islamic finance ideas. Zakat is likely one of 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, notably when aligning it with the ideas of Islamic finance. First, the sheer measurement of the potential market—estimated at round $3 trillion for Islamic Finance and an extra $4 trillion for Halal merchandise—suggests immense potentialities but in addition complexities by way of scalability, laws, and market schooling. The first problem lies in accessibility. Regardless of an enormous market, Islamic finance merchandise usually are not available to the broader inhabitants, typically attributable to geographical or regulatory constraints. Islamic Coin goals to bridge this hole by leveraging trendy monetary applied sciences that may attain individuals 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 might 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 targets and are excited to spearhead this transformative shift.
10. Trying forward, what are among the main milestones or developments that the Islamic Coin neighborhood can look ahead to within the close to future?
We’ve loads 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 in the near past, now we have built-in with CoinPayments, a foremost crypto cost answer 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 numerous extra, like our collaboration with Axelar to assist deliver USDC into the HAQQ ecosystem to spice up liquidity. Our Gold-backed stablecoin is one other key improvement that’s ongoing, and we hope to replace our neighborhood on this. A lot of our collaborations and integrations will take impact within the coming weeks and months now that ISLM is publicly accessible. Actually, past our revolutionary merchandise, HaqqPad and Haqq Labs, our accelerator launchpad and incubation arms, respectively, want to go full steam attracting revolutionary tasks throughout a variety of merchandise as a result of we’re narrative agnostic and trying to contact key sectors which are vital for a thriving ecosystem resembling 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 singular alternative to take part in our groundbreaking imaginative and prescient for moral finance on this trendy 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 invaluable 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 “Every thing App” are thrilling developments within the pipeline, and we look ahead to seeing Islamic Coin’s continued progress and success within the digital finance ecosystem.
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