Topic: Islamic Coin- the Shariah-Compliant Digital Money for the HAQQ Ecosystem ! (Read 278 times)

You have raised genuine concerns from religion perspective as Using credit based products doesn't comply with fundamental principles of Islamic financial system, which is not based on interest and emphasizes on profit/loss sharing. The original poster (OP) need to provide detailed information about the plans and strategies to address these challenges without compromising on core Sharia compliance.

Not even mentioning that assuming somehow all scholars and high authorities within the Islamic world gathered together and all agreed that cryptocurrency is halal, then the purpose of this alternative coin would not longer exist. Because Bitcoin would be within the reach of any Muslim who was previously worried about the relation between cryptocurrency and Islam.
Also, I do not know whether this is a ill-willed project, but even if it was not, this one will probably end up as many other alternative currency projects have in the past and going to get flatlined after the public start to lose interest. In order to start and maintain a good project, developers need more than just good intentions. They need to solve a problem and this is a coin seeking for a problem to solve.

Agreed.  I don't know how religion and crypto coexist.  It's not like there is a religious financial instrument in the fiat world.  I fear that people use this to pull on people's heartstrings to extract money out of them.  What pro would there be to include the religion's name in the coin name other than to direct your marketing towards that group.  Hopefully it's not ill willed and this project doesn't scam people out of their money.

There has been many Islamic related cryptocurrency that claiming they are Shariah-Compliant most of them are failed. I wonder why people keep trying to use Islam to sell crypto, I think most muslim won't care about it, in as long as it's not against any rules in Quran and not harming any people everything is Mubah/Permitted, crypto included. No need to add 'Shariah-Compliant' to it, it will just make it sound exclusive to muslim and reach less people.

All information regarding this coin can be found on CoinGecko, for example. Or on the official website https://islamiccoin.net. The coin is traded on CEX exchanges KuCoin and Bitget and has quite good figures in terms of trading volumes. Also, the coin can be staked. However, I have not found what APR this coin has.

where annoucement thread detail about islamic coin.
and where market exchanger if i want interest buy islamic coin.
not open ico selling sir

I completely resonate with your perspective. It's disheartening to see instances where individuals misuse religious sentiments in the context of cryptocurrencies. The amalgamation of religion and cryptocurrencies often raises concerns, as you rightly pointed out, especially when it's used as a guise for potential scams or to exploit people's faith. It's crucial to scrutinize such ventures and approach them with caution, ensuring transparency and legitimacy in the realm of cryptocurrencies. Your post raises an essential awareness about the need to separate genuine projects from those that attempt to capitalize on religious sentiments. It's a crucial conversation within the crypto space that we should all be mindful of.

Talking about attracting the right audience, you're right. A lot of folks are in the Crypto space not to fratanize with religion but for the enrichment. No doubt the project so far has tried to project its concept around the faith. As the reading ISLM mission as the native currency of the Haqq Network, there's much expectations which I'm waiting to see the outcome. I saw the project early enough and now it it beginning to hit Exchange, I have position myself with the listing reward pool on Bitget. Hope the project turns out a better narrative among projects driven along religious lines.

I admire how the gas token approach solves the bitcoin industry's inexpensive transaction problem. The blockchain's decentralized governance and staking system boost safety. Will this be enough to adapt to the market and grow? However, attempts to combine faith with crypto have failed. We can't ignore this forever. How does ISLM prevent repeating history? ISLM and HAQQ's designers must be more upfront about their security measures to avoid another religious crypto hoax.

This is not the first time we have seen a coin like this before and all of them were created by scammers, now you may try to use religion as a shield to protect you from criticism, but this is not going to work, as we are only criticizing your useless coin and not the faith of anyone reading these posts.

However this is just one more example of scammers holding nothing sacred as long as they can earn a dollar or two, and it demonstrates once again why we despise them so much.

I'm surprised we still have this kind of platform that targets specific religions, if that Cryptocurrency is good it should and can include every investor regardless of race, culture, religion, or belief to get massive adoption of targeted groups it should have the blessing or the support of higher hierarchy like if you are creating a Christian coin it should have the backing of the Pope.
People should take a look at the innovation that a new coin is introducing, the developer's behavior, and how they market their platform it should not be like shilling marketing and they concentrate on steady growth.

I completely agree with the advice on investing. When it comes to making investment decisions, it's essential to separate personal biases, emotions, and external influences such as people, country, religion, and community. Investing based on neutral research, objective analysis, and sound financial principles is crucial to making informed decisions that can potentially yield positive returns and safeguard your money.
By removing emotional attachments and biases, investors can focus on understanding the fundamentals of the investments they are considering, assessing risks, and making well-informed choices that align with their financial goals. This approach allows for a more rational and strategic investment strategy, leading to better outcomes in the long run.

In fact, I had a disappointing experience in the past when I joined a lending project that carried a religious endorsement, but it turned out to be a fraudulent scheme. That's why it is essential to verify and determine the authenticity of any project before investing.

Advice for investing:

Never joined because of people, country, religion, community, and others. It's the way you are gonna get a dead end of your money because money not really seen from where you are come. Investing should be seperated from all-of these and only taken from neutral research.

I also don't think it's offensive it's the people behind it that uses it I have two Religion based token I participated in and invested and they are dead now, the admins scam the investors after they dump their shares, one of that coin was named Adab the other one I forgot, I don't discourage people from investing in religion based coin as long as they are bringing something to the community, they have capable developers and they are honest and transparent, people will think that because they are using religion they are honest but they are not, as proven from the past.

The principle of Sharia says that before investing, you need to make sure that such investments are permissible. DeFi projects are in most cases prohibited by Sharia, although I have not seen a direct ban on the use of Decentralized exchangers.I cannot yet imagine a decentralized model of such an ecosystem and similar projects do not survive.

We've seen too many of this type of scam before, I don't think this is the right audience you are looking for. Try your chance in other social media platforms with people who are unfamiliar with crypto-currencies.
Also staking should be haram, because it works just like interest. But you already know that. You are trying to take people's hard earned money by exploiting their religious feelings.

They just use the religion word and insert that in their token so that they can gather attention then target those people in that particular religion. Investors should know that religion should not associated with business and if someone using it for sure it will just end up scamming the same with other token who use someones faith just to take advantage of other people's money.

Your post will not offend islam since its valid opinion regarding on what mostly you see here.

A centralized project will no succeed in a decentralized market, not unless you cater the whole market but if you are just going to focus on a Religion which is should not be worked together, I think this will be hard for the project itself. Let's not involve any Religion here as we are promoting democratic here especially on choosing your own currency. Try to know your market as well, and see if this is a good idea or not. Hopefully, you can come up into a more good project that can help many.

I guess the name (HAQQ) is good for the platform, but nowadays many scam projects came if we are dealing with cryptocurrencies and there are also some staking projects in every second project. Secondly what about the centralized platform, which you had mentioned?

To me, this looks like a failed attempt because there is no correlation between cryptocurrency and religion because, to a great extent, most of those that deliberately separate their coin development along either religion,  ethnic or tribal lines have all failed since the project may fail to attract the right audience and investors.
I am sure that this project could do better if they discover a need in society and seek ways to end it that is by providing real-life services, this is the only way a project can build good liquidities that will propel the project to success.

No matter how I feel about religion, but all known attempts to cross religion and cryptocurrencies have always ended in scam. These things are not compatible and such statements in the description of coins are just trying to parasitize on people's faith and on various religious confessions. Someone just invented another clone of a famous coin and decided to wrap it in a religious wrapper for their own enrichment.

P.S. My post in no way offends Islam. It is only about cryptocurrency.

HAQQ is a centralized platform or not? If your platform is centralized, then it is very bad, if your platform is decentralized, then after launching decentralized applications on it that work by analogy with credit products, your platform will no longer comply with Islamic requirements.
How do you plan to solve this problem?

I am thrilled to introduce Islamic Coin (ISLM), the native currency of the HAQQ Network,bringing a new era of possibilities for the global Muslim community and blockchain enthusiasts alike ! 🔥

🌐 What is HAQQ ?

HAQQ is a cutting-edge blockchain platform designed to revolutionize the way we interact with decentralized applications (dApps).At its core lies ISLM,the heart and soul of this innovative ecosystem.

💫 Unlocking Multiple Use Cases :

ISLM paves the way for seamless interactions within the HAQQ ecosystem:

1️⃣ Gas Token: Users can experience a hassle-free journey by using ISLM to pay for gas fees when engaging with dApps built on HAQQ. Say goodbye to high transaction costs! 💸

2️⃣ Developer's Choice: Developers can deploy their smart contracts on HAQQ with ease,as ISLM provides the foundation for an innovative and flexible development environment. 🛠️

🔒 Staking for Security and Rewards :

Securing the HAQQ network is paramount, and staking plays a vital role:

📌Participants have the option to directly stake ISLM to run a validator node or delegate their stake to existing validators.

📌Stakers validate blocks of transactions and are rewarded with a share of transaction fees paid by users and ISLM block rewards.

💰The protocol has been thoughtfully designed to deter bad actors,ensuring the utmost integrity of the network.

🗳️ Decentralized Governance

As HAQQ takes strides towards decentralization, community governance becomes the cornerstone:

ISLM holders will have the power to shape the direction of HAQQ,contributing to the growth and development of this flourishing ecosystem. 🗳️

The community's voice will be heard as we progress together,making pivotal decisions that align with our collective vision.

🗓️ Mark Your Calendar!

The most awaited moment is nearly upon us! ISLM will go live on 01/09/2023, marking the beginning of a transformative journey in Shariah-compliant digital money.Join us on this exhilarating adventure towards financial inclusivity and decentralized excellence !

Share your thoughts and let us know what sparks your interest the most about ISLM and its role in the HAQQ ecosystem ? We can't wait to hear your insights ! 💬🌙

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