The cryptocurrency world welcomed a new player as the Haqq Platform was launched recently at GITEX Global in Dubai. The new trading platform, operated and managed by the Haqq Association, will allow the general public to trade the Islamic Coin digital currency in compliance with the provisions of Shariah law.
“We received an overwhelming response from visitors at GITEX Global. Individuals, institutions, government, semi-governmental and private sector entities have expressed eagerness to know more about how they can invest or trade in the Islamic Coin digital currency. There is a massive appetite for cryptocurrencies that are compatible with the provisions of our Islamic Shariah, which can provide new banking products and solutions that are transparent, credible, sustainable and more equitable for managing money,” said Mohammed AlKaff AlHashmi, Co-founder and Chief Business Officer at Haqq Association, which specializes in Shariah-compliant digital financial services.
Islamic Coin has been generating a buzz in the digital assets industry since successfully securing $200 million during a private sale in August among high net worth investors around the world.
According to AlHashmi, GITEX Global provided a great opportunity for Haqq Association to meet potential clients, discuss its work mechanisms and the details of its operational processes, which is the most transparent in terms of cryptocurrencies, and it is the main basis through which it was able to obtain a Shariah fatwa from a body composed of senior International experts in the field of Shariah finance, led by His Eminence Sheikh Dr. Nizam Muhammad Saleh Yaqubi, who is a well-known figure in the world of Islamic finance, providing consultancy services to more than 40 major financial institutions, including Standard Chartered, BNP Paribas and S&P Dow Jones.
AlHashmi stressed that many regional and international institutional investors expressed interest in the Islamic Coin which he expects to translate into real working partnerships on the ground through the signing of several Memorandum of Understanding (MoU). He pointed out in particular the strong interest from government financial institutions and some companies from Brazil, which is a booming market for cryptocurrencies in the world, with more than 12,000 companies owning cryptocurrencies, according to official statements released by the Brazilian Tax Authority.
Islamic Coin has also gained strong interest from investors because it has been designed to be less energy intensive. “We have a digital currency that not only makes social contributions through charity but is also good to society because it uses a proof-of-stake system that requires the purchase of tokens to be part of the network, a process that saves significant amounts of energy” explained Andrey Kuznetsov, Co-founder and Chief Technology Officer, Haqq Association.
