Arabic
Our vision – synthesis of ideology, technology, and community
Islam
Islam is the world’s second-largest religion with almost 2 billion followers — a quarter of the world’s population. Muslims make up a majority of the population in 47 countries. Islam teaches that God is merciful, all-powerful, and unique.
Islamic law, or Shariah law, is a religious law forming part of the Islamic tradition. It guides and dictates many aspects in the lives of Muslims throughout the world, including financial interactions.
One of the core principles of Islamic financial law is the prohibition of paying or charging interest, which is currently not followed by a large part of financial institutions constituting the modern financial system.
According to the Global Islamic Economy Report, the volume of the Islamic financial sector was $2.88 trillion in 2020 and is expected to grow to $3.69 trillion by 2024. According to the same report, two of the four main factors influencing the expansion, as well as the Islamic economy in particular, are the rapidly growing Muslim population, the spread of digital technologies, and mobile communications.
The Islamic financial system has been virtually untouched by the recent financial crisis due to its prohibitions on speculative transactions and uncertainty, as well as the attention it pays to fairness and risk-sharing. Islamic finance is a rare example, where the system featuring certain limitations and restrictions is more sustainable and powerful, compared to the system where such limitations are not present.
Crypto
Crypto is one of the fastest-growing sectors of the world economy. Bitcoin is the best performing asset in the history of mankind far outperforming anything we knew before.
Today, the crypto industry has a market cap of well over 2 trillion dollars and turnovers are astronomical. However, the global Bitcoin user base is still relatively low, probably as low as 25 million users, compared to billions of active Muslim Internet users.
At the time of writing, humanity seems to be on the very verge of mass adoption of crypto. 2021 saw tectonic shifts in the industry:
Samsung announced it will be adding a crypto wallet to all of its future phones
Reddit announced it will launch a crypto product for its 500 million users, etc
New York Mayor-elect Eric Adams selected to be paid in Bitcoins
El Salvador selected Bitcoin as its legal tender
UK Post announced it will start selling Bitcoin
Tesla began accepting Bitcoin.
These are just some of the highly visible milestones. Global adoption is happening on many levels including business, banking, regulatory, etc.
Blockchain
Blockchain – the technology behind cryptocurrencies is compared by many experts to the Internet itself in terms of its importance and long-term transformative impact on humanity. In general, Blockchain does two things. It allows:
Parties to securely interact in a trustless way
Exclude unnecessary intermediaries from any transaction or process.
Both are achieved due to the ability of blockchain to be a single source of truth for any interacting parties – robust, immutable and uneditable.
Modern blockchains utilize Proof of Stake consensus, allowing for high transaction throughput without overheads such as large energy consumption.
Synthesis
Islamic Coin is designed to deliver a lasting, powerful impact for one of the largest communities in the world. It is the first digital currency to provide economic and social benefits, support innovation and ensure sustainable, long term growth via a dedicated Evergreen DAO.
Current credit and banking system.
Fiduciary credit money is a universal unconditional financial obligation that serves the commodity turnover of assets in the economy. The main task of Central Banks, as state regulatory bodies, is to maintain the stability of interest rates and the exchange rate in the money market by regulating the behavior of commercial banks’ lending to non-financial enterprises in order to initiate them to maximize the mass of profits. The process of repayment of the principal amount of debt and interest is consistently carried out according to the hierarchy of the two-level banking system. Firstly, non-financial sector firms and people repay their unconditional loan obligations to commercial banks. Secondly, commercial banks return loans as their unconditional loan obligations to the Central Bank. In case of uninterrupted return of loan money from borrowers to creditors, the effective activity of market entities takes place.
In case of uninterrupted return of loan money from borrowers to creditors, the effective activity of market entities takes place.
Such a system allows governments to pursue a flexible monetary policy, managing the supply of money through the cost of their borrowing (the key rate). At the same time, the current system does not fully comply with the principles and norms of Islamic finance, since both paying and accruing interest for using money is prohibited in Islam.
Although the formation of the Islamic financial system began about 1400 years ago its modern history dates back to the 1970s when Islamic banks were established in Saudi Arabia and the United Arab Emirates. It is important to note that until 1971 all fiat money issued by states as legal tender was backed by gold or silver. Since 1971, states are no longer limited to issuing a new currency according to the gold standard or any other general rule, except for their internal consideration, which supports the possibility of capturing and redistributing wealth. Many fuqaha think that such practices don't correspond to fiqh.
Islamic Coin – purposeful community crypto asset.
Islamic Coin is Shariah-compliant digital money, designed to create value for the World’s Muslim community. It is built on Haqq – its dedicated Islamic blockchain. Meaning “Truth”, Haqq stringently abides by Islamic views and traditions on finance
In the Quran, gold and silver are mentioned as examples of pleasures of this worldly life (3:14). That is why Muqaddimah of Ibn Khaldun has written that gold and silver specifically, should be used as money.
The deflationary nature of many cryptocurrency systems, as well as the necessity to invest some work to produce them, is comparable to the properties of gold or silver.
Islamic Coin cannot be arbitrarily ‘printed’ and thus devalued. It’s also impossible to cause arbitrary deflation through a rise of the Central Bank’s interest rate (key rate) – since there is no interest rate within the system. Islamic Coin’s price is determined solely by the market and thus always fair.
Islamic Coin may only be minted (issued) by those who contribute work and investment – validators and stakers of the network at a predetermined announced rate.
Unlike fiduciary money, Islamic Coin is not operated by the banks whose main business is to earn profit by charging interest. Paying or charging interest is forbidden in Islam.
Each time a new Islamic Coin is minted, 10% of the issued amount is deposited into a special Evergreen DAO for further investment into Islamic internet projects or given to Islamic charities. This is the first introduction of a coin bringing direct economic value to a community.
The Evergreen DAO is a non-profit virtual foundation focused on long term sustainability and community impact. It effectively works as a crypto endowment. In some cases described below, Evergreen DAO also may fund activities necessary for the Haqq network operations and development.
Our mission is to empower the international community of the followers of Islam with a robust and future-proof financial instrument that allows for independent financial interaction, while supporting innovation and philanthropy.
Leveraging the power of the community, Islamic Coin may become one of the most important and valuable crypto assets. If 3-4% of the Muslim online community will hold Islamic Coin, it will become a bitcoin-scale crypto asset, generating a trillion dollars for its holders, and $100 billion for the Evergreen DAO.
Dymasdj
commented
8 months ago
Arabic Our vision – synthesis of ideology, technology, and community
Islam Islam is the world’s second-largest religion with almost 2 billion followers — a quarter of the world’s population. Muslims make up a majority of the population in 47 countries. Islam teaches that God is merciful, all-powerful, and unique.
Islamic law, or Shariah law, is a religious law forming part of the Islamic tradition. It guides and dictates many aspects in the lives of Muslims throughout the world, including financial interactions.
One of the core principles of Islamic financial law is the prohibition of paying or charging interest, which is currently not followed by a large part of financial institutions constituting the modern financial system.
According to the Global Islamic Economy Report, the volume of the Islamic financial sector was $2.88 trillion in 2020 and is expected to grow to $3.69 trillion by 2024. According to the same report, two of the four main factors influencing the expansion, as well as the Islamic economy in particular, are the rapidly growing Muslim population, the spread of digital technologies, and mobile communications.
The Islamic financial system has been virtually untouched by the recent financial crisis due to its prohibitions on speculative transactions and uncertainty, as well as the attention it pays to fairness and risk-sharing. Islamic finance is a rare example, where the system featuring certain limitations and restrictions is more sustainable and powerful, compared to the system where such limitations are not present.
Crypto Crypto is one of the fastest-growing sectors of the world economy. Bitcoin is the best performing asset in the history of mankind far outperforming anything we knew before.
Today, the crypto industry has a market cap of well over 2 trillion dollars and turnovers are astronomical. However, the global Bitcoin user base is still relatively low, probably as low as 25 million users, compared to billions of active Muslim Internet users.
At the time of writing, humanity seems to be on the very verge of mass adoption of crypto. 2021 saw tectonic shifts in the industry:
Samsung announced it will be adding a crypto wallet to all of its future phones Reddit announced it will launch a crypto product for its 500 million users, etc New York Mayor-elect Eric Adams selected to be paid in Bitcoins El Salvador selected Bitcoin as its legal tender UK Post announced it will start selling Bitcoin Tesla began accepting Bitcoin. These are just some of the highly visible milestones. Global adoption is happening on many levels including business, banking, regulatory, etc.
Blockchain Blockchain – the technology behind cryptocurrencies is compared by many experts to the Internet itself in terms of its importance and long-term transformative impact on humanity. In general, Blockchain does two things. It allows:
Parties to securely interact in a trustless way Exclude unnecessary intermediaries from any transaction or process. Both are achieved due to the ability of blockchain to be a single source of truth for any interacting parties – robust, immutable and uneditable.
Modern blockchains utilize Proof of Stake consensus, allowing for high transaction throughput without overheads such as large energy consumption.
Synthesis Islamic Coin is designed to deliver a lasting, powerful impact for one of the largest communities in the world. It is the first digital currency to provide economic and social benefits, support innovation and ensure sustainable, long term growth via a dedicated Evergreen DAO.
Current credit and banking system.
Fiduciary credit money is a universal unconditional financial obligation that serves the commodity turnover of assets in the economy. The main task of Central Banks, as state regulatory bodies, is to maintain the stability of interest rates and the exchange rate in the money market by regulating the behavior of commercial banks’ lending to non-financial enterprises in order to initiate them to maximize the mass of profits. The process of repayment of the principal amount of debt and interest is consistently carried out according to the hierarchy of the two-level banking system. Firstly, non-financial sector firms and people repay their unconditional loan obligations to commercial banks. Secondly, commercial banks return loans as their unconditional loan obligations to the Central Bank. In case of uninterrupted return of loan money from borrowers to creditors, the effective activity of market entities takes place.
In case of uninterrupted return of loan money from borrowers to creditors, the effective activity of market entities takes place.
Such a system allows governments to pursue a flexible monetary policy, managing the supply of money through the cost of their borrowing (the key rate). At the same time, the current system does not fully comply with the principles and norms of Islamic finance, since both paying and accruing interest for using money is prohibited in Islam.
Although the formation of the Islamic financial system began about 1400 years ago its modern history dates back to the 1970s when Islamic banks were established in Saudi Arabia and the United Arab Emirates. It is important to note that until 1971 all fiat money issued by states as legal tender was backed by gold or silver. Since 1971, states are no longer limited to issuing a new currency according to the gold standard or any other general rule, except for their internal consideration, which supports the possibility of capturing and redistributing wealth. Many fuqaha think that such practices don't correspond to fiqh.
Islamic Coin – purposeful community crypto asset.
Islamic Coin is Shariah-compliant digital money, designed to create value for the World’s Muslim community. It is built on Haqq – its dedicated Islamic blockchain. Meaning “Truth”, Haqq stringently abides by Islamic views and traditions on finance
In the Quran, gold and silver are mentioned as examples of pleasures of this worldly life (3:14). That is why Muqaddimah of Ibn Khaldun has written that gold and silver specifically, should be used as money.
The deflationary nature of many cryptocurrency systems, as well as the necessity to invest some work to produce them, is comparable to the properties of gold or silver.
Islamic Coin cannot be arbitrarily ‘printed’ and thus devalued. It’s also impossible to cause arbitrary deflation through a rise of the Central Bank’s interest rate (key rate) – since there is no interest rate within the system. Islamic Coin’s price is determined solely by the market and thus always fair.
Islamic Coin may only be minted (issued) by those who contribute work and investment – validators and stakers of the network at a predetermined announced rate.
Unlike fiduciary money, Islamic Coin is not operated by the banks whose main business is to earn profit by charging interest. Paying or charging interest is forbidden in Islam.
Each time a new Islamic Coin is minted, 10% of the issued amount is deposited into a special Evergreen DAO for further investment into Islamic internet projects or given to Islamic charities. This is the first introduction of a coin bringing direct economic value to a community.
The Evergreen DAO is a non-profit virtual foundation focused on long term sustainability and community impact. It effectively works as a crypto endowment. In some cases described below, Evergreen DAO also may fund activities necessary for the Haqq network operations and development.
Our mission is to empower the international community of the followers of Islam with a robust and future-proof financial instrument that allows for independent financial interaction, while supporting innovation and philanthropy.
Leveraging the power of the community, Islamic Coin may become one of the most important and valuable crypto assets. If 3-4% of the Muslim online community will hold Islamic Coin, it will become a bitcoin-scale crypto asset, generating a trillion dollars for its holders, and $100 billion for the Evergreen DAO.