Dubai, UAE – Founded in 2022, Islamic Coin ($ISLM) has garnered a community of over 1.3M users, a feat accomplished in less than six months.
The coin which aims to cater to over 2 billion Muslims worldwide is the first Shariah-compliant decentralized ledger specifically designed to follow the rules and traditions of Islamic finance.
In August 2022, the project secured $200 million during a private sale, surpassing previous records.
Islamic finance also has a specific set of industries in which it can operate with full transparency, making it an attractive financial option for Muslims and non-Muslims.
Compared to other financial models, Islamic finance shares the risks and profits, meaning that everyone from all income levels can benefit.
Current market trends indicate that the global Islamic finance market will exceed $3.69 trillion by 2024 due to rising demand for Sharia-compliant services, finances, and products.
Mohammed Alkaff Alhashmi, a co-founder of Haqq, believes in the coin’s potential to rise as a tier-1 asset. “If only 3-4% of the online Muslim community holds the coin, it could become a Bitcoin-scale asset,” he told Cryptopolitan.