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As of November 2022, Islamic finance accounts for approximately 6% of the global banking market. Analysts estimate that the industry will be worth $3.69 trillion by 2024: a prediction that makes leveraging the latest technologies such as blockchain and launching financial inclusion products more urgent than ever.
recent Islamic Finance Outlook 2022 Edition S&P Global confirms this trend. The report cites three factors affecting the resilience of the industry, such as digital access for banks, issuance of sukuk on digital platforms using blockchain technology, and enhanced cybersecurity. Inclusion is another issue: there is still a lack of halal financial products that reflect Islamic financial requirements.
Islamic coins: where finance, technology and ethics meet
One of the pioneers in this industry is Islamic coins, the native currency of the blockchain run by the Haqq community. Its primary function is to provide easy access to financial services for the world’s Muslim community by empowering an ethical-first, Sharia-compliant financial ecosystem. Islamic Coin focuses on the 1.1 billion Muslim internet users worldwide and caters to the millions of others who support ethical first financial services.
Nearly 10% of each issuance is deposited into the Evergreen DAO for further investment in Islam-related businesses or donations to Muslim charities, bringing immediate economic value to the community. 2022, Islamic coins A fatwa has been obtained from a world-leading Muslim scholar, confirming that the coin meets the highest ethical standards of the Muslim community.
The need for this type of digital currency became apparent as the token fetched $200 million in a private sale, breaking all records for 2022.
40+ years of combined team experience is an asset
Mohammed AlKaff AlHashmi, co-founder and executive board member of Islamic Coin, said the success was largely due to the support of top advisors, executives and academics in both traditional and Islamic finance.
Another board member is Hussein Al Meeza, an award-winning banker with over 45 years of experience in Islamic banking, finance and insurance, and one of the key players involved in the establishment of Dubai Islamic Bank, Dubai Islamic Bank It is the first full-fledged Islamic bank in Dubai. world. Khamis Buharoon AI Shamsi, former Assistant Director of Finance, UAE Central Bank, Assistant Director of Internal Audit; Greg Gigliotti, also a board member, is a respected fund manager who has worked at Goldman Sachs and other global institutions during his career Managed portfolio of more than $16 billion.
Islamic coins The Sharia Council is led by Dr. Sheikh Nizam Mohammed Saleh Yaquby, recognized by Bloomberg as the “gatekeeper” of the $2 trillion Islamic financial products market. Sheikh Yaquby sits on the Sharia boards of top international financial institutions including HSBC, Lloyds and Barclays; France’s BNP Paribas, Crédit Agricole and Citigroup.
ruling family member Sheikh Mohammed bin Khalifa bin Mohammed bin Khalid Al Nahyan Join the Advisory Board
As stated in the latest announcement from Islamic Coin, Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan will join the project’s advisory board. A member of the ruling Al Nahyan family in Abu Dhabi and Vice-Chairman of the Wajib Volunteer Association, His Excellency Sheikh Mohammad is a well-known entrepreneur in the region with various business and development projects throughout the GCC.
Together with his father, His Highness Sheikh Khalifa bin Mohammed bin Khalid Al Nahyan, who is also a member of the advisory board, he will use his experience to develop and advance the mission of Islamic coins – Provide Shariah-compliant digital currency to the world’s Muslim community and beyond.
“Islamic Coin is approaching a major milestone as it will soon be launched on leading exchanges under the $ISLM code. It is encouraging to join the team at this stage and co-create and create new opportunities,” commented HE Sheikh Muhammad.
Note: Investing in cryptocurrencies and cryptoassets carries financial risks and readers should conduct their own due diligence. Entrepreneur Media does not endorse any such investment.