Opinions expressed by Entrepreneur contributors are their own.
As of November 2022, Islamic finance represents about 6 per cent of the global banking market. By analyst estimates, the sector will reach $3.69 trillion in value by 2024: a projection that makes the matter of harnessing the latest technologies, such as blockchain, and launching inclusive financial products more urgent than ever.
Freepik
A recent Islamic Finance Outlook 2022 Edition by S&P Global confirms this trend. The report names three factors influencing the industry’s resilience, such as digital access to banking, issuing Sukuk on digital platforms using blockchain technology, and enhancing cyber security. Inclusion is yet another issue: there is still a shortage of halal financial products that would reflect the requirements of Islamic finance.
Islamic Coin: where finance, tech, and ethics converge
One of the sector’s pioneers is the Islamic Coin, a native currency of the Haqq community-run blockchain. Its primary function is to give the world’s Muslim community easy access to financial services by empowering an ethics-first Shariah-compliant financial ecosystem. Islamic Coin focuses on 1.1 billion Muslim Internet users worldwide and caters to millions of others that support ethics-first financial services.
Almost 10 per cent of each issuance is deposited into the Evergreen DAO for further investment into Islam-related ventures or donated to Muslim charities, bringing direct economic value to the community. In 2022, Islamic Coin gained a Fatwa from the world’s leading Muslim scholars, confirming that the coin meets the highest ethical standards of the Muslim community.
The demand for this type of digital money becomes apparent as the coin secured $200 million during a private sale, beating all records for 2022.
40-plus years of combined team experience as a key asset
According to Mohammed AlKaff AlHashmi, co-founder and member of Islamic Coin’s executive board, this success is largely due to the support of top advisors, executives, and scholars from both traditional and Islamic finance.
Another board member is Hussein Al Meeza, an award-winning banker with 45-plus years of experience spanning the Islamic banking, finance, and insurance sectors, one of the key personalities involved in establishing Dubai Islamic Bank, the first fully fledged Islamic bank in the world. Khamis Buharoon AI Shamsi, the former assistant director of the finance division, and assistant director of the internal audit division of the Central Bank of the UAE; and Greg Gigliotti, a respected fund manager with experience at Goldman Sachs and other global institutions who has managed a portfolio of over $16 billion during his career, are also on the board.
Islamic Coin’s Shariah Board is led by Sheikh Dr. Nizam Mohammed Saleh Yaquby, recognized by Bloomberg as ‘The Gatekeeper’ of a $2 trillion market for Islamic financial products. Sheikh Yaquby sits on the Shariah boards of top international finance, including HSBC, Lloyds TSB, and Barclays; France’s BNP Paribas, Credit Agricole and Citigroup.
Ruling family member Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan to join the advisory board
As stated in Islamic Coin’s latest announcement, HE Sheikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan will join the project’s advisory board. A member of Abu Dhabi’s ruling Al Nahyan family and vice-president of the Wajib Volunteer Association, His Excellency Sheikh Mohammad is an established entrepreneur in the region with various businesses and development projects throughout the GCC.
Together with his father, His Highness Sheikh Khalifa Bin Mohammad Bin Khalid Al Nahyan, also a member of the advisory board, he will lend his experience to develop and further Islamic Coin’s mission—delivering Shariah-compliant digital money to the world’s Muslim community and beyond.
“An important milestone is ahead for Islamic Coin, as it will soon be rolling out on leading exchanges under the $ISLM ticker. It is inspiring to join the team at this stage and work on building and creating new opportunities together,” commented HE Sheikh Mohammad.
Note: Investment in cryptocurrency and crypto assets is subject to financial risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.
