Islamic Coin, a digital currency that aims to Shariah principles and promote ethical values, has initiated its Reg D Token Offering to the public in collaboration with OpenDeal Broker, a subsidiary of Republic.
In a Monday press release, Islamic Coin said it has partnered with Republic to support its market entry strategy.
Republic Crypto, the crypto advisory services division of Republic, will assist in customizing tokenomics, implementing DAO governance, and ensuring sustained economic utility value for the Islamic community.
The collaboration also involves establishing relationships with potential strategic partners, exchanges, and market participants.
“Following this public launch, members of the international Islamic Coin community will enjoy various benefits, including opportunities for providing liquidity, staking their holdings, and earning tokens during the liquidity mining phase,” the announcement said.
Islamic Coin has recently raised $193 million in private sales, with the participation of prominent investors such as ABO Capital, DF 101, A195, and Optic Capital.
Additionally, the project has formed an exclusive integration with DDCAP Group, along with its extensive network of over 300 Islamic banks.
Islamic Coin is powered by HAQQ Network, a Shariah-compliant blockchain network, which aims to serve the world’s 1.9 billion Muslim population and beyond.
A notable aspect of Islamic Coin is its commitment to charitable causes, as 10% of each issuance is dedicated to supporting philanthropic endeavors.
Royal Families of Abu Dhabi Support Islamic Coin
The royal families of Abu Dhabi have shown support for the HAQQ and Islamic Coin project.
Furthermore, the project benefits from the expertise of professionals in Islamic and traditional finance from Wall Street and the City of London.
The high-profile launch of Islamic Coin comes as Muslim-majority nations have shown a remarkable adoption rate of cryptocurrencies in recent years.
A report by Chainalysis in October 2022 highlighted the Middle East and North Africa as the fastest-growing crypto markets.
Among the top twenty adopters were four Muslim-majority countries, along with other states with significant Muslim populations like India and Nigeria.
Just last month, The Sultanate of Oman revealed that it has made a series of multi-million-dollar investments in the crypto industry, including plans to invest nearly $1.1 billion in cryptocurrency mining operations.
However, it is worth noting that three have been increasing discussions surrounding its compliance with Sharia law, which generally refers to correct Islamic behavior in regard to different matters, including financial activities.
Islamic scholars are divided in terms of their opinion regarding the permissibility of cryptocurrency.
Some scholars argue that the speculative nature of cryptocurrency deems it impermissible under Sharia law.
This stance has been supported by influential Islamic groups in countries such as Turkey, Egypt, and Indonesia.
Conversely, proponents of cryptocurrency argue that it can be considered halal (permissible) because it does not involve the collection of interest, known as riba.