In a press release on Monday, Islamic Coin announced its partnership with Republic to support its market entry strategy.
Republic Crypto, the crypto advisory services division of Republic, will assist in personalizing tokenomics, implementing DAO governance, and ensuring sustainable economic utility value for the Islamic community.
The collaboration also entails establishing relationships with potential strategic partners, exchanges, and market participants.
“After this public launch, members of the international Islamic Coin community will enjoy various benefits, including opportunities to provide liquidity, stake their holdings, and earn tokens during the liquidity mining phase,” stated the announcement.
Islamic Coin recently raised $193 million in private sales, with notable investors such as ABO Capital, DF 101, A195, and Optic Capital.
Furthermore, the project has formed an exclusive integration with DDCAP Group and its extensive network of over 300 Islamic banks.
Islamic Coin operates on HAQQ Network, a Shariah-compliant blockchain network with the aim of serving the world’s 1.9 billion Muslim population and beyond.
One 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 expressed their support for the HAQQ and Islamic Coin project.
In addition, 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 significant 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 its multi-million-dollar investments in the crypto industry, including plans to invest nearly $1.1 billion in cryptocurrency mining operations.
However, it is important to note that there have been increasing discussions regarding its compliance with Sharia law, which refers to the correct Islamic behavior in various matters, including financial activities.
Islamic scholars are divided in their opinions 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.