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Sunday, June 9, 2024

Shariah-Compliant Cryptocurrency Islamic Coin Raises $200M in Funding, Making Crypto History


Islamic Coin, a Shariah-compliant cryptocurrency, has secured a remarkable $200 million investment, marking one of the largest funding rounds ever witnessed in the cryptocurrency industry. With a total funding of $400 million, Islamic Coin has surpassed prominent players such as Circle, BlockFi, and Solana, solidifying its position as a major force in the crypto space.

Both Islamic Coin and its underlying platform, the Haqq Network, cater to the global Muslim community of 1.9 billion people and beyond, offering game-changing products and services. This award-winning digital currency has garnered worldwide recognition from international luminaries, state and regional leaders, as its team works tirelessly to empower Muslims worldwide with a financial instrument tailored for the digital age.

From presenting at the United Nations’ COP27 in Sharm El Sheikh to being honored as the Most Promising ESG Crypto at the Abu Dhabi Blockchain Awards, the executive team has garnered unwavering support from private investors, funds, and the financial community at large.

The recent partnership involves introducing Islamic Coin to the ABO network of investors, enabling the team to structure innovative Shariah-compliant financial products for alternative funding in the digital asset space. The deal provides access to a maximum of $200 million as and when required, ensuring Islamic Coin’s long-term stability and growth.

ABO Digital CEO Amine Nedjai expressed excitement about collaborating with Islamic Coin as an alternative finance provider, emphasizing the project’s ambition to revolutionize the Shariah-compliant market through digitization. The partnership with ABO Digital comes on the heels of another significant milestone for the Islamic Coin team—an MOU signing with London-based DDCAP Group. This collaboration will facilitate the integration of the Haqq Network with over 300 global Islamic banks, resulting in the development of various solutions for Islamic finance, including a Shariah-compliant Web3 alternative to SWIFT, a digital asset platform, CBDCs, tokenization, and more.

Mohammed AlKaff AlHashmi, co-founder of Islamic Coin, explained that the team aims to build a transformative financial platform that combines ethics and the traditions of Islamic Finance. The ultimate goal is to deliver a robust solution that works in tandem with traditional systems, significantly improving the global financial landscape.

The unprecedented support for Islamic Coin extends to prominent figures in the MENA region. The Advisory Board includes representatives from the ruling families of Abu Dhabi and Dubai, including key individuals involved in the establishment of Dubai Islamic Bank, the first fully-fledged Islamic Bank in the world.

The Executive Board of Islamic Coin comprises distinguished names from traditional and Islamic finance, including Hussein Al Meeza, co-founder and an award-winning banker with over 45 years of experience in Islamic banking, finance, and insurance. Additionally, Greg Gigliotti, CEO, Chief Investment Officer, and Founding Partner of Xtellus Advisors, brings his expertise from Goldman Sachs and other global institutions, having managed a portfolio of over $16 billion throughout his career.

Islamic Coin is set to be listed on exchanges in the near future, providing investors with an opportunity to engage with this groundbreaking cryptocurrency.


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