Let us talk about HAQQ Network
The Haqq network’s native currency is Islamic Coin, which is managed by a community dedicated to empowering the ethical and Shariah-compliant financial ecosystem.
The total supply of the Islamic coin is limited, and 10% of each issue is automatically donated to charity.
The Haqq network is a decentralized platform for Islamic finance. It is built on the blockchain and is designed to provide a secure, transparent, and efficient system for Islamic finance. The network is powered by a suite of products, including Islamic coins, which are digital assets backed by real-world assets and are compliant with Islamic law. With Islamic coins, users can invest in assets that are compliant with Islamic law, such as commodities, real estate, and stocks. Islamic coins are also used to facilitate payments and transfers, providing a secure, fast, and easy way to transact on the Haqq network. By using Islamic coins, users can make payments and transfers in a way that is compliant with Islamic law. The Haqq network is a great way to invest in Islamic assets, make payments and transfers, and benefit from the security and transparency of the blockchain.
IslamicCoin is the first project to provide the community with powerful financial technology that allows for seamless transactions, support innovation and charity. The project is 100% compliant with Sharia law and benefits the community. Developers focus on sustainable development and use technology and innovation to ensure financial sustainability.
“At the heart of Islamic finance is the prohibition on charging interest. Islamic finance has always been focused on not shifting most of the risks to one side of the financial relationship. In Islamic finance, balance and transparency of transactions should be observed, which can negatively affect our society,” says Mohammed AlKaff AlHashmi, one of the founders of IslamicCoin.
IslamicCoin targets 1.1 billion Muslims using the Internet. The project creates convenient tools designed for users who have never been owners of cryptocurrencies. The mission of the project is to provide the international community of followers of Islam with a reliable and promising financial instrument that allows for independent financial interaction, support innovation and philanthropy.
Using the power of the Muslim community, IsalmicCoin can become one of the most important and valuable crypto assets. If 3–4% of the Muslim online community own an Islamic coin, it will become a bitcoin-scale crypto asset, bringing its holders a trillion dollars and $100 billion for the Evergreen DAO.
Islamic Coin is designed to deliver a lasting, powerful impact for one of the largest communities in the world. It is the first digital currency to provide economic and social benefits, support innovation and ensure sustainable, long term growth via a dedicated Evergreen DAO
1. Current credit and banking system.
Fiduciary credit money is a universal unconditional financial obligation that serves the commodity turnover of assets in the economy. The main task of Central Banks, as state regulatory bodies, is to maintain the stability of interest rates and the exchange rate in the money market by regulating the behavior of commercial banks’ lending to non-financial enterprises in order to initiate them to maximize the mass of profits. The process of repayment of the principal amount of debt and interest is consistently carried out according to the hierarchy of the two-level banking system. Firstly, non-financial sector firms and people repay their unconditional loan obligations to commercial banks. Secondly, commercial banks return loans as their unconditional loan obligations to the Central Bank. In case of uninterrupted return of loan money from borrowers to creditors, the effective activity of market entities takes place. Such a system allows governments to pursue a flexible monetary policy, managing the supply of money through the cost of their borrowing (the key rate). At the same time, the current system does not fully comply with the principles and norms of Islamic finance, since both paying and accruing interest for using money is prohibited in Islam. Although the formation of the Islamic financial system began about 1400 years ago its modern history dates back to the 1970s when Islamic banks were established in Saudi Arabia and the United Arab Emirates. It is important to note that until 1971 all fiat money issued by states as legal tender was backed by gold or silver. Since 1971, states are no longer limited to issuing a new currency according to the gold standard or any other general rule, except for their internal consideration, which supports the possibility of capturing and redistributing wealth. Many fuqaha think that such practices don't correspond to fiqh.
2. IslamicCoin – purposeful community crypto asset.
Islamic Coin is Shariah-compliant digital money, designed to create value for the World’s Muslim community. It is built on Haqq - its dedicated Islamic blockchain. Meaning “Truth”, Haqq stringently abides by Islamic views and traditions on finance.In the Quran, gold and silver are mentioned as examples of pleasures of this worldly life (3:14). That is why Muqaddimah of Ibn Khaldun has written that gold and silver specifically, should be used as money.The deflationary nature of many cryptocurrency systems, as well as the necessity to invest some work to produce them, is comparable to the properties of gold or silver.
Islamic Coin cannot be arbitrarily ‘printed’ and thus devalued It’s also impossible to cause arbitrary deflation through a rise of the Central Bank’s interest rate (key rate – since there is no interest rate within the system Islamic Coin’s price is determined solely by the market and thus always fair
Islamic Coin may only be minted (issued by those who contribute work and investment validators and stokers of the network at a predetermined announced rate
Unlike fiduciary money, Islamic Coin is not operated by the banks whose main business is to earn profit by charging interest Paying or charging interest is forbidden in Islam
Each time a new Islamic Coin is minted, 10% of the issued amount is deposited into a special Evergreen DAO for further investment into Islamic internet projects or given to Islamic charities This is the first introduction of a coin bringing direct economic value to a community
The Evergreen DAO is a non-profit virtual foundation focused on long term sustainability and community impact It effectively works as a crypto endowment In some cases described below, Evergreen DAO also may fund activities necessary for the Haqq network operations and development Key decisions are made by a council that consists of the top 5 validators of Haqq blockchain.
Join us
Telegram Channel: https://t.me/halalcryptochat
Website: https://islamiccoin.net/
Telegram chat: https://t.me/islamiccoin_int
Discord: https://discord.gg/2pYxWhfS
Twitter: @Islamic_Coin
HAQQ Network
Website: https://haqq.network/
Twitter: @The_HaqqNetwork
