Islamic Coin claims it will scale like Bitcoin and hit $1 trillion in value

Islamic Coin (ISLM) is an emerging cryptocurrency that complies with the rules of Shariah. The founders of the coin said the asset could scale like Bitcoin (BTC) and hit the equivalent of more than $1 trillion in value.

“We know that the adoption will happen gradually,” Mohammed Alkaff Alhashmi, cofounder of Islamic Coin, told BeInCrypto. “However, if only 3-4% of the Muslim online community will hold Islamic Coin, it will become a bitcoin-scale crypto asset. It will generate a trillion dollars for its holders, and $100 billion for the Evergreen DAO,” he added.

Alhashmi is confident of the product his company is building. He says they are playing the long game as they try to tap into the $2.88 trillion Islamic financial sector.

According to Alhashmi, Islamic Coin is the native token of Haqq, the proof-of-stake (PoS) blockchain that operates on Cosmos via the EVMOS protocol. Translated as “truth” in Arabic, Haqq “stringently abides by Islamic views and traditions on finance.”

The idea behind the ISLM coin was to give the global Muslim faithful an instrument through which they could participate in the digital economy.

The coin conforms with the basic principles that guide Islamic life and by extension law, around issues of morality and modesty. Alhashmi said that it was especially designed to facilitate philanthropic acts.

Islamic Coin was launched on the Haqq blockchain in May. One month later, Islamic Coin raised $200 million in a private sale. This is a feat seen as remarkable in a bear market. The token is overseen by an executive board of prominent Islamic bankers, software engineers and scholars under the Swiss-based non-profit Haqq Association.