“Haqq Association” showcases its experience with Shariah-compliant “IslamicCoin” cryptocurrency at GITEX Technology Week

Dubai, UAE, Haqq Association, specializing in digital financial services compliant with Islamic Shariah law, will be participating in the activities of the 42^nd edition of GITEX. Haqq Association will be showcasing the “Haqq Platform” through which they issued the “Islamic Coin” that is compliant with the provisions and laws of Islamic Shariah.

Mohammed AlHashmi, Co-founder and CBO of Haqq Association, said: “GITEX Technology Week 2022 is more focused than ever in exploring the prospects for digital financial solutions for the public, because there is still some apprehension among ordinary individuals towards the adoption and use of cryptocurrencies. Hence, our participation this year in GITEX comes as a reassurance that there is a financial technology that has business rules that move according to mechanisms with ethical implications and dimensions. We seek to empower not only Muslim societies, but all societies and countries by providing simple solutions for financial tools in the age of digitization, characterized by innovation and compatible with the provisions and rules of Islamic Shariah.

AlHashmi pointed out that the digital platforms that trade encrypted digital currencies have become, over time, more than just a traded currency, as they have turned into a financial infrastructure that includes complex standards and structures, which Haqq Association was able to avoid in the “Haqq” platform because it resorted to a package of financial innovations that maintained specific behaviors and clearly defined ethical standards. He stressed that the platform is still in the process of seeking new market opportunities and financing models that seek the responsible use of digital platforms and emerging technologies for the benefit of society, through four main pillars: developing a resilient financial ecosystem, encouraging both financial and digital literacy on the part of investors, encouraging ethical behavior, and encouraging financial inclusion.

AlHashmi stressed that any ethical financial practice must take into account the interest of society and its general benefit, which has been translated on the ground by allocating 10% of the currency trades issued on the “Haqq” platform to the Evergreen DAO Endowment Fund, which is an independent, decentralized cryptocurrency organization that invests in projects serving Muslim communities around the world.

AlHashmi concluded that the mining of the “Islamic Coin” currency is subject to an innovative method within certain work standards that allows saving energy consumption at lower rates than in the traditional mining method, which is one of the major problems in the field of cryptocurrencies, as recent studies indicate that the currency of one famous encoder consumes 128 terawatts of electrical energy annually, which is equivalent to 0.6% of the world’s energy production, slightly more than the consumption of a developed country such as Norway.

It is noteworthy that this year’s GITEX Technology is set to attract more than 100,000 people from around the world, with the participation 90 different countries.

About Haqq Association:

A privately financed technological enterprise founded by a group of seasoned blockchain and fintech entrepreneurs interested in the creation of highly ethical financial services and exploration of the potential of distributed technologies in the ethical finance domain.

Islamic Coin is the native currency of Haqq community-run blockchain, dedicated to empowering an ethics-first Shariah-compliant financial ecosystem. Its mission is to give the world’s Muslim community a financial instrument for the Digital Age, that would enable seamless transactions and interaction while supporting innovation and philanthropy. With a finite total supply, Islamic Coin meets all criteria of a Halal asset. 10% of each issuance is deposited into the Evergreen DAO for further investment into Islam-related ventures or donated to Muslim charities, bringing direct economic value to the community.

In June 2022, the currency gained a Fatwa, issued by the world’s leading Muslim authorities. Later in August, Islamic Coin raised $200m during a private sale, beating all year’s records.  Islamic Coin focuses on sustainability, ethics and transparency. Its wallet information is openly available through gnosis-safe.io.

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