Islamic Coin (ISLM) is a crypto asset that operates on the HAQQ network and is designed to adhere to Islamic Sharia principles. With this approach, Islamic Coin becomes a financial instrument the global Muslim community can use. This digital currency combines Islamic financial ethics with advanced blockchain technology, using the Proof of Stake (PoS) protocol to ensure transaction security and efficiency.
What is the ISLM Token?
ISLM is the native token of the HAQQ Network used for various purposes, including:
- Transaction fee payments
- Network governance
- Staking and transaction validation
Islamic Coin also plays a role in the Evergreen DAO, a decentralized autonomous organization that funds projects beneficial to the Muslim community. Every time a new coin is minted, a portion is allocated to support social, educational, and sustainable development initiatives.
Also read: Gold-Based Crypto Investment: Understanding How It Works
Advantages of Islamic Coin (ISLM)
1. Sharia Compliance
One of the main advantages of Islamic Coin is its compliance with Sharia, which ensures transactions are free from riba (interest), gharar (uncertainty), and other non-halal activities such as gambling. This is supported by the Shariah Oracle, a system that verifies smart contracts to ensure they comply with Islamic law.
2. Operates on the HAQQ Network
Islamic Coin is built on the HAQQ network, a Cosmos SDK-based blockchain that is compatible with Ethereum. This technology enables fast, efficient, and environmentally friendly transactions and offers broader interoperability within the blockchain ecosystem.
3. ESG Support and Evergreen DAO
Islamic Coin is also committed to Environmental, Social, and Governance (ESG) principles. A portion of the issued coins is allocated to social projects through the Evergreen DAO, which funds various initiatives beneficial to the Muslim community.
How Islamic Coin (ISLM) Works
Islamic Coin operates with a staking mechanism, where token holders can lock their coins to help secure the network and earn rewards. This system reflects the profit-sharing principle in Islamic finance, which avoids exploitation and excessive speculation.
Other features include:
- Tendermint Core: Used as a consensus mechanism to improve transaction speed and security.
- Limited Token Emission: Islamic Coin has a maximum supply of 100 billion tokens, with an emission reduction mechanism of 5% every two years.
- Equitable Distribution: The initial supply is allocated to various sectors, including the community, investors, and developers.
What Affects the Price of ISLM?
Like other crypto assets, the price of Islamic Coin is influenced by several factors, including market demand, investor sentiment, and technological developments and partnerships within the HAQQ network. Sharia compliance and potential adoption in the global Muslim community make it an attractive option for investors seeking ethical financial instruments.
How to Buy ISLM on Mobee
Follow these steps to buy ISLM through the Mobee application:
- Registration and Verification: Register and complete the account verification process (KYC) first.
- Deposit Funds: After verification, deposit funds into your Mobee wallet to facilitate purchases.
- Open the Trade Menu: Access the Trade menu at the bottom of the application.
- Select ISLM: Find ISLM in the asset list or search with the keyword "ISLM".
- Select Trading Pair: Choose a trading pair, such as ISLM/USDT.
- Transaction Method: Determine the transaction method:
- Market Order: For the current market price.
- Limit Order: For a price you set yourself.
- Enter Amount: Enter the amount of ISLM you want to buy and check the transaction information.
- Confirmation: Click "Confirm" to process the purchase.
After a successful transaction, you can find the ISLM asset in the Wallet section.
Also read: Complete Guide to Profit and Loss (PnL) in Crypto Trading
Islamic Coin (ISLM) is an innovation in the crypto world that provides an alternative for the global Muslim community. With Sharia compliance, a strong blockchain network, and support for social projects, ISLM is a digital asset with great potential in the Islamic financial market. If adoption trends continue to increase, Islamic Coin could become a new standard in a more inclusive and ethical crypto industry.
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