“ Islamic Coin” currency falls under Currencies issued with the purpose of using them for a particular product or on a specific platform. Islamic Coin will serve as the official currency through which evaluation and purchase of services and products provided on those platforms can be made.
The Shariah Authority after studying, considering, and discussing, the Authority decided the following:
First: There is no objection to establish the “Haqq Chain” Platform and issuing the “IslamicCoin” based on the following measures:
- IslamicCoin is a financial asset that may be traded by sale and purchase and replaced with legitimate services and goods and is considered money of its owners that may not be taken away, and Zakat must be paid by its owners after purchase or after mining and possession according to the Zakat conditions and measures.
- To check the software code used to build the “Haqq chain” platform at an accredited software audit company, to ensure the integrity of the platform and its ability to protect the funds of its customers.
- Appoint an Authority committee for the Evergreen DAO Endowment Fund to ensure the safety of the Fund’s activities.
Second: The Authority confirms that this view is specific to the white paper, which includes details of establishing the “Haqq Chain” Platform, the issuance of “IslamicCoin” currency and establishing the “Evergreen DAO Endowment Fund” excluding other smart products and contracts to be built on the platform, and that the relevant Authority should ensure that this platform was established in accordance with this Islamic Shariah opinion, and that the entity must obtain the Shariah Authority approval for new smart products and contracts before launching them.
Third: This opinion concerns the legitimate aspect, and the Authority does not express an opinion on any legal aspects, economic feasibility, or the acceptance of the judicial authorities of this view, and the concerned parties are responsible for verifying those aspects.
Fourth: The Authority warns that investing in cryptocurrency products is suitable only for qualified investors, because of the risks involved, and needs expertise, follow-up and accurate knowledge of these products, and those who deals with these must be financially abundant and has surplus to their basic needs and has access to the complex technology that form the basis of cryptocurrencies and the like.
JOIN- Discord Community
Website | Twitter | Medium | Discord |
#ISLM #HAQQ #IslamicUnited #HAQQnetwork #EvergreenDAO #IslamicCoin #Blockchain #Haqqnetwork #Haqqwallet
