Bitcoin Forum

In a time when cryptocurrencies are transforming the financial landscape, a novel digital currency is on the horizon, dedicated to serving the distinct requirements and principles of the worldwide Islamic community.

Islamic Coin (ISLM) and the Haqq Network are at the forefront, charting a course towards financial empowerment, a commitment to Shariah principles, and groundbreaking blockchain technology.

Within this article, we will explore the nuances of Islamic Coin, the Haqq Network, their tokenomics, incorporation of the Cosmos SDK, the significance of Shariah compliance, and much more.


Read the full article 👉 Islamic Coin (https://keyring.app/islamic-coin/)


https://i.ibb.co/qBVQNw9/islamic-coin.jpg (https://ibb.co/wyjmS1C)

Yes, ranked 2190th out of all 8886 active crypto coins with $0.2805 value. So I do not see any future for this coin, because altcoin market have too much coins already, and transfer fees through ETH network are high.
See more here - https://coinmarketcap.com/currencies/islamic-coin/ (https://coinmarketcap.com/currencies/islamic-coin/)

It must be noted that if this coin has been making a big event for airdrop hunters yet the airdrop reward has not been distributed. It's caused by there was also vesting period implemented by the developers. The price is slowly going down again after it was getting massive pump.
I have some friends who participated in this airdrop and they were being eligible for around 1k ISLM coin. Im sure that the price will be dumped so hard once the unlocked token will available to be sold by the hunters.
I remind you that if the supply of this coin is also really big at this moment. It can also become another factor why this coin will be dumping in the future.

There are still many tokens locked this time but as per the schedule if the more tokens to be unlocked gradually.

Because of being busy and not following up on my Galxe tasks, I am not qualified for their airdrop.

But since it is on a vesting period, I bet that we could only get less and may possibly get dumped in many months to come.

This is highly anticipated that most of the crypto airdrops right now if qualified would gradually drag the price down overtime and may end up getting pennies to a few two to three figure dollars when lucky.

As of today, I am yet to experience being rewarded for a big airdrop this year compared to the past few years. Right now, I am focusing more on common L2s like Linea, Scroll, zkSync Era, etc.

Having too many coins in the altcoins market alone can be the basis to say a project will not succeed although I have not done any research on this coin and its potential,  but then also we have to be more realistic in our reasoning and try not to add sentiments to our judgement.

That being said, the Islamic coin sound like a religious coin and at that it may lead to a lot of limitation for the project such as wider adoption and users,  and what the religious sentiments are about cryptocurrency projects,  just like gambling that is declared and haram in Islam,  same could happen with crypto in Islam the could be a prohibition or restriction to worshipers not the get involved in anything such as this.

I remember seeing a thread months ago about a coin related to this religion, is it the same coin or just another one which was created following into the steps of the previous coin? But whatever is the case this is just outrageous, scammers are willing to do anything just to get one more dollar in their pockets and if this means insulting the most precious beliefs people have they are still willing to do it, so people should just avoid these coins as it should be clear as day their developers will at some point scam anyone that was willing to give them any money.

They are pretty much promoting their coin all around as I have seen their ads quite a lot of times on social media but never really studied the project or gave it much attention. I didn't really hear anything interesting about the coin, and the fact that it's specifically targeting only the Muslim audience, this might be a big hurdle in its way to achieving a lot of success because the industry consists of people from all religions and they might not be interested in a project that is targeting a single religion out of all.

However, I guess we will see how the project does once it gets launched and the token starts getting listed in exchanges, or maybe it did already? The altcoin market is getting so saturated lately that it's becoming difficult to actually keep track of every single project coming out these days.

The currency was created on abhorrent racist foundations, which has predicted its failure since its launch. Calling the currency religious makes it very limited and does not offer promises of success of any kind. It is not the first currency of its kind to be established according to this premise, but none of us mention anything about those currencies because they failed quickly.

The owners of these projects usually have a limited team who create the project in order to deceive people with a false illusion. On this basis, they seek to ensure that the project attains acceptable importance.

I was so pissed to a point that I thought ISLM marketing was turning to daily spam, my twitter, my instagram and facebook, they literally occupied everywhere but look at their price today, they seems like the usuall ICO token that promises heaven and earth in another life but when you look deeply, they are just another typical ERC-20 usual token that are launch everyday on Ethereum and BSC.

It seems there has also been a lawsuit that was file a week ago by Dubai virtual asset regulatory (https://www.vara.ae/en/regulations/regulatory-notices/bored-gen-dmcc/) that they don't know and don't have any relationship with ISLM. It seems that the teams were using Dubai residents and prominents people to push the token for marketing before the launch and trading which was misleading because that is impersonation that could even bring down the project in the future if the team were to be investigated, no wonder the price has been crashing.

In addition, the token is basically listed on 4 exchange, $2M volume with a fully dilluted valuation of $4B, if tokens were to be unluck, I doubt if the two exchanges are going to able to handle that supply, the price will further slide down.

I agree with you on that and this is not the first time I have seen such a level of financial propaganda even the Islamic coin itself,  it seems that the coin has been around for a while now but has failed to gain recognition and because of that many of the currency speculators avoid the coin in the discussions,  although we have to be able to proclaim the right approach if truly we want to make contact with such projects,  since there are build along the sentimental line.

This have nothing to do with the real aim and practice of Islam and I believe that the coin is nothing but just a mere pozi.

I don't have much to say about this coin, but from what I've seen, it doesn't seem to offer much. The presale wasn't profitable for investors, and the promised rewards for the community were vested, so there wasn't much selling pressure from airdrop participants. Despite that, the price couldn't surge. I still don't fully understand the project, but based on how things are going, I don't think something great will come out of it. It doesn't look promising to me.

It's just like almost every coin out tthere. Only created to enrich the creators and theor inner circle.  Remer the old poker saying if you can't spot the fish at the table then you are the fish.  The same applies to altcoins.  If you arent in any of these inner circles then just consider yourself as liquidity for these people.  Easy way around it?  Stay away from all these types of "projects".

The other reason why this Islamic currency fails so quickly is that the Islamic community is one of the least integrated communities with modern technologies such as blockchain and crypto, because most Islamic countries are third world countries and countries with technological development have a small population, such as the United Arab Emirates or Bahrain. This can be confirmed through activity in the Arabic section here in the forum, since Arabs represent the Muslim majority. I am one of the active members there, and unfortunately we have a small number of members from some Arab countries, and there are countries that no one represents in the section.

I am not very interested in what the ISLM organizer offers to the community, in which there is a narrative that this coin project is a manifestation of gold and money that is aligned with the principles of sharia to avoid prohibitions in Islam, so far I am active in the market Crypto and technology offered have never found things that are in contact with Islamic religious rules, I do not know where the narratives are being carried by the Altcoin project developer.

Not the latest technology they bring to the project only to the rules of using interest only the concern.

I see that you don't liked it but your opening message seems too positive. Anyway, at first I didn't believe when you say that there are only 8k something active crypto because I think that was too tiny but it was actually true when I researched it again.

There are millions of crypto but many of them are dead, I guess that was also better so that we can lessen the pressure or the load in the market. It's impressive if that was the current rank of this coin shared here by the OP despite being new or is it really? Because the name sounds familiar to me. It seems I heard the coin somewhere before. But good luck to them and to those who are going to invest on it.

I have seen this Islamic coin on social media, people always promote this Islamic coin stating that the launch price will be $500 just like the they are hyping pi-network. But to me I see no possibly to achieve that price at launch. Because even bitcoin never started like that. Sometimes I also ask if this coin will only be used my Muslim/Islamic people. Because Crypto currency has no boundaries or ethnicity.

Using the name of a community won't make it one of theirs. Why this token is for the Muslim community only and how it serve the community! I think this token is created by targeting the Muslim communities emotions. Many Muslim will think by investing in these project they can support the community which isn't true.

But i am relieved by imagin I don't need to see those annoying token sale add in all over my Twitter. They spend a lot to make promotion in the social media which indicates there is a group of people behind this projects marketing expenses.

I think it is proper to go religious while creating a coin. By so doing, you are already limiting your market space because not everyone will believe in your religious ideology.

The nomenclature will drive away some very serious investors.

Do they have certain important points, or are they just ordinary altcoins that use the name of a religion, if that's the case, I think it's just an ordinary altcoin, even though they say they have a fund raise of around 400 million$, but to me it looks like an ordinary project.

agreed this coin aims to embody the beliefs and principles of the islam religion but does not necessarily seem to reflect the community at large it lacked details about how this can benefit the muslims in the cryptocurrency aside from having ideas from the islam religion


islam is the second-largest religion in the world maybe they are aiming to get muslims to invest in their coin


i have also observed but as i said the muslim population is huge with more than 2 billion followers of islam in the world if they get to persuade a lot of them to get into the cryptocurrency scene then it’s a win

I have seen this project on Twitter many times and I don't know why it is targed Islamic coin. I think the motive to get my Muslim investors to buy this project and see it as a reliable project for those that are interested in investing in cryptocurrency market. I think everyone can name there project whatsoever they like and this project really looks like it has support for the Muslim community.
I believe the project is launched now and might look like a good potential token if the team can promote very well.

Yes it might be true just like Elon musk is used to promote eloncoin. I discover lately that people has been using many tricks to lure people into what dey don't know about. I think they want yo draw the attention of many Islamic people to it.

That is if they can persuade Islamic countries to adopt their coin, there's already a warning for residents of the UAE

There's a possibility that many Islamic countries will follow the UAE's action and if that happens this coin's progress will be halted, but only time can tell if the majority of Islamic countries will adopt this coin, I've seen religious-based token/coin that are not existing anymore and unfortunately, they cannot keep up with the community's need.

I did have an over watch of your project by visiting the link you mentioned in your topic. Please don't think my reply is harsh but how can you ask for funding? According to my understanding that is haram as it should be only for holy purpose and that too should be nature based produce.

The next topic is about staking and according to my understanding staking is again haram. Regardless of your cause and your output generated from this project. I feel such coins won't make into the mainstream and get attention from the Islamic countries.

Guys! I may be wrong if someone can enlighten me why this Islam religion based project should be supported.

I once took part in an assignment in Galxe but I didn't complete it completely after knowing that the prize would be locked, so I became increasingly lazy to find out the progress
Rewards that are locked over time will be wasted and have no value when opened.

Why not do your research by checking their homepage and reading their roadmap, you don't have to ask people to shill a token to you, if you're interested in a token you don't have to ask why, just check it yourself and based on your parameters on what to look for a coin apply these parameters.
We already have so many shills here in this forum and if you're listening and asking questions like this, it's like asking people to shill tokens they are promoting, investors should be wise now, by doing their research and looking for loopholes.
Based on what I see on ISLM it's not the coin worth adding to my portfolio, I prefer coins that have no boundaries, but if you're a Muslim it could be a coin for you.
 

I have seen in many articles about Islamic Coin in the last year, but i don’t how it works as a name of it’s a Islamic coin, yes it’s just look like an average altcoin. If they are successful project and collected 400$ millions then why it’s not listed any top tier exchange as like Binance? Even i didn’t see enough marketing in this forum. 

I think it's just universal. If it is considered good and has a good development direction, I think there is no problem with the Islamic Coin coin. The important thing is that the volume is there and it has been listed on the market. If we don't want it anymore, just sell it again and buy something with more potential. The investment world is generally ready to go first and those who are good at reading are always at the forefront

For example, a project that takes advantage of itself with a religious community, I think many people think is less efficient, a lot of what has happened has created debate. because the existence of certain regulations causes conflict between parties. If the concept is general, not individual, perhaps many people will support it

I do not quite understand this project, to be honest.
What would be the appeal of this alternative coin to those who live in Islamic countries when all of them can use Bitcoin or other more established coin instead?
This is one of the problems I have seen in many alt coins, they are created with a purpose which does not exclude or represent an improvement over existing Coins.

There is no reasonable point for someone who is Muslim to avoid using Bitcoin and use Islamic coin instead. Actually, there are a lot of Muslims in this forum who actively trade and hold Bitcoin. Anyways, regardless of my opinion, I hope you can make something out this idea you have.
Good luck.

Yes, there is not even a single reason for Muslims to prefer this coin over Bitcoin as this is no different than other coins and I feel this has been created just to deceive Muslims and this was done at a time when crypto friendly policies were taking place in Dubai and it's quite understandable that this has been created to pool in money from Roch gulf Arabs and I have seen few more coins like this and trust me there hasn't been any developments yet.

Islamic Coin (ISLM) and the Haqq Network are looking good. Aiming to provide financial empowerment with Shariah principles and leveraging blockchain technology.
The significance of Shariah compliance is an important aspect to explore as it ensures that the cryptocurrency aligns with the ethical and moral principles of the Islamic community.
I also join the airdrop of this coin and I got 700 ISLM coins but they are in vesting period and I don't know when I will get unlock my coins what will be the value of this coin.
It showing that it is a Islamic coin but many Islamic countries didn't accept it. If they accept they regulate in their countries.
And here in this article you can see UAE is also unsure about this coin and hesitating to regulate and UAE government didn't give a proper licence to this company. This coin catch hype if other Muslim countries accept it and regulate it in the country.
Here is the article.
https://ifnfintech.com/vara-issues-alert-against-sale-of-islamic-coin-by-dubai-firm/

Same here. coin with too much hype tend to just end as a history. I don't know there vision about Islamic coin, but what ever it is I think it's just going to end like other altcoin. No matter how any new altcoin tend to have much fan or hype, i think it's not going to be anywhere close to etherium. Or even BNB.

It's pretty obvious that they are targeting the Muslim community to invest in this shitcoin but only one thing pop up in my mind, seriously? It is pretty lame reason for someone to invest in a project.

From reading the others' replies it seems the project even got some liquidity too which I don't think is real and created by the developers itself to propagate this to a larger audience. Anyway good luck! :D

  Based on my research, this Islamic coin is new, and currently it is on an exchange where it can be traded. In addition to that, it has a trading volume that is obtained every day of around 1.2 million dollars,  which is not bad at all.

  So my only question is, why is it listed on an exchange? or because he's new? Because if I look at his statistics on Coingecko, there is nothing written so far as to how much his market capital is. Why is it? So, this is still a bit under observation to me, maybe because it's just hype at the moment. You know that this kind of situation is difficult when it's just hype and there's no development plan in the future.

https://www.coingecko.com/en/coins/islamic-coin
https://www.kucoin.com/trade/ISLM-USDT?rcode=e21sNJ

This is very similar to an undeclared apartheid regime but this time in the form of a currency network. It is not the first time that we have seen an example of private currencies that are in the name of a famous artist or politician, but the matter becomes more special if we choose for it a fundamentalist tendency, since sectarian and ethnic conflicts in the world are closely related to religions in general.

The Islamic religion has become associated with terrorism, as the far-right media in all Western countries want to promote. Thus, launching a currency under the name of Islam can be used later in various ways capable of causing chaos.

I read an article where it was stated that participating in any form of crypto investment, gambling etc is  "Haram" forbidden how come the Islamic coin was launched for the Muslim faithful because some of them believe it's another form of ponzi scheme due to it pump and dump features, however if it developers intention is to promote the coin as a solution to some Islamic problems then I think that is a welcome development and would definitely succeed because of many Muslims crypto enthusiast who are not fanatic would adopt it and invest in it and as well promote it in an Islamic way to gain and attract more investors.

I agree that using a religious name to promote a coin, might limit it's acceptance to only investors that are in that religion. Personally I think that if a developer wants their project to attract a wider participants, then using a religious name might not be the best approach, because people that are not in that religion might not be comfortable to be a part of it.

Maybe this Islamic coin, might just be a name chosen by the developers to attract Muslims, to be a part of it, so it might not have anything to do with the Islamic faith. There are too many coins in the altcoins space, so they all have to compete for  relevance, and if these particular one in discussion can stand the test of time and gain people's trust, then it's all good.

The name is used to create attention for this project and the developer doesn't care either its positive or negative as long as it is going to make the creator rich not the investors. The name of the coin doesn't hold any value to the project, it's just here to create the identity but only the uniqueness of the project can take it to the actual heights.

Muslims are not like Christians that does not support their projects. At the end of the years, you will see that this coin will have value even more than some of the altcoins in the cryptocurrency ecosystem. Yes the ecosystem is full with coins now and more are still coming. Different countries will also launched their token because the world is about to change economic system to purely digital currencies.

And the best cryptocurrency in the future is bitcoin. Bitcoin is the best not only because of it value but also because it is a decentralized coin in which authorities can not control the users or owner's funds but most of the altcoins might collapsed because of external forces and that is where Joeyp is coming from.

Well, I think they are leveraging on the strength of the Muslim communities to promote the coin to success, forgetting that not every Muslim will even embrace the idea in the first place.

I don't see the coin going very far, but I could be wrong though. Just my own opinion.

This is what makes it an initiative for a fraudulent project rather than the foundation of an integrated project concept. The Islamic group or any other religious group has never needed a unique currency. Considering Islamic societies in particular, they may be the least societies that adopt this type of currency systems (cryptocurrencies), especially since they are traditional societies that need confirmation from clerics to adopt any change.

These projects cannot succeed if they are led by ideology, especially religious ideology, not to mention that they will be a central currency that enables their founders to control and even manipulate the entire network.

That is not always the case. You make a valid point that the market is already saturated and filled with too many coins/tokens already. Yes, it may cause struggle for new cryptocurrencies, but that doesn’t mean that they can’t make it and even make it better than coins that existed before them. Saturated market but if the new coin offered a feature/features that others aren’t offering, it has a mechanism that is great, the team members behind it are remarkable, etc, the coin will definitely be able to make waves because good stuff doesn’t hide for long. Most of these altcoins that fail today is because they don’t have anything unique and that means they have a lot of competition doing exactly what they are doing.

Exactly! There's always tendency for fraud with the way they are going. Imagine they did an Airdrop, only for them to vest about 90% of the airdrop. Stuffs like this make people to lose confidence in your project, not mentioning the fact that they want.to segregate the market by creating a coin that has a religious inclination.

It's just a name, and it's given a name to attract a specific Muslim community,  I don't see in my research that it created any other important purposes for Muslims. So I don't think it's created to use instead of BTC, It’s not alternative coin to BTC,  And you know it’s not much popular in the market still now.

There is nothing so special about this Altcoin as it will only be used by those who practices Islam religion. It is therfore not any Altcoin that can be used by every one as a person who practices another religion won't find it necessary to invest in this Altcoin and that is not good for any Altcoin who wants to make wave in the market
The Altcoin should have been based on a general term where every other religions can be willing enough to purchase even if it's founder is Islamic it won't matter but in this case where the Altcoin is based on Islamic, others won't find it necessary to invest in it.
Have it in mind that it is not possible to avoid using Bitcoin as no other altcoins can be used to replace Bitcoin, Bitcoin remains a currency for the whole world without looking at the religion.

mdzahed134 you are right.. I have not see any profit from this project to Muslim community.. Every project comes in crypto market to get attention of community.. They practicing new things and checking how they get more investment.. The Islamic coin just using the name of Islam to convince Muslim community and you will see that there is no real usecase in Islamic center.