there have been many attempts to bind the blockchain to Islam, all scams and none have proven to follow the guidelines set .
they all tried to make a fast bankroll with the using of the Islamic word but down deep they have no idea of what they were doing simply because it is a instrument to make money for them! fast and simple- then they are gone!
Than you missed the DubaiCoin - DBIX. They are here since 2015/2016.
Their ATH was 45 usd... and they will soon go back to it... Islamic banking is a different and more fair way of banking.
You don't have to be a muslim to have an account there (for all the idiots commenting nonsense here, where do these hatefull low life trolls crawl from???
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I don't know who this dev is but let's see whayt he comes up with. I put my money so far on Dbix.
They are doing big now.
Yes, we have also spoken with Ahmed Bugshan who has financed ArabianChain/DubaiCoin with about $8-900,000.
His group expressed interest in Ummati, but they wanted to wait until it is further along.
Dubai Coin is focused on Arabic speakers and in particular the Persian Gulf countries- Qatar, UAE, Saudi, Bahrain, Kuwait, and Oman, which represents more than 50% of Islamic banking assets worlfwide.
If you read our whitepaper, you will see our focus is on Indonesia, Pakistan/India, and Nigeria- all non Arabic speaking countries.
These countries currently have less overall representation of Islamic banking, but higher growth rates than the Persian gulf countries.
At this stage having a blockchain breakthrough is not enough- technology alone will not get people to use a blockchain or token. There must be applications that actually improve people's lives- a killer app. Some people say coinbase is one of the killer apps of bitcoin, because it allows normal people to use bitcoin.
Dubai coin's killer app is Arabian Chain, but as I said, they are focused mainly on big money contracts in the Persian gulf.
Ummati is focused on the masses of Muslims in non-Arabic speaking countries. Actually, the vast majority of Muslims are not Arab.
Ummati's functionality is to provide finance and investment both in cryptocurrency and real world microprojects to millions of people by offering language support in Indonesian, Urdu, Hausa, and Turkish and Arabic for investors. And of course English, French and German.
Hopefully it will take of in other countries as well, but marketing efforts will be in those three countries, between them having more than 600 million people who identify as Muslims.
So Dubai Coin/ArabianChain and Ummati are doing similar things but we are not really directly competing for the same market.
