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Every crypto enthusiast knows they need enough information about a token before investing and in this article will discuss the basic information you need to know about the Islamic Coin token ($ISLM). We discuss venture backing, the community and some basic analysis as well. Let’s get started.
What is Islamic Coin ($ISLM)?
Islamic Coin is a cryptocurrency project with the promise of bringing economic. Also, the financial value to the approximately 1.9B Muslims around the world— the Sharia way.Â
The Sharia/Islamic financial system has rules that prohibit betting (Maysir), interest rates (Riba), and speculation (Gharar), making the project unique.Â
The token which launched on 10th October is hosted on the HAQQ network. There are plans to offer other decentralized services to the crypto community aside from the native $ISLM token.Â
What a day for #IslamicCoin!
The #ISLM journey has just begun, and with a community as strong as ours, there's no boundary we can't surpass. Here’s an important update from @onsails, our CTO and co-founder.
— Islamic Coin (@Islamic_Coin) October 10, 2023
This is sponsored by collaborations with healthcare providers, banks and other institutions aimed at fostering a sustainable use of the token.
Islamic Coin CommunityÂ
Every crypto project needs a loyal and strong community to grow. It gives the project the energy and vitality it needs to be ahead of the curve in the ever-changing world of cryptocurrencies.Â
$ISLM’s identity is based on the ethical beliefs of Islam, meaning that the token is strongly backed by the community behind it.Â
🌙 #IslamicCoin Community Rewards Announcement
Since our 2022 launch, #IslamicCoin has thrived thanks to your steadfast commitment to our mission and vision. Your support has been invaluable. In gratitude, we're thrilled to announce the #ISLM Rewards. 🧵🔄 pic.twitter.com/b8eLw1oFpv
— Islamic Coin (@Islamic_Coin) October 10, 2023
The token holds in high esteem values such as charity and community building, which are important in the Islamic financial system. With as much as 10% of minted tokens deposited in a special evergreen account that aids in achieving this purpose.
📢 #ISLM Token is now available for trading on @kucoincom!
Explore rewarding events and trade #ISLM now: https://t.co/2I8PMcQJlv
More exchanges to come. pic.twitter.com/mEnR06kapi
— Islamic Coin (@Islamic_Coin) October 10, 2023
The goal is to pioneer the future of Islamic finance and help bring unprecedented economic value to the Islamic community.
Founders and VC BackingÂ
Heading the charge at IC Technologies, the team behind Islamic Coin is Mohammed Al Kaff Al Hashmi. A serial entrepreneur and veritable business tycoon. He founded the project in collaboration with 3 other co-founders: Andrey Kuznetsov, Alex Malkov and H.H Hussein Mohammed Al Meeza.Â
Consequently, visionary co-founder Mohammed Al Kaff Al Hashmi brings a wealth of knowledge from his expertise in other leading companies in the Middle East.Â
He has worked as the global telecommunications vendor at Huawei and also CEO of Netaq for E-solutions. Mohammed Al Kaff Al Hashmi has also built other successful startups before choosing to co-found Islamic Coin in 2021.Â
🟢 #LIVE: #IslamicCoin Founder Mohammed AlKaff AlHashmi @ALKaff_911 joins industry leaders for a panel discussion on «Industry 4.0: Tokenization of Real World Assets» at #DigitalBridge2023, stage Vision!
Watch now: https://t.co/9YzyC8Z5Ev
— Islamic Coin (@Islamic_Coin) October 13, 2023
The company is overseen by the expertise of Alex Malkov as CEO, and Andrey Kuznetsov as CTO. The project is backed by solid names in the VC industry.
At the moment, Islamic Coin boasts an impressive $400M funding for the project, sourced from the likes of ABO Digital, Future Craft Ventures and DFOF 101.
Additionally, some high net-worth individuals such as H.H Sheikh Dr Hazza bin Sultan bin Zayed Al Nahyan, Sheikh Saeed bin Hamdan bin Mohammed Al Nahyan and notable others have also set eyes on the project and seem to be quite interested in it.Â
Islamic Coin Basic Analysis
As of the time of writing, $ISLM has been doing relatively well on the chart for a new coin offering. When the token was first launched on the 10th of October, it recorded an expected spike peaking at about $0.25 on the same day.Â
There was also an expected decline following a reduced amount of incoming liquidity on the same day. The token ended up hitting its all-time low the very next day at about $0.1.Â
This was preceded by a fluctuating rise during a 5-day period hitting its present all-time high at about $0.34. Presently the token sits comfortably in the >$0.3 range. This present position on the chart gives early investors nearly a 500% interest.
Conclusion
$ISLM is a relatively new token and is still too young to be properly analyzed. However, based on the expected strength of the community, the backing of high-profile individuals and the plans for the future, we can say that the token and other offerings of the HAQQ blockchain are quite promising.
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