What is Islamic Coin (ISLM)?

Quick Facts

  • Native token of the HAQQ Network blockchain
  • Built on Cosmos SDK with EVM compatibility
  • Uses Proof-of-Stake (Tendermint Core) consensus
  • 10% of all newly minted coins go to the Evergreen DAO
  • Issued a Fatwa by leading Islamic finance authorities
  • Backed by over $200 million in private funding
  • Compatible with Ethereum, Cosmos IBC, and Osmosis ecosystems

Introduction

Islamic Coin (ISLM) is the native cryptocurrency of the HAQQ Network, a blockchain platform built specifically to align with Islamic financial principles. It aims to provide the global Muslim community — roughly 1.9 billion people — with a halal, Shariah-compliant way to participate in the digital economy.

ISLM has received a formal Fatwa from leading Islamic finance authorities, confirming its permissibility under Islamic law. This sets it apart from most cryptocurrencies, which have faced scrutiny over interest-based mechanisms and speculative trading.

History & Background

The project was founded by Muhammad Al-Kaf Al-Hashemi and his team in response to growing demand for a cryptocurrency that respects Islamic financial ethics. The HAQQ mainnet launched in 2022 and the network transitioned from a Proof-of-Authority to a full Proof-of-Stake consensus model.

The issuing entity, ICNETWORK Ltd, is registered in the British Virgin Islands, while the Haqq Association, a non-profit under Swiss law, handles operational promotion and legal representation.

How Islamic Coin Works

HAQQ Network is built on the Cosmos SDK using Tendermint Core as its consensus engine. This gives the chain fast transaction finality and seamless IBC interoperability with other Cosmos-based blockchains.

A key innovation is the Shariah Oracle — an on-chain tool that evaluates smart contracts for compliance with Islamic law. Contracts that pass review receive a Shariah-compliance mark, while users interacting with unverified contracts receive a warning. This creates a trusted environment for halal transactions and decentralized applications.

Tokenomics

ISLM serves as the utility token of the HAQQ ecosystem, used for transaction fees, staking, governance, and deploying smart contracts. New ISLM is minted with each block, and the distribution is structured to fund both network security and community good.

A fixed 10% of all block rewards and gas fees is automatically routed to the Evergreen DAO, which funds Islamic charities and community projects. An additional portion flows to the Haqqers DAO, a funding pool governed by ISLM stakers that supports ecosystem development. The remainder goes to validators and delegators as staking rewards.

Circulating Supply ? 1.08 billion ISLM
Total supply ? 20.13 billion ISLM
Max supply ? 100.00 billion ISLM
Updated 6mo ago

Ecosystem & Use Cases

HAQQ is EVM-compatible, enabling developers to deploy Ethereum-style dApps on a Shariah-compliant chain. Use cases include halal DeFi, compliant payments and remittances, and tokenization of Islamic finance assets such as sukuk (Islamic bonds).

ISLM holders can also stake their tokens, participate in governance votes, and submit funding proposals to the Evergreen DAO. The HAQQ Wallet Marketplace lists community-approved projects, giving users confidence that displayed dApps meet both community and Shariah standards.

Team, Governance & Community

Governance on HAQQ is layered. ISLM stakers can submit and vote on proposals via the governance module. The Evergreen DAO then allocates funds to approved initiatives, with final oversight from a dedicated Shariah Board that can approve or revoke compliance status.

The Haqq Association drives business development, while Bored Gen acts as the primary software developer, responsible for the Haqq Wallet and Launchpad. Partners include DDCAP Group, IIUM, and fintech platform Brighty.

Advantages

  • Shariah-compliant by design — Fatwa-backed and interest-free structure
  • Evergreen DAO creates a built-in charitable and social impact mechanism
  • EVM + IBC compatibility enables broad interoperability
  • Shariah Oracle provides trustworthy on-chain compliance screening
  • Proof-of-Stake consensus keeps energy usage and environmental impact low

Risks & Challenges

  • Niche target audience — adoption relies heavily on Muslim community uptake
  • Regulatory uncertainty — crypto regulations in Muslim-majority countries vary widely
  • Compliance complexity — maintaining ongoing Shariah certification requires continuous audits and scholar engagement
  • Market liquidity — as a specialized asset, ISLM may face thinner trading markets than mainstream tokens

Long-Term Vision

Islamic Coin aims to become the foundational financial layer for the global Islamic economy. By bridging traditional Islamic finance with decentralized technology, HAQQ Network envisions a future where Muslims can access DeFi, make payments, invest, and contribute to charity — all within a single, Shariah-compliant blockchain ecosystem.

Frequently Asked Questions

Islamic Coin (ISLM) is the native cryptocurrency of the HAQQ Network, a Cosmos SDK-based blockchain designed to provide Shariah-compliant financial services. It allows Muslims to participate in the crypto economy without compromising their religious principles.

ISLM has received a formal Fatwa from leading Islamic finance authorities and avoids interest (riba), excessive uncertainty (gharar), and gambling. The network's Shariah Oracle evaluates smart contracts for compliance, and a dedicated Shariah Board grants or revokes compliance certifications.

The Evergreen DAO is a decentralized autonomous organization that automatically receives 10% of all newly minted ISLM and gas fees. It uses these funds to invest in projects that benefit the global Muslim community and to support Islamic charities.

ISLM holders can stake their tokens by bonding them to validators on the Proof-of-Stake network. In return, stakers earn block rewards and also gain voting rights in governance, allowing them to influence funding proposals and network upgrades.

Yes, HAQQ Network is EVM-compatible, meaning developers can use standard Ethereum tools to build and deploy dApps on the chain. It also supports IBC interoperability, enabling asset transfers across the Cosmos ecosystem.

The Shariah Oracle is an on-chain tool that checks smart contracts for compliance with Islamic law. Compliant contracts receive a Shariah-compliance mark, while users interacting with non-approved contracts receive a warning notification.

Islamic Coin was founded by Muhammad Al-Kaf Al-Hashemi and his team. The project is supported by ICNETWORK Ltd as the issuing entity and the Haqq Association, a Swiss non-profit, as its operational backbone.

ISLM is listed on exchanges such as KuCoin and can also be used within the HAQQ ecosystem for transaction fees, staking, governance, and deploying smart contracts. It is also available via IBC-connected Cosmos chains like Osmosis.