Islamic Coin

What Islamic Coin does

Islamic Coin (ISLM) is a Shariah-compliant cryptocurrency and the native digital asset of the HAQQ Network, a layer-one blockchain built on Cosmos SDK with Tendermint Core consensus and full EVM compatibility via Evmos components. The platform targets the global Muslim community of nearly 2 billion people, addressing the lack of Islamic finance-compliant digital assets by prohibiting interest (riba), gambling, and unethical investments. Core technology includes a Proof of Stake consensus mechanism with instant finality, IBC interoperability connecting to over $148 billion in Cosmos ecosystem assets, and the proprietary Shariah Oracle — an on-chain registry of Halal Certificates controlling a whitelist of Shariah-compliant smart contracts through two-tier approval (community staker voting and Shariah Board endorsement).

The product portfolio spans the ISLM token (capped at 100 billion supply, 20 billion minted at genesis), the HAQQ Wallet (non-custodial mobile application), the HAQQ Swap interface (powered by Changelly), the Evergreen DAO endowment (funded by 10% of block emissions and transaction fees), and the Builder's Incentive (50/50 smart contract fee split with developers). Revenue mechanics derive from gas/transaction fees, validator economics, and staking rewards (~7% yield at 7.78% inflation rate). Distribution occurs through centralized exchanges (kuCoin, Gate.io, MEXC, LBank, Indodax), decentralized exchanges (SushiSwap, Osmosis), fiat on-ramp via Onramper, and the HAQQ Wallet. The project operates through three entities: ICNETWORK Ltd (BVI issuing entity), Haqq Association (Swiss non-profit), and Bored Gen DMCC (Dubai developer).

Islamic Coin is governed by a Shariah Board of five named Islamic finance scholars who issued a formal Fatwa in January 2022, and advisory/executive boards that include members of Abu Dhabi and Dubai ruling families. The company has secured $400 million in total disclosed funding, anchored by a $200 million investment from Alpha Blue Ocean's ABO Digital in June 2023. Headcount is 11-50 employees, headquarters are in Baar/Geneva (Switzerland), with operational presence in Dubai (UAE). Geographic restrictions currently prevent UAE residents from purchasing ISLM tokens. Primary customer segments are the global Muslim community (consumer), Islamic finance institutions, and Islamic Web3 developers building Shariah-compliant dApps.

Name

Islamic Coin

Legal name

ICNETWORK Ltd

Website

https://islamiccoin.net

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Islamic Coin is a Shariah-compliant cryptocurrency built on the HAQQ Network layer-one blockchain, serving the global Muslim community with interest-free digital money, an on-chain Halal certification system (Shariah Oracle), and a community-governed endowment (Evergreen DAO) for Islamic projects.

Ownership category

akta.pro rank

Product category

Cryptocurrency

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

akta.pro secondary industries

Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH), Digital Asset Custody & Wallet Infrastructure for Institutions (MPC/HSM, key mgmt, policy controls) (FSAPAIAE), Identity, Credentials & Permissioning for Enterprises (DID/VC, access control, attestations) (FSAPAIAG)

Keywords

• Shariah-compliant cryptocurrency
• Islamic blockchain platform
• Halal financial technology
• Layer-one blockchain protocol
• Shariah Oracle certification

Headquarters

HQ city

Baar

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Transaction Fees: Islamic Coin is used for paying transaction fees on the HAQQ Network. Gas fees are collected from users and distributed between validators, delegators, and the Evergreen DAO.
2. Staking Rewards Distribution: ISLM holders who delegate tokens to validators earn staking rewards. Inflation is calculated as 7.78% of total bonded coins, generating approximately 7% yield for staked ISLM. New coins are distributed: 10% to Evergreen DAO, 1-5% to block proposer and delegators, remainder to bonded validators and delegators.
3. Smart Contract Fees: Fees generated by smart contracts are shared between validators and authors of smart contracts in a 50%/50% proportion through the Builders Incentive mechanism.
4. Token Sales: Initial token distribution through private sale. Initial supply of 20 billion ISLM was minted in genesis block and distributed to private sale participants, early stage partners, ambassadors, founders and business reserve. Initial issue price was $0.25 per token.

Pricing tiers

Go-to-market motion3 records

Distribution channels9 records

Marketing channels6 records

Core offering

Islamic Coin (ISLM) is the native cryptocurrency of the HAQQ Network, a Shariah-compliant layer-one blockchain built on Cosmos SDK with Tendermint Core consensus, EVM compatibility, and IBC interoperability. The token is used for paying network transaction fees, staking to secure the blockchain, participating in governance, and interacting with Halal-certified smart contracts via the Shariah Oracle. The platform combines Ethereum developer tooling with Cosmos cross-chain connectivity while enforcing Islamic finance principles through on-chain certification, a Shariah Board, and the Evergreen DAO endowment that channels 10% of emissions into community-impact projects.

Product overview

Islamic Coin operates as a platform-plus-ecosystem product portfolio centered on the HAQQ Network — a layer-one blockchain built on Cosmos SDK with Ethereum compatibility — and its native currency Islamic Coin (ISLM). Core components include the non-custodial HAQQ Wallet (for storing and interacting with ISLM), the Shariah Oracle (an on-chain Halal certification mechanism), the Evergreen DAO (a community-governed endowment funded by 10% of block emissions), a Staking Economy (Proof-of-Stake reward distribution), and the Builder's Incentive (fee-sharing for smart contract developers). Users access the ecosystem via the Swap interface (powered by Changelly) and trade ISLM on integrated CEXs (kuCoin, LBank, MEXC, Gate.io, Indodax) and DEXs (SushiSwap, Osmosis). A fiat on-ramp is available via Onramper. The Shariah Oracle is expected to launch in Q4 2024.

Differentiator

Problem solved

Functional benefit

Brands

• HAQQ Network: Layer-one blockchain built on Cosmos SDK, the dedicated Islamic blockchain for Islamic Coin with Shariah Oracle functionality
• Evergreen DAO
• Shariah Oracle
• HAQQ Wallet
• Haqqers DAO

Products and services

• Islamic Coin (ISLM) The native cryptocurrency (virtual asset) of the HAQQ Network, serving as the primary medium of exchange for paying transaction fees, staking, governance voting, and accessing Halal-certified dApps. ISLM is a Shariah-compliant digital currency distributed through centralized and decentralized exchanges to Muslim users globally.
• HAQQ Wallet A non-custodial mobile blockchain wallet application that lets users securely store Islamic Coin, transfer tokens, and interact with the HAQQ Network. The wallet integrates the Shariah Oracle to warn users when transacting with non-whitelisted or non-Shariah-compliant smart contracts, and is built by Bored Gen DMCC.
• HAQQ Swap An in-app and web token swap interface powered by Changelly that allows users to exchange ISLM with other cryptocurrencies using fixed-rate or variable-rate swap options.

Quantifiable outcome

• Targeting 3-4% of Muslim online community holding Islamic Coin to achieve Bitcoin-scale valuation, potentially generating $1 trillion for holders and $100 billion for Evergreen DAO
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core.

• Bored Gen DMCCcoreTechnology or IntegrationBored Gen DMCC acts as the main developer responsible for Haqq Network's software infrastructure, including development of the HAQQ Wallet and Launchpad. They provide cutting-edge software solutions ensuring seamless interactions within the HAQQ ecosystem.
• Cosmos Network (Tendermint/Ignite)coreTechnology or IntegrationHAQQ Network is built on Cosmos SDK using Tendermint Core consensus engine. The partnership provides interoperability through IBC protocol and leverages the Cosmos ecosystem's $148 billion+ in assets.
• EvmoscoreTechnology or IntegrationHAQQ is built using Evmos components which provides Ethereum Virtual Machine compatibility, allowing Ethereum-based smart contracts to be deployed without modification.
• Global Islamic BankscoreStrategic or Co-development PartnerPartnership with global Islamic banks to support the development and introduction of Shariah-compliant financial products, digital asset platforms and tokens.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Stellar Development Foundation: Mature public blockchain focused on cross-border payments and financial inclusion, with active partnerships in corridors serving Muslim-majority countries (e.g. MoneyGram); comparable as a larger incumbent competing for the same remittance/payments use cases Islamic Coin targets for Muslim users.

Others

• Cosmos Hub (ATOM): Foundational Layer-1 blockchain via Cosmos SDK on which HAQQ is built; comparable as the underlying technology stack and IBC interoperability provider Islamic Coin depends on, and as a benchmark for native-asset valuation in the Cosmos ecosystem.
• Osmosis (OSMO): Cosmos ecosystem's leading DEX where ISLM is listed for trading; comparable as a primary liquidity venue for Islamic Coin and as a comparable Cosmos-native token with similar distribution and staking mechanics.
• SushiSwap: Multi-chain DEX where ISLM pairs trade on HAQQ; comparable as the on-chain trading infrastructure Islamic Coin relies on and as a peer of the broader DEX category.
• Evmos: Cosmos-based EVM-compatible chain that provides HAQQ's EVM equivalence; comparable as core technology partner and as a peer Cosmos-zone EVM chain competing for the same cross-chain developer mindshare.

Direct peers

• Blossom Finance: Shariah-compliant fintech building ethical investment and savings products; directly comparable as a faith-based Islamic financial services platform targeting the same Muslim demographic seeking alternatives to conventional finance.
• Finterra: Malaysia-based Islamic fintech that built a Shariah-compliant blockchain infrastructure for trade finance and waqf (endowment) management. Closely comparable as a purpose-built Islamic blockchain with embedded Shariah governance, mirroring Islamic Coin's Evergreen DAO and Shariah Oracle concepts.

Emerging players

• Wahed Invest: Shariah-compliant robo-advisor and digital investment platform; comparable as it serves the same Muslim retail-investor segment seeking ethical/halal financial products and competes for the same wallet share that Islamic Coin targets.
• Ethis: Islamic crowdfunding and impact-investing platform with Shariah-compliant real-estate and SME products; comparable as an Islamic fintech targeting Muslim ethical-investor capital with both digital and traditional rails.
• COTI: Layer-2 payment network that has pursued Shariah certification for its network; comparable because it targets Islamic-compliant payments infrastructure and represents an alternative technical approach to solving the same Shariah-compliant payment problem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Islamic_Coin
• Instagraminstagram.com/haqq_network
• Facebookfacebook.com/islamiccoinofficial
• LinkedInlinkedin.com/company/islamiccoin

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Islamic Coin