On March 11, 2022 Crypto Halal office issued the Shariah Supervision report of ISLAMICOIN project, which marked the beginning of the pre-listing sale phase, upon verifying the project and the real value of the token at that stage.
The project proved to be in compliance with Sharia requirements.
After listing ISLAMICOIN on CoinTiger and Digifinex, Crypto Halal office verified the movement of the liquidity and monitored the operations to ensure that everything is going on the right path.
The team shares in the project were also monitored to ensure that members are not selling quantities of currency at record price levels, and as a gesture of goodwill, the team locked a sum ranging between 80% to 90% of their shares for three years.
As for the amount withheld for the benefit of the
projects, the team informed Crypto Halal office before making any sale, and it was confirmed that the quantity sold did not affect the value of the currency at the time it happened, as it was sold at the price of 0.00085, while the price kept rising to 0.0069 at that time.
With regard to the currency locking initiative launched by the project team, Crypto Halal office confirmed that the operation must be voluntary, and without benefits on the locked quantities.
There was great response from investors to the initiative, as the amount of locked currencies at the time of writing this report exceeded one billion ISLAMICOIN.
ISLAMICOIN’s initiative to lock amounts of cryptocurrency without benefits is considered a precedent in the cryptocurrency markets
On the levels of projects, ISLAMICOIN launched its first project ISLAMedia platform, in the beginning of the blessed month of Ramadan, and the content was checked for accuracy and compliance to halal and sharia requirements.
Crypto Halal office verified the stages of preparation and programming of ISLAMIwallet project, suggesting some features and services, which will make ISLAMIwallet the first wallet in the world offering these distinguished services.
The complete updates and information will be announced once the team managers complete the programming and the experiments required
The report also reviewed the team’s proposed formula to include ISLAMICOIN community in the process of voting and decision-making, on the levels of selecting entities that will benefit from the funds of Bait Al-Mal after verifying their eligibility, in addition to the issuance of quantities of Maximum supply, and in terms of introducing new projects.
Details and updates will be announced later by the team.
At the end of the report the office of Crypto Halal for the supervision and legal audit of the work of the cryptocurrency markets, stated that ISLAMICOIN project complied with all the legal controls and requirements that were requested, and that the projects until the time of issuing this report were free of any legal violation.
