Dear ISLAMICOIN community,
We are excited to announce the issuance of the fourth Sharia audit report for the ISLAMICOIN project which includes the iGold project’s review and comments!
Read the full report issued by Crypto Halal office in Arabic on the following links,
Below we offer you the English translation: ️
INTRODUCTION BY CRYPTO HALAL OFFICE:
Our esteemed audience,
Cryptohalal office of supervision and Sharia audit of cryptocurrency and blockchain markets is pleased to announce to its valued audience that after a long period of work and effort, the audit of the Islami Gold (iGold) currency has been completed.
This currency is fully backed by 24-carat physical gold and is issued by the ISLAMICOIN project. One iGold coin is equivalent to ten grams of gold, meaning that every ten coins are equal to one gram of gold.
The currency provides physical delivery of gold if the required amount exceeds an ounce, which is approximately 31 grams, in four centers around the world, namely France, Switzerland, Dubai, and Lebanon. Efforts are underway to increase delivery points.
The currency is excellent for hedging against currency and dollar price fluctuations, as its value is only linked to gold.
A decentralized market has been secured for the immediate buying and selling of the currency without waiting or suspending orders, for five days a week, given that gold exchanges stop working on Saturdays and Sundays. This is done through ISLAMIwallet, and the first ten thousand iGold coins will be launched today, with the gold quantity already audited.
On this occasion, we are pleased to present to the investors in the ISLAMICOIN currency and its various projects the fourth Sharia audit report for the period from January to April 2023.
Finally, we can only express our deep gratitude to the brothers in the ISLAMICOIN project, who have set an example of dedication and hard work over the past year. In just one year, they have accomplished everything they committed to, which many projects have failed to achieve after years of work.
From the ISLAMedia platform to ISLAMIwallet, iGold, and soon the ISLAMIBLOCKCHAIN network, which will transfer the currency to the coin category.
All these projects have been achieved in one year.
Therefore, we say, thank you, ISLAMICOIN.
Quarterly Shariah Audit Report for (ISLAMICOIN) Project
From January 2023 to April 2023
Bism Allah al Rahman al Raheem
To the management of ISLAMICOIN project and its investors, Assalamu Alaykum wa Rahmat Allah wa Barakatuh,
Subject/ Fourth Sharia Audit Report for (ISLAMICOIN) Project, January 2023 to April 2023.
Alhamdulillah Wassalatu Wassalamu ala Rasulillah wa Alihi wa Sahbihi wa man walaah
We, the team at Crypto Halal office for Supervision and Sharia Auditing, are pleased to convey our sincere wishes for success and prosperity to the ISLAMICOIN project, which represents an innovative interface for our Muslim communities. We are also pleased to present to all the contributing brothers and investors in the currency and its related projects, the fourth Sharia audit report for ISLAMICOIN project.
Firstly, regarding the financial aspect,
This stage witnessed no administrative operations, but a relative decrease in the currency exchange rate. However, in the last three weeks, it witnessed a noticeable increase. In light of this price movement, Crypto Halal office for Supervision and Sharia Auditing conducted its own investigation to ensure that the price movement was within the natural framework and without any intervention from the management of ISLAMICOIN project, such as pumping or withdrawing the currency from the markets, which could lead to market manipulation. Alhamdulillah, the results were positive and confirmed that the price movement was a result of supply and demand, as well as positive news surrounding the project during the previous period.
Secondly, with regards to the projects,
We are pleased to announce to our brothers in ISLAMICOIN and its investors the launch of iGold project. This project has been worked on for months by both ISLAMICOIN team and the Crypto Halal office with the aim of achieving the highest levels of compliance with Sharia standards, as well as the highest levels of reliability and security. We have designed the product, distributed tasks starting with the establishment of the Islami Gold vault, its management and gold storage, matching its quantity with the issuance of iGold coins, progressing to the investor phase which forms the link between the Islami Gold vault and the decentralized trading pool, and ending with the iGold redemption or retrieval of the actual gold it represents. All of these stages have been designed in accordance with Sharia rules regarding trading in gold and in compliance with Sharia standard No. (1) (the standard for trading in currencies) issued by accounting and financial institutions such as AAOIFI, as iGold is a digital currency fully backed by gold, with each coin representing 1/10 of a gram of 24-carat gold. Additionally, the programming and testing work for the ISLAMIBLOCKCHAIN project is ongoing and subject to Sharia audit since its inception, which makes it easier for the teams to produce a product that is compliant with Sharia standards. We hope that the work on this significant project will be completed within the next quarter, which may mark a significant turning point in the life of ISLAMICOIN project.
Thirdly, in terms of services, this chapter was distinguished by the launch of two new services in ISLAMIwallet.
1- The Zakat calculator service, which allows Muslims to accurately determine the value of Zakat owed after entering all necessary data.
2- The Polykick launch platform window, which is a platform for launching web3 projects founded by the Crypto Halal project for Islamic financial technology solutions and its partners. This window has significantly contributed to increasing the number of ISLAMIwallet users, as the wallet has witnessed thousands of downloads since the addition of this window for use in the subscription process.
Fourthly, in terms of motivation,
The project organized the competition for the blessed Ramadan month, which is a general knowledge competition that was entirely managed by smart contracts on the blockchain network, in exchange for financial prizes for the winners. Crypto Halal office reviewed the terms and conditions and ensured their compliance with the provisions of Islamic law, as well as reviewed the questions related to the legal aspect of the competition.
In conclusion, the Crypto Halal office for supervision and legal audit of digital currency markets announces that the quarterly legal audit report for the period from January 2023 to April 2023 for ISLAMICOIN project showed that the project has complied with all the legal controls and requirements requested of it, and its projects are free from any legal violations up to the time of issuing this report.
May Allah guide us all to the right path.
Crypto halal office for Sharia supervision and Auditing is an external auditing entity that specializes in examining the legal aspects of the project only, and has no investment relationship with any of ISLAMICOIN projects or products. Additionally, the Sharia audit report and certificate of compliance issued by the office should not be construed as investment recommendations in any way.