Islamic Coin: The Shariah-Compliant Cryptocurrency for the Muslim Community
Islams influence on the future of money
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This Article Features:
Overview of this newsletter
A background of Islamic Finance
A deep dive into Islamic Coin
The supporters and team behind Islamic Coin
A summary of Islamic Coin’s future impact
An Introduction of the Cross Between Islam and Finance
This edition of CryptoJeter focuses on Islamic finance, its growing importance in the global financial landscape, and its intersection with the crypto industry.
It explores the growth and impact of Islamic finance, as well as the emergence of Shariah-compliant cryptocurrencies like Islamic Coin, which are designed to cater to the financial needs of the Muslim community while complying with Islamic law.
The newsletter will also provide insights into the team behind Islamic Coin, its backers and partners, and the unique features and benefits of its underlying blockchain infrastructure.
The newsletter aims to provide readers with a comprehensive understanding of the potential of Islamic finance and its intersection with the world of blockchain and cryptocurrencies.
What is Islamic Finance in 60 Seconds?
Islamic finance is an industry that is growing as Muslim nations are becoming increasingly developed.
Complying with Shariah, which is Islamic law, this standard of finance has been implemented within over 500 banks and 1700 mutual funds.
One of the main pieces about Islamic finance is that charging interest is prohibited. Instead, both the lenders and borrowers assume risk and both parties share profits or the losses assumed in their agreements.
Understanding that around the world, there are 2 billion people who are muslim, this financial practice is becoming increasingly important.
The impact of this practice is already starting to take shape. Between 2012 and 2019, Islamic financial assets grew from $1.7 trillion to $2.8 trillion and are projected to grow to nearly $3.7 trillion by 2024, according to a 2020 report by the Islamic Corporation for the Development of Private Sector (ICD) and Refinitiv.
Something to consider is that many of the countries with the highest rising populations have predominantly muslim people. These rising populations should be able to push the number of Islamic financial assets forward beyond these projections.
Paired this with the fact that many of these populations skew younger, the intersection between technology, finance and religion will be more prominent.
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