Islamic Coins Get Halal Fatwa from MUI Kenya, Here’s the Reason

NewYork – Islamic Coin (ISLM), a sharia-compliant sukmabola cryptocurrency launched last year, has recently received fatwa support from several National Sharia Councils (DSN). The latest recognition came from the DSN of the Indonesian Ulema Council (MUI) and the Fatwa Council of Kenya.
Isybel Harto, as Founder of the Indonesian Crypto Media Alliance (AMCI), explained that this endorsement is very important in legitimizing Islamic Coin’s status as a cryptocurrency that prioritizes ethics in accordance with Sharia principles and Islamic finance. This FATWA also supports the token’s broader mission to provide ethical solutions in DeFi, aimed at the global Muslim population.

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“FATWA support from the Indonesian Ulema Council and the Kenya Fatwa Council is an important achievement for Islamic Coin and the HAQQ Network. This support confirms Islamic Coin’s dedication to Sharia compliance, increasing its credibility in the global Muslim community,” he said, Friday (28/6/2024).

The Indonesian Ulema Council sukmabola (MUI) is the highest Islamic authority in Indonesia, founded in 1975. The council is responsible for issuing FATWA, which are Islamic legal opinions on various matters, including finance. The MUI fatwa is very influential, especially considering Indonesia’s status as the country with the largest Muslim majority in the world.

The MUI expanded the existing FATWA – which sharia sukmabola coins already have – for use in Indonesia, opening the door to the Southeast Asian market. Indonesia’s Muslim population exceeds 240 million, making it a large market for Sharia-compliant financial products. With around 87% of its 275 million population identifying themselves as Muslim, there is considerable demand in the country for financial products that comply with Islamic principles.

He believes that this endorsement sukmabola convinces the Indonesian people that Islamic Coin financial products comply with Islamic principles, which prohibit practices such as interest (riba), excessive uncertainty (gharar), and gambling (maysir). This validation is very important to build trust and expand the user base in Indonesia.

Kenya is an important center for trade, finance and technology in East Africa. The region is experiencing rapid growth and increasing technology adoption. The recognition from the Kenya Fatwa Council, which expands Islamic Coin’s existing FATWA in the region, signals the company’s readiness to provide products and services that comply with Islamic principles.

Kenya, known for its growing technology sector and referred to as the “Silicon Savannah”, is one of the fastest growing economies in Africa. The endorsement of FATWA from the Fatwa Council of Kenya positions Islamic Coin to enter this dynamic market, offering Sharia-compliant financial solutions that align with local ethical values.

Islamic Coin previously participated in the ETH Safari 2023 event in Kenya, which allowed the project to engage with the local blockchain community and showcase Sharia-compliant financial products. The passing of the latest FATWA sets the stage for a more significant presence in the region.

Islamic Coin aims to cultivate local talent and support promising projects in East Africa. The project has also pledged $40 million in ecosystem grants and incubation opportunities in the region through HAQQ Labs, with plans to host competitive events such as hackathons in the future. By promoting innovation and ethical practices, Islamic Coin aims to contribute to the region’s technological and economic growth, ensuring its financial solutions are aligned with local values ​​and needs.

Isybel added, by aligning its financial products with Islamic principles, Islamic Coin is ready to make a significant impact on the Indonesian and East African markets. As it strengthens its presence in these regions, the project continues to lead the way in combining blockchain technology with Islamic finance, creating value for communities around the world.

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