Mohammed Alkaff AlHashmi, co-founder of Islamic Coin and the HAQQ blockchain network, spoke with Lara Palmer about pioneering the future of Islamic finance in the digital assets space.
Lara Palmer: What inspired you to create Islamic Coin?
Mohammed Alkaff AlHashmi: The inspiration stems from the significant unmet demand for accessible Sharia-compliant financial services. With nearly 2 billion Muslims worldwide, there is a vast underserved community seeking reliable solutions. Crypto and tokenization are disrupting traditional financial structures, creating novel avenues for wealth creation. However, there is hesitation within Muslim communities to fully embrace these advancements due to concerns about Sharia compliance. This presented a unique opportunity to bridge the divide. Islamic Coin was envisioned as a Sharia-compliant financial tool for the digital age, merging the ethical principles of Islamic finance with the transparency, empowerment, and innovation of blockchain technology.
L.P.: What are the core principles?
M.A.A.: Islamic Coin and the HAQQ Network are built upon the bedrock of Islamic financial principles: asset-backed transactions; prohibition of riba — interest on loans; prohibition of excessive uncertainty; prohibition of impermissible activities such as alcohol, gambling, and pork; and profit-loss sharing models. These principles serve a singular, noble purpose — fostering a sustainable financial landscape that empowers every member of the community.
L.P.: How do you ensure compliance with Shariah principles?
M.A.A.: We secured Shariah legitimacy from renowned Islamic scholars, receiving a fatwa that validates our adherence. To ensure ongoing compliance, we rely on two key elements: a reputable Shariah Board led by Sheikh Dr. Nizam Yaquby, and an innovative ethical protection mechanism called the Shariah Oracle — a two-level approval process involving community approval and Shariah Board approval, ensuring transparency and security.
L.P.: What advice would you give to aspiring entrepreneurs in this space?
M.A.A.: Capture fleeting ideas — great ideas often chase you down, not the other way around. Find the right partners who truly believe in your vision and complement your skillset. This field is wide open for innovative ideas — there is plenty of space for everyone to make their mark.