Islamic Coin, a Shariah-compliant crypto, is raising money on Republic. The Reg S offering, which is set to close next week, has raised over $1.7 million to date, backed by over 1600 investors.
To quote the offering page:
“Islamic Coin (ISLM) is the native currency of HAQQ, an ethics-first L1 blockchain that brings together sustainability-centered developers, validators, open-source contributors, and Muslim innovators in sustainable finance. With 10% of each issuance of ISLM automatically dedicated to the Evergreen DAO, a non-profit endowment, ISLM is bringing lasting impact and value to the Muslim community.”
The crypto is designed to have value as a method of payment and transfers as well as a store of wealth. The digital asset aims to be a “financial instrument for the digital age” as one of the world’s first Shariah-compliant cryptos.
The venture has garnered the support of many influential advisors and board members from the MENA region.
Investors may participate with a minimum investment of $1000 at $0.25 per token. The security is for a Token Purchase Agreement that gives the buyer the right to tokens issued in the future.
In an X from last week, the company said that it is not looking to raise more money but a public sale is needed for the initial token distribution between more retail holders, as well as for the first commercial interaction with their community prior to listing.
We are not looking for any additional funding, moreover within the course of pre-sale we have refused a dozen of investors who wouldn’t fit our highest standards of transparency, reputability, etc.
Public sale is needed for the initial token distribution between more retail…
— Islamic Coin (@Islamic_Coin) September 19, 2023
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