Republic Lists Islamic Coin for Investment

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.



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