Shaikh Mohammad Bin Khalifa Bin Mohammad Bin Khalid Al Nahyan will join Islamic Coin’s Board of Advisors, the crypto project has announced.
Shaikh Mohammad is a member of Abu Dhabi’s ruling Al Nahyan family and a Vice President of the Wajib Volunteer Association. Shaikh Mohammad holds a Bachelor of Science degree in Mechanical Engineering with a minor in Nuclear Engineering from Khalifa University of Science, UAE. He is an established entrepreneur in the region with various businesses and development projects throughout the GCC.
Together with his father, Shaikh Khalifa Bin Mohammad Bin Khalid Al Nahyan, who is also on the Advisory Board, Shaikh Mohammad will help connect Islamic Coin to new opportunities throughout the region and globally.
“We firmly believe that Islamic banking based on blockchain is the best tool to serve digital money to the Muslim community worldwide. I’m excited to join Islamic Coin and work on building and creating new opportunities together,” commented Shaikh Mohammad.
Islamic Coin: Exploring blockchain’s potential in ethical finance
Inclusive and ethical finance is seeing a global rise, which results in the emergence of financial services and banking products for previously underbanked regions. Islamic finance is no exception. Currently estimated under $3 trillion and expected to reach $3.69 trillion by 2024, the sector is working on solutions to boost inclusion for the Muslim population worldwide.
As stated by S&P Global’s Islamic Finance Outlook 2022 Edition report, the use of blockchain technologies is seen as one of the sector’s most lucrative growth factors. Islamic Coin is one of the pioneers of Islamic Finance. Focusing on 1.1 billion Muslim internet users worldwide, it offers a blockchain-based solution to ethics-first finance, namely digital money that is part of its own Shariah-compliant financial ecosystem.
Islamic Coin is the native currency of the Haqq community-run blockchain. With a finite total supply, and a focus on sustainability, ethics, and transparency, Islamic Coin meets the highest standards of Shariah-compliant finance. On top of that, 10 per cent of each issuance is deposited into the Evergreen DAO for further investment into Islam-related ventures or donated to Muslim charities, bringing direct economic value to the community.
Islamic Coin, as well as Haqq, were developed by a team of seasoned blockchain and fintech entrepreneurs. They aimed to explore the potential of distributed ledger technologies in the ethical finance domain. The solution met high demand and appreciation across and beyond the sector: Islamic Coin secured $200m during a private sale and garnered the support of top advisors, executives, and scholars from both traditional and Islamic finance.
Garnering support from top figures in finance
The Executive Board includes Hussein Al Meeza, an award-winning banker with over 45 years of experience spanning the Islamic banking, finance, and insurance sectors, one of the key personalities involved in establishing Dubai Islamic Bank — the first fully-fledged Islamic Bank in the world.
Khamis Buharoon AI Shamsi, the former Assistant Director of the Finance Division, and Assistant Director of the Internal Audit Division of the Central Bank of the UAE; and Greg Gigliotti, a respected CEO and fund manager with experience at Goldman Sachs and other global institutions who has managed a portfolio of over $16 billion during his career, are also on the project’s Executive Board.
Islamic Coin’s Shariah Board is led by Sheikh Dr Nizam Mohammad Saleh Yaquby, recognised by Bloomberg as The Gatekeeper of a $2 trillion market for Islamic financial products. Shaikh Yaquby sits on the Shariah boards of top international finance including HSBC, Lloyds TSB, and Barclays; France’s BNP Paribas and Credit Agricole and Citigroup.
According to the team, Islamic Coin will be rolling out on leading exchanges soon under the $ISLM ticker.