ISLAMICOIN launches the first Halal crypto wallet in the world

ISLAMICOIN launches the first Halal crypto wallet in the world
Image Credits: ISLAMICOIN

ISLAMICOIN, a leading islamic finance platform, has launched ISLAMIwallet, the first Halal crypto wallet of its kind and the second largest project on ISLAMICOIN’s roadmap.

Developed to follow Shariah laws and regulations, users can easily send, receive and store ISLAMICOIN, Bitcoin and other Halal cryptocurrencies, as well as NFTs, in their ISLAMIwallet. As it prevents the addition of any custom token, users can nevertheless request the addition of an unlisted token if it is classified as a Halal project.

ISLAMIwallet also integrates the latest security protocols, and is built to house a recovery wallet, a service that also supports all Halal tokens on Polygon. The recovery wallet feature, which allows users to withdraw their tokens in case they lose their wallet or key phrase, is exclusive to ISLAMIwallet and is not available in any other wallet worldwide.

The recovery wallet feature is also useful when the holder passes away, as a friend or family member can claim the locked amount and pay the claiming and emergency withdrawal fees in ISLAMICOIN.

Other features include an ISLAMICOIN subscription package to a number of Halal utilities, peer-to-peer (P2P) trading, and a zakat calculator that is audited by certified zakat offices. ISLAMIwallet also manages zakat distribution and shows all balances and transactions done on the zakat smart contract. Through it, users have the option to pay zakat directly to any certified entity of their choosing as long as its wallet is registered with the ecosystem.

The islamic finance project also includes a low-fee, Shariah-compliant NFT marketplace, where users can upload and sell their Halal NFT projects using ISLAMICOIN as currency.

ISLAMICOIN founder Jaafar Krayem shares: “The ISLAMIwallet project was achieved according to the roadmap in the third quarter of the year. ISLAMIwallet, with its first version, will provide several advantages to its users, starting with being a digital wallet on the blockchain, in addition to being a base for the rest of the ISLAMICOIN projects.” 

Mohammad Abo Jazar, whose company handles the sharia compliance aspect of the startup, has a dream to build the first-ever Sharia-compliant blockchain ecosystem. In an interview, he shared: “We started in an empty space, and now the demand is nonstop, […] Step by step, we will build the first-ever Sharia-compliant ecosystem. We will be guiding Muslims through this new economy and show them what halal is.”

The project was developed with the help of Metalidentity, a company that provides blockchain services, and GoSmart Solutions, a company which worked on the interface and design of ISLAMIwallet.

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