Islamic Coins (ISLM) Halal and Legal in Indonesia? Here’s the Explanation

Bittime – Islamic Coin (ISLM) has received fatwa support from several National Sharia Councils (DSN) of the Indonesian Ulema Council (MUI). The following is a complete explanation.

Why Islamic Coins (ISLM) Halal?

Reports state that the DSN of the Indonesian Ulema Council (MUI) and the Kenyan Fatwa Council are the two latest institutions to provide support for the presence of these crypto assets.

Through a thread on X/Twitter, the Haqq Network team expressed its excitement and stated that this support is the first of its kind, marking a step forward in the company's commitment to Islamic financial innovation.

With support from MUI, Haqq Network can more freely offer Islamic Coin to the Indonesian people. This means that the ISLM token has received a guarantee that the product complies with Islamic principles and prohibits practices such as interest (riba), excessive uncertainty (gharar), and gambling (maysir).

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Expansion to the East African Region

On the other hand, it is also hoped that positive support from the Kenya Fatwa Council will make it easier for Islamic Coin to be accepted in the East African region.

Kenya is one of the key players in the Sub-Saharan Africa region, behind South Africa, Nigeria and Ethiopia, whose policies have attracted attention from other jurisdictions.

“The support of the fatwa from these two regions marks an important milestone for Islamic Coin and Haqq Network in the company's commitment to sharia compliance,” added Haqq.

However, despite this support, Islamic Coin token trading looks sluggish. Data from CoinGecko reveals that the price of the ISLM token today fell 0.9% to as low as US$0.04779 in the last 24 hours.

However, if you look at the past 7 days and 14 days, the ISLM token movement has shown growth of 2.4% and 19.1%.

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Haqq Network's Strategy Going Forward

Even though Islamic Coin (ISLM) has received halal fatwa support from the MUI and the Kenya Fatwa Council, challenges in trading this token are still felt.

The price drop in the last 24 hours shows that despite growth on weekly and bi-weekly timeframes, crypto market volatility remains a factor to contend with.

Going forward, Haqq Network needs to optimize their strategy to ensure stability and sustainable growth for Islamic Coin.

By obtaining a halal fatwa, the next step is to increase awareness and education about ISLM among Muslim communities, not only in Indonesia and Kenya, but also throughout the world.

In addition, Haqq Network can establish strategic partnerships with sharia financial institutions and educational institutions to expand understanding of the benefits and advantages of ISLM.

Thus, it is hoped that ISLM adoption will increase and have a positive impact on the price and trading of this token in the future.

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ISLM Challenges and Opportunities in the Global Market

The main challenge faced by Haqq Network and Islamic Coin is convincing the global Muslim community of the security and halal use of this crypto.

In addition, competition with other crypto assets that are already established is one of the obstacles that must be faced.

However, great opportunities are opening up as more and more countries are starting to open up to blockchain and crypto technology. By taking advantage of this momentum, Haqq Network can take a position as a leader in blockchain-based sharia financial innovation.

Conclusion

The support of the halal fatwa from MUI and the Kenya Fatwa Council is an important step for Islamic Coin and Haqq Network in building trust and adoption among the Muslim community.

Although challenges remain, with the right strategy and continuous education, Islamic Coin has great potential to develop and become one of the dominant crypto assets in the global market.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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