Islamic Coin Gets Recognition from Indonesia and Kenya

Todaysgist.com, Jakarta Islamic Coin (ISLM), a sharia-compliant cryptocurrency launched last year, has recently received fatwa support from several National Sharia Councils (DSN). The latest recognition comes from the Indonesian Ulema Council (MUI) DSN and the Kenya Fatwa Council.

Founder of the Indonesian Crypto Media Alliance (AMCI) Isybel Harto explained that this ratification is very important in legitimizing the status of Islamic Coin as a cryptocurrency that prioritizes ethics in accordance with Sharia principles and Islamic finance.

This FATWA also supports the token’s broader mission to provide ethical solutions in DeFi, aimed at the global Muslim population.

“FATWA support from the Indonesian Ulema Council and the Kenya Fatwa Council is a significant achievement for Islamic Coin and the HAQQ Network. This support confirms Islamic Coin's dedication to Sharia compliance, enhancing its credibility within the global Muslim community,” he said Wednesday (3/7/2024).

MUI SupportThe Indonesian Ulema Council (MUI) is the highest Islamic authority in Indonesia, established in 1975. The council is responsible for issuing FATWAs, which are Islamic legal opinions on a variety of matters, including finance. MUI fatwas are highly influential, especially given Indonesia’s status as the world’s most populous Muslim-majority country.

The MUI extends an existing FATWA – already held by Islamic coins – for use in Indonesia, opening the door to the Southeast Asian market. Indonesia's Muslim population exceeds 240 million, making it a large market for Sharia-compliant financial products. With around 87% of its 275 million population identifying themselves as Muslim, there is a significant demand in the country for financial products that comply with Islamic principles.

He assessed that this ratification assures the Indonesian people that Islamic Coin financial products comply with Islamic principles, which prohibit practices such as interest (riba), excessive uncertainty (gharar), and gambling (maysir). This validation is very important to build trust and expand the user base in Indonesia.