Caizcoin to bridge the gap between Cryptocurrency and Islamic Financial Law
By Luke F - Cryptocurrency Speculator - 02-04-2021
Muslim scholars have questioned the authenticity of buying cryptocurrency. According to Reuters, the world's prominent Islamic finance academics analysed the space in 2018, questioning whether the new technology adheres to Islamic principles.
Islamic laws that regulate religious practices and aspects of everyday life have prompted scholars to express their concerns regarding crypto asset management and ownership. Religious permissibility may help decide whether Islamic financial institutions will join the cryptocurrency trading space and contribute to global financial development.
Multiple individuals, such as Egypt's Grand Mufti, Shaykh Shawki Allam, have concluded that crypto trading violates Islamic values because it is fraught with confusion and danger, and is frequently connected with illicit activity. Others, including Mufti Muhammad Abu-Bakar, have pointed out that cryptocurrency does follow its value and have argued that buyingBitcoin (BTC) and other cryptocurrencies are permissible.
Caizcoin, a new cryptocurrency that promotes financial inclusion in the Muslim and non-Muslim worlds, has now been introduced to resolve the controversy. The cryptocurrency provides the financial solutions that enable everyone in the world today to engage in the financial system while adhering to Islamic values.
As per their whitepaper, Caizcoin is the very first cryptocurrency that implements Islamic Financial Law. It was originally released on the Ethereum (ETH) blockchain but will soon release on its mainnet to offer specific identifiers for Waqf and Zakat donations – donations associated with charitable giving that encourage Muslims to dedicate their faith.
It outlines on its website how the usage of wallets and exchanges is consistent with Islamic financial principles and allows for credit lines that conform to its ethics. It has its own wallet and is currently selling on the online trading network Uniswap (UNI), an Ethereum-based AMM exchange with intentions to operate on 1Inch, Binance, and Huobi in the future.