For Muslims, there are often religious hurdles when investing in crypto space. Caizcoin wants to change that.
Crypto adoption continues to pick up speed around the world. Favored by new record highs of various crypto currencies, more and more investors are daring to step into the disruptive financial sector. For many Muslim investors, however, this presents religious hurdles. Because within the Islamic community it is not completely clear to what extent the new asset class is compatible with the religious principles of Islam. A branch of the largest Muslim organization (Nahdlatul Ulama) recently introduced cryptocurrencies into Indonesia as “haram” (sinful). Bitcoin and Co. are purely speculative values that are not compatible with Islamic law, it was said to justify. In the neighboring state of Malaysia, however, the Sharia supervisory board of the national stock exchange regulator approved trading in digital assets in July last year.
Caizcoin – an Islam-compliant blockchain solution
The different theological assessments create uncertainty among potential investors. There has been a need to mitigate these concerns Caizcoin set as a task. The international team of the Swiss project consists of specialists from the areas: Banking, Islam, IT and crypto, with development being driven from Germany. With the in-house ecosystem, an Islam-compliant, blockchain-based bridge is being built between the decentralized and centralized financial sector. The so-called Caizchain In addition to its own token system, it also has an API connection and a wallet. A first pre-sale ended just in time for the carnival start at 11:11 a.m. and is likely to continue with a listing on a crypto exchange. The exact time is still unclear, however.
Islamic Department involved in all business processes
To ensure conformity with religion, Caizcoin has an Islamic Department that ensures that internal processes, as well as business relationships and investment allocations, are compatible with the theological guidelines of Islam. Sometimes this verification process is responsible for ensuring that Caizcoin received a “fatwa” certification. This means that the project is officially recognized as conforming to the Islamic financial principles. In addition, this year the project was awarded the prestigious Global Islamic Finance Award excellent.
In addition, Caizcoin supports projects for the common good with its charitable initiative “Caiz Care”. The commitment ranges from donations for children in the Gaza Strip and orphans in Pakistan to supporting the flood victims in the Ahrweiler district in Germany. It is also the responsibility of the Islamic Department to ensure that the investments are actually carried out for charity purposes.
The blockchain project can also rely on prominent support from the world of football. For example, Caizcoin cooperates with the capital city club Hertha BSC and the third division club Türkgücü Munich. In addition, one cooperates within the framework of a partnership with the Spanish one Laliga and the Turkish Super Lig.
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