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	<title>Tokenization &#8211; Islamic Research and Information Center (IRIC)</title>
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	<title>Tokenization &#8211; Islamic Research and Information Center (IRIC)</title>
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		<title>How DEI Initiatives on Islamophobia Fall Short</title>
		<link>https://iric.org/how-dei-initiatives-on-islamophobia-fall-short/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=how-dei-initiatives-on-islamophobia-fall-short</link>
					<comments>https://iric.org/how-dei-initiatives-on-islamophobia-fall-short/#respond</comments>
		
		<dc:creator><![CDATA[IRIC]]></dc:creator>
		<pubDate>Fri, 18 Oct 2024 09:51:56 +0000</pubDate>
				<category><![CDATA[Hopes & Challenges]]></category>
		<category><![CDATA[Islamophobia]]></category>
		<category><![CDATA[Academic indifference]]></category>
		<category><![CDATA[Advocacy challenges]]></category>
		<category><![CDATA[anti-Islamophobia]]></category>
		<category><![CDATA[Black Muslims]]></category>
		<category><![CDATA[Burnout in academia]]></category>
		<category><![CDATA[Code-switching]]></category>
		<category><![CDATA[Corporatized DEI programs]]></category>
		<category><![CDATA[Cynicism in academia]]></category>
		<category><![CDATA[DEI]]></category>
		<category><![CDATA[DEI initiatives]]></category>
		<category><![CDATA[Democratic National Convention]]></category>
		<category><![CDATA[Discrimination]]></category>
		<category><![CDATA[Diversity And Inclusion]]></category>
		<category><![CDATA[Foreign policy impact]]></category>
		<category><![CDATA[Gender disparities]]></category>
		<category><![CDATA[Indigenous perspectives]]></category>
		<category><![CDATA[Institutional failure]]></category>
		<category><![CDATA[Intersectionality in DEI]]></category>
		<category><![CDATA[Latino/a Muslims]]></category>
		<category><![CDATA[Legal system impotence]]></category>
		<category><![CDATA[Marginalized groups]]></category>
		<category><![CDATA[Mental toll]]></category>
		<category><![CDATA[Microaggressions]]></category>
		<category><![CDATA[Muslim Voices]]></category>
		<category><![CDATA[Nadia Ahmad]]></category>
		<category><![CDATA[Peaceful Protest]]></category>
		<category><![CDATA[political violence]]></category>
		<category><![CDATA[Representation burden]]></category>
		<category><![CDATA[Safety and belonging]]></category>
		<category><![CDATA[Systemic biases]]></category>
		<category><![CDATA[systemic racism]]></category>
		<category><![CDATA[Tenured faculty]]></category>
		<category><![CDATA[Tokenization]]></category>
		<category><![CDATA[Victim support]]></category>
		<category><![CDATA[Visible minorities]]></category>
		<guid isPermaLink="false">https://iric.org/?p=44167</guid>

					<description><![CDATA[Nadia Ahmad suggests steps institutions can take to create better anti-Islamophobia initiatives. By  Nadia Ahmad As a visibly Muslim woman and tenured law professor, I’ve faced my share of discrimination. However, nothing prepared me for the chilling reality I encountered at the 2024 Democratic National Convention. While I was serving as co-chair of the DNC’s Interfaith Council and on the executive committee of the DNC’s Women’s Caucus, I became a victim of a violent assault at the convention. This attack laid bare the pervasive nature of Islamophobia in our society, but what followed was even more disturbing. The complete institutional failure following my assault—manifested in the Democratic Party’s silence, my academic institutions’ indifference, the legal system’s impotence and the overall lack of support for a victim of political violence—revealed a disturbing truth: Even in spaces that champion diversity and inclusion, Muslim voices remain expendable. As I stood in the bustling convention hall at the United Center in Chicago, holding a cloth banner that read “Stop Arming Israel,” I never imagined that my act of peaceful protest would end in violence. Yet, within moments, three white men wielding campaign signs with wooden planks inside repeatedly struck me on the head. The physical pain was immediate, but the emotional aftermath—a concussion, trauma and a profound sense of betrayal—would linger far longer. While some organizations swiftly issued statements condemning the attack as political violence and demanding justice, the universities I am affiliated with remained silent. This institutional indifference underscores a larger problem: The disconnect between well-intentioned diversity, equity and inclusion initiatives and the lived realities of Muslim faculty and staff, particularly those who are visibly Muslim, Black, Latino/a or from other minority groups. In my years navigating academia, I’ve witnessed firsthand how corporatized, apolitical DEI programs fall short for those of us at the margins. They tend to focus on secular and liberal perspectives, emphasizing concepts like religious practices and holidays. While these are important, they fail to address the daily microaggressions and systemic biases that shape our experiences. As one of the few tenured, visibly Muslim women in legal academia, I face an average of 500 micro- and macroaggressions annually. The mental toll of deciding which handful of incidents to address is exhausting, constantly pulling my focus from teaching, research and service. This burden of representation and advocacy weighs heavily on visibly Muslim women in academia. We’re often tokenized, expected to be the voice for all Muslims, which places an unfair burden on individuals and perpetuates the myth of a monolithic Muslim experience. Moreover, current DEI approaches often prioritize male and Arab voices, inadvertently sidelining the perspectives of women, Black Muslims, Latino/a Muslims, Indigenous and other minority groups within the Muslim community. A panel on Islamophobia might discuss the impacts of fasting during Ramadan and the need for prayer spaces, but neglect to address the foreign policy landscape or the systemic racism and unique challenges faced by Black or Latino/a Muslims in academia. The personal toll of traversing these spaces is immense. The constant code-switching, the exhaustion of being valued for expertise in one’s field while simultaneously unsupported when speaking about personal experiences with discrimination—it all breeds cynicism and burnout. My assault at the DNC and the subsequent lack of support from institutions I once believed in have profoundly impacted my sense of safety and belonging in academic and political spaces. When I’ve complained about disparities and inequities, I am often met with shoulder shrugs and labeled a troublemaker. It is difficult for me to serve as a council member of the American Bar Association’s Section of Civil Rights and Social Justice while watching students being arrested, harassed and assaulted on university campuses like Yale University, Barnard College, the University of California, Berkeley, and Northwestern University, institutions run by people I once admired and trusted. The American Bar Association can do nothing but create a Task Force to Combat Islamophobia and hold webinars, doing nothing in response to the campus free speech issues other than talk about them. Yet, we must channel this pain into constructive action. Based on my experiences, here are some recommendations for institutions looking to create more inclusive and effective anti-Islamophobia initiatives. 1. Audit policies and practices for Islamophobia Review hiring and promotion practices for subtle and overt biases. Examine whether Muslim faculty are less likely to receive tenure due to research areas perceived as “controversial” or due to stereotypes about Muslim scholarship. Revise policies that marginalize Muslim faculty and fail to promote them. 2. Broaden representation in leadership and curriculum Actively recruit Muslim faculty and staff, especially visible Muslim women, and include them in leadership roles. Establish fellowships specifically for Muslim scholars to contribute to curriculum development and other initiatives. 3. Apply an intersectional lens to DEI programs Design DEI programming that addresses the unique challenges faced by visibly Muslim women, Black, Latino/a and Indigenous Muslims. Host panels that discuss both racial and religious discrimination and include speakers who can address anti-Blackness within Muslim communities as well as Islamophobia as state policy. 4. Diversify anti-Islamophobia training leadership Engage trainers from different Muslim backgrounds to lead DEI workshops. Ensure participation from all university levels to promote a comprehensive understanding of diverse Muslim experiences, and include bystander intervention training. 5. Implement robust reporting and accountability mechanisms Establish confidential reporting for Islamophobic incidents with guaranteed follow-up. Ensure that any report of Islamophobia results in a clear process with potential outcomes such as mandated sensitivity training, formal apologies or, in severe cases, suspension. Publicize these measures to build trust within the Muslim community and ensure transparency. Institutional leaders must step up in setting the tone for how Islamophobia is addressed on campus. They must make public, unequivocal statements condemning Islamophobia and supporting Muslim members of the academic community. They need to stop criminalizing antiwar protesters and brutalizing their own students. Allocating significant resources to anti-Islamophobia initiatives, including funding for Muslim student organizations and research on Islamophobia in academia, is crucial. Regular policy reviews are essential to ensure protection for Muslim students [&#8230;]]]></description>
										<content:encoded><![CDATA[<h6>Nadia Ahmad suggests steps institutions can take to create better anti-Islamophobia initiatives.</h6>
<p>By  <a class="author" href="https://www.insidehighered.com/author/nadia-ahmad-0">Nadia Ahmad</a></p>
<p>As a visibly Muslim woman and tenured law professor, I’ve faced my share of discrimination. However, nothing prepared me for the chilling reality I encountered at the 2024 Democratic National Convention.</p>
<p>While I was serving as co-chair of the DNC’s Interfaith Council and on the executive committee of the DNC’s Women’s Caucus, I became a victim of a violent assault at the convention. This attack laid bare the pervasive nature of Islamophobia in our society, but what followed was even more disturbing.</p>
<p style="text-align: left;">The complete institutional failure following my assault—manifested in the Democratic Party’s silence, my academic institutions’ indifference, the legal system’s impotence and the overall lack of support for a victim of political violence—revealed a disturbing truth: Even in spaces that champion diversity and inclusion, Muslim voices remain expendable.</p>
<p style="text-align: left;">As I stood in the bustling convention hall at the United Center in Chicago, holding a cloth banner that read “Stop Arming Israel,” I never imagined that my act of peaceful protest would end in violence. Yet, within moments, three white men wielding campaign signs with wooden planks inside repeatedly struck me on the head. The physical pain was immediate, but the emotional aftermath—a concussion, trauma and a profound sense of betrayal—would linger far longer.</p>
<p><iframe title="“Stop Arming Israel”: Meet the DNC Delegates Who Unfurled Banner During Biden Speech" width="640" height="360" src="https://www.youtube.com/embed/HFlTd8-YBDU?start=460&#038;feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe></p>
<p style="text-align: left;">While some organizations swiftly issued statements condemning the attack as political violence and demanding justice, the universities I am affiliated with remained silent. This institutional indifference underscores a larger problem: The disconnect between well-intentioned diversity, equity and inclusion initiatives and the lived realities of Muslim faculty and staff, particularly those who are visibly Muslim, Black, Latino/a or from other minority groups.</p>
<p>In my years navigating academia, I’ve witnessed firsthand how corporatized, apolitical DEI programs fall short for those of us at the margins. They tend to focus on secular and liberal perspectives, emphasizing concepts like religious practices and holidays. While these are important, they fail to address the daily microaggressions and systemic biases that shape our experiences.</p>
<p>As one of the few tenured, visibly Muslim women in legal academia, I face an average of 500 micro- and macroaggressions annually. The mental toll of deciding which handful of incidents to address is exhausting, constantly pulling my focus from teaching, research and service. This burden of representation and advocacy weighs heavily on visibly Muslim women in academia. We’re often tokenized, expected to be the voice for all Muslims, which places an unfair burden on individuals and perpetuates the myth of a monolithic Muslim experience.</p>
<p>Moreover, current DEI approaches often prioritize male and Arab voices, inadvertently sidelining the perspectives of women, Black Muslims, Latino/a Muslims, Indigenous and other minority groups within the Muslim community. A panel on Islamophobia might discuss the impacts of fasting during Ramadan and the need for prayer spaces, but neglect to address the foreign policy landscape or the systemic racism and unique challenges faced by Black or Latino/a Muslims in academia.</p>
<figure id="attachment_44177" aria-describedby="caption-attachment-44177" style="width: 640px" class="wp-caption aligncenter"><a href="https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-03.jpg" target="_blank" rel="noopener"><img decoding="async" loading="lazy" class="wp-image-44177 size-large" src="https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-03-1024x682.jpg" alt="How DEI Initiatives on Islamophobia Fall Short" width="640" height="426" srcset="https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-03-1024x682.jpg 1024w, https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-03-600x400.jpg 600w, https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-03-300x200.jpg 300w, https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-03-768x512.jpg 768w, https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-03.jpg 1280w" sizes="(max-width: 640px) 100vw, 640px" /></a><figcaption id="caption-attachment-44177" class="wp-caption-text">Nadia B. Ahmad is an Associate Professor at Barry University School of Law. Professor Ahmad’s research explores the intersections of energy siting, the environment, and sustainable development and draws on international investment law and corporate social responsibility.</figcaption></figure>
<p>The personal toll of traversing these spaces is immense. The constant code-switching, the exhaustion of being valued for expertise in one’s field while simultaneously unsupported when speaking about personal experiences with discrimination—it all breeds cynicism and burnout. My assault at the DNC and the subsequent lack of support from institutions I once believed in have profoundly impacted my sense of safety and belonging in academic and political spaces.</p>
<p>When I’ve complained about disparities and inequities, I am often met with shoulder shrugs and labeled a troublemaker. It is difficult for me to serve as a council member of the American Bar Association’s Section of Civil Rights and Social Justice while watching students being arrested, harassed and assaulted on university campuses like Yale University, Barnard College, the University of California, Berkeley, and Northwestern University, institutions run by people I once admired and trusted. The American Bar Association can do nothing but create a Task Force to Combat Islamophobia and hold webinars, doing nothing in response to the campus free speech issues other than talk about them.</p>
<p>Yet, we must channel this pain into constructive action. Based on my experiences, here are some recommendations for institutions looking to create more inclusive and effective anti-Islamophobia initiatives.</p>
<p><strong>1. Audit policies and practices for Islamophobia<br />
</strong>Review hiring and promotion practices for subtle and overt biases. Examine whether Muslim faculty are less likely to receive tenure due to research areas perceived as “controversial” or due to stereotypes about Muslim scholarship. Revise policies that marginalize Muslim faculty and fail to promote them.</p>
<p><strong>2. Broaden representation in leadership and curriculum<br />
</strong>Actively recruit Muslim faculty and staff, especially visible Muslim women, and include them in leadership roles. Establish fellowships specifically for Muslim scholars to contribute to curriculum development and other initiatives.</p>
<p><strong>3. Apply an intersectional lens to DEI programs<br />
</strong>Design DEI programming that addresses the unique challenges faced by visibly Muslim women, Black, Latino/a and Indigenous Muslims. Host panels that discuss both racial and religious discrimination and include speakers who can address anti-Blackness within Muslim communities as well as Islamophobia as state policy.</p>
<p><strong>4. Diversify anti-Islamophobia training leadership<br />
</strong>Engage trainers from different Muslim backgrounds to lead DEI workshops. Ensure participation from all university levels to promote a comprehensive understanding of diverse Muslim experiences, and include bystander intervention training.</p>
<p><strong>5. Implement robust reporting and accountability mechanisms</strong><br />
Establish confidential reporting for Islamophobic incidents with guaranteed follow-up. Ensure that any report of Islamophobia results in a clear process with potential outcomes such as mandated sensitivity training, formal apologies or, in severe cases, suspension. Publicize these measures to build trust within the Muslim community and ensure transparency.</p>
<figure id="attachment_44174" aria-describedby="caption-attachment-44174" style="width: 640px" class="wp-caption aligncenter"><a href="https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-02.jpg"><img decoding="async" loading="lazy" class="size-large wp-image-44174" src="https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-02-1024x682.jpg" alt="How DEI Initiatives on Islamophobia Fall Short" width="640" height="426" srcset="https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-02-1024x682.jpg 1024w, https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-02-600x400.jpg 600w, https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-02-300x200.jpg 300w, https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-02-768x512.jpg 768w, https://iric.org/wp-content/uploads/2024/10/20241027-How-DEI-Initiatives-on-Islamophobia-Fall-Short-02.jpg 1280w" sizes="(max-width: 640px) 100vw, 640px" /></a><figcaption id="caption-attachment-44174" class="wp-caption-text">Democratic National Convention delegates unfurl a banner reading “Stop Arming Israel” during U.S. President Joe Biden’s speech in Chicago on August 19, 2024.</figcaption></figure>
<p>Institutional leaders must step up in setting the tone for how Islamophobia is addressed on campus. They must make public, unequivocal statements condemning Islamophobia and supporting Muslim members of the academic community. They need to stop criminalizing antiwar protesters and brutalizing their own students. Allocating significant resources to anti-Islamophobia initiatives, including funding for Muslim student organizations and research on Islamophobia in academia, is crucial.</p>
<p>Regular policy reviews are essential to ensure protection for Muslim students and faculty from discrimination, with clear consequences for Islamophobic behavior. Promoting Muslim-led interfaith dialogue and developing robust crisis response protocols are also critical steps. As we strive for progress, it’s important to note that the burden of education and advocacy does not fall solely on the shoulders of Muslim academics. Allies in positions of power must step up, speak out and take concrete actions to create truly inclusive academic spaces.</p>
<p>My experience of assault at the DNC and the subsequent lack of institutional support is a harrowing reminder of how far we still have to go. It underscores the need for a comprehensive approach to combating Islamophobia that goes beyond superficial diversity initiatives and addresses the deep-seated biases in our institutions. Only by working together—Muslim and non-Muslim, faculty, staff, and administration— can we create academic environments that are truly inclusive and free from the scourge of Islamophobia. The path forward is clear, but it requires courage, commitment and a willingness to confront uncomfortable truths. Are we ready to take that step?</p>
<p>Source: <a href="https://www.insidehighered.com/opinion/career-advice/conditionally-accepted/2024/10/18/how-dei-initiatives-islamophobia-fall-short" target="_blank" rel="noopener">Inside Higher Ed</a></p>
]]></content:encoded>
					
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		<title>HAQQ Network’s renewed vision: The loudest Islamic Web3 project of 2023 shares it’s second phase vision</title>
		<link>https://iric.org/haqq-networks-renewed-vision-the-loudest-islamic-web3-project-of-2023-shares-its-second-phase-vision/?utm_source=rss&#038;utm_medium=rss&#038;utm_campaign=haqq-networks-renewed-vision-the-loudest-islamic-web3-project-of-2023-shares-its-second-phase-vision</link>
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		<dc:creator><![CDATA[IRIC]]></dc:creator>
		<pubDate>Mon, 10 Jun 2024 10:58:31 +0000</pubDate>
				<category><![CDATA[Innovative Ideas]]></category>
		<category><![CDATA[Islamic Projects]]></category>
		<category><![CDATA[Blockchain]]></category>
		<category><![CDATA[Blockchain Innovation]]></category>
		<category><![CDATA[Cryptocurrency Listing]]></category>
		<category><![CDATA[Decentralized Finance]]></category>
		<category><![CDATA[Digital Assets Integration]]></category>
		<category><![CDATA[Financial Inclusion]]></category>
		<category><![CDATA[Gold Token Launch]]></category>
		<category><![CDATA[Haqq]]></category>
		<category><![CDATA[HAQQ Network]]></category>
		<category><![CDATA[HAQQ Vision 2023]]></category>
		<category><![CDATA[HAQQ Wallet]]></category>
		<category><![CDATA[Islamic Coin]]></category>
		<category><![CDATA[Islamic Finance]]></category>
		<category><![CDATA[Islamic Web 3]]></category>
		<category><![CDATA[ISLM]]></category>
		<category><![CDATA[Real World Assets]]></category>
		<category><![CDATA[Regulatory Compliance]]></category>
		<category><![CDATA[Resilience In Adversity]]></category>
		<category><![CDATA[Shariah Compliant]]></category>
		<category><![CDATA[Tokenization]]></category>
		<category><![CDATA[Transparent Leadership]]></category>
		<category><![CDATA[User Centric Features]]></category>
		<category><![CDATA[VARA Investigation]]></category>
		<guid isPermaLink="false">https://iric.org/?p=38296</guid>

					<description><![CDATA[In 2023, the HAQQ Network and its native cryptocurrency, Islamic Coin (ISLM), emerged as the most prominent Islamic Web3 project globally. Its ethics-first and Shariah-compliant approach largely appealed to the global Muslim population, who always felt a lack of inclusivity in the rapidly developing Web3 and blockchain space. The project laid a strong foundation last year, receiving significant media coverage across global tier-1 crypto publications and major fintech outlets in the Middle East and establishing a community of over 1.5 million members. Islamic Coin’s advisory board also boasted several members of the UAE ruling families. This robust foundation had a tangible impact on the project’s presale phase, as ISLM raised over $200 million in private sales and an additional $200 million secured through an investment deed. What were the challenges for Islamic Coin in 2023? Despite a strong technological foundation, growing community support, and positive presale rounds, the Virtual Asset Regulatory Authority (VARA) launched a rigorous investigation into the project. However, the HAQQ network effectively cooperated with the regulators, which led VARA to end the investigation without any enforcement or allegations. “Despite the challenges posed by the investigation, we remained committed to cooperating with the regulator and providing all necessary documentation to prove our compliance with the VARA rulebook,” said Alex Malkov. The negative fallout from the VARA investigation impacted Islamic Coin’s listing efforts. Initial agreements with top-tier exchanges faltered as these platforms expressed last-minute concerns over perceived risks, leading to unexpected delays and complications in making ISLM available to a broader audience. Amid these trials, the project also faced targeted negative media coverage. A specific media outlet launched a disinformation campaign against HAQQ, which the network’s leaders refused to quell through paid promotions, standing firm in their values of transparency and integrity. “We will continue to fight against misinformation and Islamophobia in all its forms, united in our goal of building a more inclusive and equitable financial ecosystem,” said Malkov. Moving past these adversities, HAQQ Network has emerged with renewed focus and a clear vision for the future. HAQQ’s Vision: An Ambitious Roadmap Central to this strategy is launching a gold token in June, a significant development in the HAQQ network’s broader move towards the tokenization of Real-World Assets (RWA). According to the roadmap, this initiative aligns with Islamic financial principles, which emphasize real economic activity and asset backing in financial transactions. Users will be able to exchange the token for real gold; it will also integrate other investment commodities and potential securities in the future. With this launch, HAQQ wants to take blockchain and Web3 advancements towards tangible real-world applications. Beyond tangible assets, HAQQ Network is also set to tokenize Islamic financial products. This process involves converting financial instruments (e.g. Sukuk) into blockchain tokens, thereby enhancing the liquidity, accessibility, and efficiency of these products. Adding to these innovations, HAQQ has announced the introduction of VISA cards denominated in ISLM, specifically targeting EU residents. These cards represent a significant step towards integrating Islamic digital assets with conventional financial services Listings, HAQQ Wallet, and Shariah-Compliant User-Centric Features Despite facing numerous hurdles, HAQQ Network has achieved notable success that underscores its resilience. Islamic Coin has been listed on various cryptocurrency exchanges. This includes prominent centralized exchanges like Kucoin, LBank, XT, and MEXC, as well as decentralized platforms such as Sushi, Osmosis, and Uniswap. Furthermore, the launch of the non-custodial HAQQ wallet represents a pivotal development in empowering users. As we review the journey and forward-looking strategies of the HAQQ Network and its Islamic Coin (ISLM), the project’s resilience is evident. The ambitious roadmap for 2024 and beyond sets a strong foundation for HAQQ’s comeback through the development of new products and the upcoming overall expansion of the ecosystem. Looking ahead, the confidence in HAQQ Network’s potential is well-founded. With its strategic initiatives and ongoing community engagement, the network is well-positioned to redefine Islamic finance within the Web3 ecosystem, promising a future where financial inclusivity and compliance with the Shariah law go hand in hand. &#160; Continue reading at: TechBullion]]></description>
										<content:encoded><![CDATA[<p>In 2023, the <a href="https://haqq.network/">HAQQ Network</a> and its native cryptocurrency, <a href="https://islamiccoin.net/">Islamic Coin</a> (ISLM), emerged as the most prominent Islamic Web3 project globally. Its ethics-first and Shariah-compliant approach largely appealed to the global Muslim population, who always felt a lack of inclusivity in the rapidly developing Web3 and blockchain space.</p>
<figure id="attachment_38332" aria-describedby="caption-attachment-38332" style="width: 640px" class="wp-caption aligncenter"><a href="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-05.jpg" target="_blank" rel="noopener"><img decoding="async" loading="lazy" class="wp-image-38332 size-large" src="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-05-1024x682.jpg" alt="HAQQ Network’s renewed vision: The loudest Islamic Web3 project of 2023 shares it’s second phase vision" width="640" height="426" srcset="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-05-1024x682.jpg 1024w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-05-600x400.jpg 600w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-05-300x200.jpg 300w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-05-768x512.jpg 768w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-05.jpg 1280w" sizes="(max-width: 640px) 100vw, 640px" /></a><figcaption id="caption-attachment-38332" class="wp-caption-text">HAQQ is a thriving ecosystem housing innovative B2B infrastructures and end-user applications. Their incredible journey of ethical innovation continues with renewed commitment to onboarding more partners with aligned vision to make ethical finance mainstay.</figcaption></figure>
<p>The project laid a strong foundation last year, receiving significant media coverage across global tier-1 crypto publications and major fintech outlets in the Middle East and establishing a community of over 1.5 million members. Islamic Coin’s advisory board also boasted several members of the UAE ruling families. This robust foundation had a tangible impact on the project’s presale phase, as ISLM raised over $200 million in private sales and an additional $200 million secured through an investment deed.</p>
<p><strong>What were the challenges for Islamic Coin in 2023?</strong></p>
<p>Despite a strong technological foundation, growing community support, and positive presale rounds, the Virtual Asset Regulatory Authority (VARA) launched a rigorous investigation into the project. However, the HAQQ network effectively cooperated with the regulators, which led VARA to end the investigation without any enforcement or allegations.</p>
<p>“Despite the challenges posed by the investigation, we remained committed to cooperating with the regulator and providing all necessary documentation to prove our compliance with the VARA rulebook,” said Alex Malkov.</p>
<figure id="attachment_38302" aria-describedby="caption-attachment-38302" style="width: 640px" class="wp-caption aligncenter"><a href="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-02.jpg" target="_blank" rel="noopener"><img decoding="async" loading="lazy" class="wp-image-38302 size-large" src="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-02-1024x682.jpg" alt="HAQQ Network’s renewed vision: The loudest Islamic Web3 project of 2023 shares it’s second phase vision" width="640" height="426" srcset="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-02-1024x682.jpg 1024w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-02-600x400.jpg 600w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-02-300x200.jpg 300w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-02-768x512.jpg 768w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-02.jpg 1280w" sizes="(max-width: 640px) 100vw, 640px" /></a><figcaption id="caption-attachment-38302" class="wp-caption-text">Islamic Coin &amp; HAQQ at Istanbul Blockchain Week 2023</figcaption></figure>
<p>The negative fallout from the VARA investigation impacted Islamic Coin’s listing efforts. Initial agreements with top-tier exchanges faltered as these platforms expressed last-minute concerns over perceived risks, leading to unexpected delays and complications in making ISLM available to a broader audience.</p>
<p>Amid these trials, the project also faced targeted negative media coverage. A specific media outlet launched a disinformation campaign against HAQQ, which the network’s leaders refused to quell through paid promotions, standing firm in their values of transparency and integrity.</p>
<p>“We will continue to fight against misinformation and Islamophobia in all its forms, united in our goal of building a more inclusive and equitable financial ecosystem,” said Malkov.</p>
<p>Moving past these adversities, HAQQ Network has emerged with renewed focus and a clear vision for the future.</p>
<p><strong>HAQQ’s Vision: An Ambitious Roadmap</strong></p>
<p>Central to this strategy is launching a gold token in June, a significant development in the HAQQ network’s broader move towards the tokenization of Real-World Assets (RWA). According to the roadmap, this initiative aligns with Islamic financial principles, which emphasize real economic activity and asset backing in financial transactions. Users will be able to exchange the token for real gold; it will also integrate other investment commodities and potential securities in the future. With this launch, HAQQ wants to take blockchain and Web3 advancements towards tangible real-world applications.</p>
<figure id="attachment_38305" aria-describedby="caption-attachment-38305" style="width: 640px" class="wp-caption aligncenter"><a href="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-03.jpg" target="_blank" rel="noopener"><img decoding="async" loading="lazy" class="wp-image-38305 size-large" src="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-03-1024x682.jpg" alt="HAQQ Network’s renewed vision: The loudest Islamic Web3 project of 2023 shares it’s second phase vision" width="640" height="426" srcset="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-03-1024x682.jpg 1024w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-03-600x400.jpg 600w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-03-300x200.jpg 300w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-03-768x512.jpg 768w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-03.jpg 1280w" sizes="(max-width: 640px) 100vw, 640px" /></a><figcaption id="caption-attachment-38305" class="wp-caption-text">Mohammed AlKaff Alhashmi&#8217;s presence and insights during the panel discussion “Beyond the Piggy Bank: Building a Decentralized Financial Playground” not only shed light on DeFi, but also underscored the significance of such gatherings in fostering a collective vision and strategic development for the Web3 sphere.</figcaption></figure>
<p>Beyond tangible assets, HAQQ Network is also set to tokenize Islamic financial products. This process involves converting financial instruments (e.g. Sukuk) into blockchain tokens, thereby enhancing the liquidity, accessibility, and efficiency of these products.</p>
<p>Adding to these innovations, HAQQ has announced the introduction of VISA cards denominated in ISLM, specifically targeting EU residents. These cards represent a significant step towards integrating Islamic digital assets with conventional financial services</p>
<p><strong>Listings, HAQQ Wallet, and Shariah-Compliant User-Centric Features</strong></p>
<p>Despite facing numerous hurdles, HAQQ Network has achieved notable success that underscores its resilience. Islamic Coin has been listed on various cryptocurrency exchanges. This includes prominent centralized exchanges like Kucoin, LBank, XT, and MEXC, as well as decentralized platforms such as Sushi, Osmosis, and Uniswap.<br />
Furthermore, the launch of the non-custodial HAQQ wallet represents a pivotal development in empowering users.</p>
<figure id="attachment_38308" aria-describedby="caption-attachment-38308" style="width: 640px" class="wp-caption aligncenter"><a href="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-04.jpg" target="_blank" rel="noopener"><img decoding="async" loading="lazy" class="wp-image-38308 size-large" src="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-04-1024x682.jpg" alt="HAQQ Network’s renewed vision: The loudest Islamic Web3 project of 2023 shares it’s second phase vision" width="640" height="426" srcset="https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-04-1024x682.jpg 1024w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-04-600x400.jpg 600w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-04-300x200.jpg 300w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-04-768x512.jpg 768w, https://iric.org/wp-content/uploads/2024/06/20240621-The-loudest-Islamic-Web3-project-of-2023-shares-its-second-phase-vision-04.jpg 1280w" sizes="(max-width: 640px) 100vw, 640px" /></a><figcaption id="caption-attachment-38308" class="wp-caption-text">The convergence of minds serves as a catalyst for the growth and evolution of platforms like the HAQQ Network and Islamic Coin, shaping the trajectory of tomorrow’s financial landscape.</figcaption></figure>
<p>As we review the journey and forward-looking strategies of the HAQQ Network and its Islamic Coin (ISLM), the project’s resilience is evident. The ambitious roadmap for 2024 and beyond sets a strong foundation for HAQQ’s comeback through the development of new products and the upcoming overall expansion of the ecosystem.</p>
<p>Looking ahead, the confidence in HAQQ Network’s potential is well-founded. With its strategic initiatives and ongoing community engagement, the network is well-positioned to redefine Islamic finance within the Web3 ecosystem, promising a future where financial inclusivity and compliance with the Shariah law go hand in hand.</p>
<p>&nbsp;</p>
<p>Continue reading at: <a href="https://techbullion.com/haqq-networks-renewed-vision-the-loudest-islamic-web3-project-of-2023-shares-its-second-phase-vision/">TechBullion</a></p>
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