The MUSC Project, has successfully gone through its first steps as fintech and cryptocurrency issuer.
A few weeks after a series of presales and ICO that raised little less than a million USD to bootstrap their activity despite them avoiding large investors, Muslim Coins announced their listing on Bitmart, to make their token accessible to the greater number.
The MUSC token, a BEP20-type crypto asset, is the cornerstone of a project to launch Islamic financing into de the DeFi world, with a complete financial and shariah-compliant ecosystem.
Aside from the token, the company announced a series of side-features such as zakat, sadaqa, a paycard with a cashback system and a proprietary wallet app.
The project is in substance based on a simple two-ways exchange: bringing the crypto to the Muslims around the world whilst bringing Muslim values to the crypto world.
The token has a 2% automatic tax on DEX transactions. The product of said tax is pooled and reversed to a widely recognized Islamic charity, a different one elected every year by the community. At the same time, they reportedly started a partnership program to develop cashbacks, allowing a zakat system.
Once the project reaches completion on its infrastructure and financing cycles, it will use the DeFi weight to help develop the Muslim world with a simple, cheap, and efficient way of transferring funds between members of the Ummah – the community of Muslims – and to funnel funds from the outside to develop shariah-compliant projects all around the world.
As the Muslim world has always been divided on fundamental as well as annex matters – which is generally considered a good thing, as what can seem like endless quarrels from the outside is in fact what keeps a faith very much alive – many Muslims are waiting for a clear answer regarding the cryptos status in Muslim faith. At the same time, many Muslims are also crypto afficionados and want the same thing.
One of the endeavors of the MUSC Project is to bring to subject on the table in every country and discuss the matter until a theological decision can be reached and widespread, allowing all Muslim to enter the DeFi ecosystem once and for all and reap its benefits.
Why invest in the Muslim Coins project?
The high demand in the cryptocurrency market strongly grew every year in the last decade. Every day sees new projects coming to life everywhere, but a large portion of the world population has kept out of it: Muslims. Although many Muslim countries have seen a peak growth in the use of crypto currencies, no project has built its deployment on this portion of the population nor did any project try to build its practices in compliance with their values. And yet, the Ummah represents 1.8 billion people, soon to be two billions, mainly located in quickly developing countries such as Indonesia, Malaysia, India, not to mention the whole MENA region. The conjunction of the average economic growth rate of such countries and the ever-expanding adoption of crypto-related habits by their populations is what makes the situation right for an investment in the Muslim Coins project, with a promising project and excellent odds of development.
How Does It Work?
The Muslim Coins token is a BEP20 crypto asset hosted on the Binance Smart Chain with all the associated advantages: low cost, quick execution, easy tracking. It has an in-code 2% tax on DEX exchanges feature, not activated yet as to not frustrate early development. Once activated, the products of said tax are gathered on a common pool, turned into fiat and reversed to the most trusted and respected Islamic Charities (Muslim Aids, Red Crescent for example). That is “sadaqa:” a donation for the most disinherited out of free volition.
The wallet app and cashback, as well as payment card, zakat (a 2.5% tax on certain Muslim’s assets annually donated to charities and poorest members of the society one lives in) and referral program are about to be revealed.
The project’s founding was triggered by the double-constatation that the Muslim world and the DeFi world aren’t exactly seeing eye to eye, with no real reason for it, and that no project with large ambition tried to bring the DeFi to Muslim either. At the same time, one can hardly argue that Muslims do not engage in crypto.
Sharif, Founder and CEO of Muslim Coins said:
“I’m a bit ashamed to admit it, but at a time of my life I was in over my head with work and completely forgot about that year’s zakat calculation. My brother had to call me to remind me about it. As a banker I was constantly dealing with fluid flows of money of different natures, and then it hit me: if only there was a way to automatically pay my zakat on my exchanges, with an automatic calculation of its amount… That is around the time I started working closely on crypto assets, and when I realized that there was no large crypto project related to the Muslim community, I told myself “That’s it, there’s no way my sisters and brothers in faith are keeping out of the next technological revolution, if there is no gateway in, I’ll build it myself.” And that’s the beginning of the journey if you will.
I want to make investing and exchanges in crypto easy for all whilst bringing crypto to all. There are simply too many possibilities to keep away from it, that would be a terrible waste.”
About Muslim Coins
Muslim Coins is the leading crypto for Muslims, and beyond, as everyone can use it as long as they agree to the charity-oriented taxes and features. Founded in 2021 by Sharif, a FrenchAlgerian Banking and Trading expert with various experiences with the big players in that game, the MUSC Project wants to bring the crypto to the Muslim world and the Muslim values to the crypto world, whilst keeping values of transparency when bringing the raw power of blockchain technologies into Islamic finance. With low fees for 24/7 exchanges and the guarantee that all donations go to widely recognized charities.
Contacts
For further media information or for further comment from Muslim Coins’ CEO and founder Sharif, please contact:
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