Dubai-based millionaire, investor and entrepreneur, Com Mirza, is set to launch an unprecedented solution for investors wishing to tap into a Shariah-compliant cryptocurrency.
Habibi Coin will aim at providing investors with a way to invest in adherence to their Muslim faith, by avoiding the payment of interest.
The startup has already seen a staggering 750-member syndicate that is willing to invest in Habibi Coins with a $100-million initial coin offering (ICO), in addition to $3 million dollars raised by Mirza.
Habibi Coins will cater to investors in the cryptocurrency sector whilst enabling them to avoid the payment of interest and risks when buying a property.
There is a significant need for diversified financial solutions to cater for individuals wishing to purchase a house without the conventional interest based mortgage system.
Habibi Coin was set up to provide a solution to this problem by buying out properties for those who don’t afford it through the Habibi Coin system and then providing a Shariah complaint way of obtaining ownership of the property to potential buyers.
Founder and CEO of Habibi Coin, Com Mirza stated, “I meet struggling Muslims all around the world. Their biggest concern is their home ownership for their families’ future. I felt compelled to find a Shariah-compliant solution to help them and Habibi Coin is that solution”.
There have been many investors and entrepreneurs in the Middle East and the West who have expressed issues in finding shariah-compliant financial alternatives to conventional mortgages and to date many people have to resort to using the conventional system or renting a property to avoid paying interest.
Fatima Ashraf, a UAE single mum of two, who moved to the United Kingdom, welcomes such initiatives stating that, “I cannot afford to purchase a house due to the increasingly high house prices as a single parent. If a startup or business such as Habibi Coin caters to provide a solution that can help to avoid the traditional mortgage system, then I would certainly be interested in taking it up”.
There is a significant rise in technology and digital currency that is paving the way forward in the Middle East and around the world.
Ahmad Abdullah Bugshan, Board Member at the Arabian Bugshan Group and Vice President at House of Invention International stated that, “The region, particularly the Gulf, is moving strategically towards technology-enabled economies and this is impacting business and transactions across the Government and private sector”.
Many people are unaware of how cryptocurrency or digital currencies work as it is a relatively recent advancement of technology that is gaining popularity.
Cryptocurrency essentially works as a digital asset designed to work as a medium of exchange to control transactions and the control of other virtual currencies.
In the same way that Bitcoin works as a decentralized payment system of digital currency with peer-to-peer transactions, Habibi Coin is essentially the ‘bitcoin’ of the Middle East as it involves no intermediary.
“Islamic finance was created to protect the common man from unfair business practices that are not in alignment with our Muslim faith. Interest-bearing mortgages don’t serve our communities’ best interests. However, Habibi Coin does,” Mohammed Paracha, Advisory Board Member of Habibi Coin, stated.
As the advancement of technology in the digital currency space evolves, the Middle East is set to undertake one of the largest Shariah-compliant tokens, which caters for the community at large in creating a more prosperous economy.
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