Habibi Coin aims to be the Middle Eastern version of bitcoin. Find out what that means today in our review.
What is Habibi Coin?
Habibi Coin, found online at HabibiCoin.com, is an upcoming cryptocurrency that describes itself as “the bitcoin of the Middle East”.
The cryptocurrency was launched by a Dubai-based entrepreneur named Com Mirza.
Why do we need a separate version of bitcoin for the Middle East? Isn’t bitcoin supposed to be an international currency? Well, Islam has specific lending rules that make it difficult for Muslims to charge interest to other Muslims in exchange for borrowing money. Habibi Coin is designed to be a Shariah-compliant cryptocurrency, allowing Muslims to buy a house more easily while staying compliant with their faith.
“Habibi Coin will aim at providing investors with a way to invest in adherence to their Muslim faith, by avoiding the payment of interest,” an initial press release for Habibi Coin explains. “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.”
How Does Habibi Coin Work?
Habibi Coin was built to be a Shariah-compliant cryptocurrency. It gives investors a way to adhere to their Muslim faith while still buying property.
Just like bitcoin, Habibi Coin works as a decentralized payment system. It’s built on blockchain technology and uses peer-to-peer transactions. No middlemen or intermediaries are involved in the transaction.
The ultimate goal is to create one of the largest Shariah-compliant tokens in the world, catering to the Muslim community in the Middle East and around the world. Muslims can use Habibi Coin to invest in assets without paying interest – and violating their faith.
How to Buy a Home with Habibi Coin
The creator of Habibi Coin claims that the digital token can be used for a variety of investments. However, one of the biggest concerns was to help Muslims buy a home. Today, Muslims often struggle to buy a home because home ownership involves participating in the traditional interest-based mortgage system.
Muslims can purchase property directly through the Habibi Coin platform. However, the press release and official website don’t explain further details about how this works.
Overall, the Habibi Coin platform is still in development, and there are few specific details available online at this time.
The Habibi Coin ICO
The creator of Habibi Coin claims to have already raised 3 million USD, and he’s now planning a $100 million USD ICO.
Full details of the ICO have not yet been announced. However, the ICO appears to be preparing to launch sometime in 2018. You can sign up to receive the latest updates on the official HabibiCoin.com website.
Who’s Behind Habibi Coin?
Habibi Coin was launched by a Dubai-based entrepreneur named Com Mirza. Described as a “millionaire philanthropist”, “global investor”, and “dream chaser”, Com Mirza is a manager, owner, and partner in 34 companies worldwide. He’s also the founder of Mirza Holdings.
You can learn more about Com Mirza at his LinkedIn page.
Today, Com Mirza lives in the world’s tallest building, the Burj Khalifa, in downtown Dubai. He also owns a luxury car rental company and has a fleet of 50+ luxury and exotic cars.
The name “Habibi”, by the way, comes from the Arabic word for “love”. It roughly translates into “loved one” or “my love”.
Habibi Coin Conclusion
Habibi Coin was built to solve a crucial problem in the Muslim community: investors and entrepreneurs often struggle to find Shariah-compliant financial alternatives to conventional mortgages. To date, many people have to resort to using the traditional financial system (in violation of their faith), or renting properties (and avoid buying a house). Habibi Coin presents a different solution.
That all sounds good – but there’s really no information about Habibi Coin available online at this time. The website is blank except for an email form. Early press releases for the coin talk about how it will help single parents and middle class families – but offer few specifics about how the coin will work.
Ultimately, Habibi Coin sounds like a good idea – but we don’t know anything about the coin or its development plans for the future. We vaguely know that the coin plans to comply with Islamic financial laws, and become a leading Shariah-compliant coin, but we don’t know anything more specific.
Nevertheless, you can learn more about Habibi Coin online today at HabibiCoin.com.