What Is NoorCoin?
Noorcoin is the self-appointed first “Sharia token” in the world. This is a utility token which is compliant with the Sharia and certified by the World Shariah Advisory Committee. This company intends to provide financial solutions for over a 1.6 billion Muslims around the world with efficiency and security.
How Does NoorCoin Sharia-Compliant Muslim Crypto Work?
Noorcoin is an ERC20 Ethereum-based token which has been created following the Islamic rules of the Shariah. Businesses in the Islamic world are very interested in dealing while following the laws of god, so this can be a good company for this people.
The token was designed to follow three rules of Islamic finance: there will be no interest mechanism associated with the token (no lending platforms), not only the profits will be shared but also the losses if the company does not make well in the market and there is as minimal economic speculation as possible, something that is very common in the cryptocurrency market.
The mission of the company is the creation of a cryptocurrency that the Muslim people (around 23% of the world’s population) will really be able to trust. The benefits of using Noorcoin include the cut of the middlemen out of the processes, lesser costs, decentralization and more access.
Who Is Behind NoorCoin?
Sofia Koswara is the CEO of Noorcoin and is also a businesswoman and a philanthropist. The Chief Operations Officer is Thomas Yudhistira, the Chief Investment Officer is Khlood Aldukheil and the Chief Technology Officer is Iskandar Purnomohadi.
The main advisors of the company are Osama bin Mohammed bin Abdullah Al-Shuaibi, which has a bachelor’s degree in Mathematics from the Ohio State University and has already worked in the Ministry of Defense in Saudi Arabia.
The professor Nourah Abdulrahman bin Yousef, which has a PhD in Economics, Ahmad Rusdi, a career diplomat, and Budi Saroso, secretary of the Bilateral Committee Permanent Committee of Middle Eas & OIC Countries Indonesian Chamber of Commerce & Industry.
NoorCoin NCO ICO Details
The ICO will start in the second quarter of 2018 and the prevision is that it will last for 120 days or until the hard cap os 50 billion NCO tokens is reached. The price of the tokens will be $0.30 USD per token, but you will be eligible for discounts if you invest soon. The company did not state many other details about the ICO at the moment of this report.
After the sale, the company will start full scale development in June 2018 and Alpha testing in August. Noorcoin will be listed in exchanges also in August 2018. Beta testing will start in November and the partners will be integrated in the Noorcoin ecosystem until the end of the year.
Noorcoin intends to have over 8,000 verified vendors acting on its platform until the end of the first quarter of 2019 and to expand its blockchain during the year. Finally, the plan of the company is to have over a million users and 20,000 verified vendors until October 2019.
If you are an active Muslim, then you will certainly be interested in Noorcoin. What this cryptocurrency offers is unique to Muslims at the moment and it certainly has the potential to become a major player in the Muslim markets, especially in the Middle East, North Africa and the Southeast of Asia.