QINTAR Token: Shariah-Compliant Cryptocurrency and Blockchain?
What Is QINTAR?
QINTAR is the first Sharia-compliant cryptocurrency that operates on a private, Sharia-compliant blockchain—the ISL Blockchain.
Holders of Qintar on digital wallets will no longer need to travel to Mecca or Medina for the Hajj event having to worry about how to carry fiat currencies. Every year, more than 2 million pilgrims participate in the Hajj with 10 pilgrims annually between the Hajj and Umrah.
QINTAR Mission Statement
QINTAR serves as a mean of payment and focuses on products and services in the Holy cities of the Kingdom of Saudi Arabia. It facilitates seamless and transparent use of digital currency within the ISL Blockchain (Sharia-compliant) technology. The project is a product of Qintar Capital, a Swiss company established in the Canton of Geneva, Switzerland. The goal of Qintar Capital is to make QINTAR a commercially viable, successful, and widely adopted cryptocurrency.
The QINTAR coin aims to be a stablecoin in the long-run, owing to its specific uses as a means of payment, initially in the Holy cities and in the future, across the world, as more and more persons adopt it.
The Problem QINTAR Seeks To Solve
Every year, more than 2 million pilgrims from all over the Muslim world travel to Saudi Arabia for the Hajj. This year’s event will happen in September 2019. Many of these pilgrims travel from far places such as Malaysia and Indonesia, as well as countries such as Kuwait, Jordan, and the UAE. This event is an obligatory act of worship that every Muslim owes to God once in their lifetime. There are a further 8 million pilgrims that visit Mecca during the Umrah—a year-long, non-obligatory minor pilgrimage.
With more than 2 million Muslims traveling to the Hajj, the carrying of large sums of money to cover the pilgrims’ expenses has various challenges. To begin with, pilgrims have to worry about theft, especially in over-crowded places, which is the case everywhere during the Hajj. In the past 10 years, pick-pocketing is one of the problems that numerous Hajj pilgrims face.
The QINTAR Solution
Qintar Capital has established the Qintar digital wallet, which is available on Android devices and in the near future on iOS compatible devices. With the Qintar digital wallet, which any person can download, users can acquire QINTAR coins and have them safely stored on the digital wallet on their mobile devices. As such, any person traveling to the Hajj will already have the means to pay for all products and services at the Hajj through a mobile device in a safe and secure way.
QINTAR Key Strengths
With the launch of QINTAR, transactions are immutable after initiating them, which prevents forgery risks, and encourages service providers to accept international transactions.
The Sharia-compliant nature of the QINTAR coin and the ISL-Blockchain imply that Muslims across the world can use QINTAR as a means of payment without worrying about whether it is permitted religiously or not. With the QINTAR coin, holders can purchase various products and services through smart devices. There are unlimited choices with many uses for not only the Hajj and Umrah but also globally for payment of these products and services.
QINTAR is applicable internationally, saving coin holders time and cost in money transfers from one country to another. With traditional means of transfers and payments, transaction costs and forex costs can be time-consuming and costly, specifically in emerging markets.
QINTAR coin has a real use case. Pilgrims going to Mecca do not have to carry cash for various reasons, including the fact that it is not practical. QINTAR solves this problem by being the first Sharia-compliant digital currency on a digital wallet. No matter where you are in the world, with QINTAR, you can pay instantaneously via your smartphone.
The price of QINTAR remains stable, as there will be a real use for it by these very same pilgrims on a regular basis, whether during the Hajj or the Umrah. This stability is guaranteed because it is a way of paying for products and services. The coin is effectively supported by a number of services that will accept QINTAR as a means of payment.