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What is Islamic Coin Staking?

Islamic coin staking is a process where participants lock up their cryptocurrency to support a blockchain network and in return, receive staking rewards. The pivotal aspect for compliance with Islamic principles is determining if staking aligns with Shariah law. Contrasting with interest-bearing investments, which are considered haram (forbidden) in Islam, staking rewards are generated through transaction validation. This distinction potentially categorizes staking as a halal (permissible) alternative.

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Learn about Islamic Coin Staking

How to stake ISLM (Islamic Coin)

To earn a yield on your ISLM, you can either lend them out to custodial providers or via a Defi lending protocol, run your own Validator or delegate your tokens to validators of your choice.

We recommend using a Ledger Hardware Wallet to keep full control over your funds. To delegate your tokens, you should ensure you have your ISLM on your HAQQ Wallet and follow the steps below:

Step 1: Go to the ‘Main’ tab on the HAQQ Wallet app and click ‘Staking’.

Step 2: Click on ‘Validators’ and select a validator from the list. If you are unsure which validator to delegate to, refer to our FAQ on choosing a validator for guidance.

Step 3: Once you have chosen a validator and decided on the number of tokens you would like to stake, click ‘Delegate’ and confirm the delegation.


View our step-by-step Islamic Coin staking tutorial.


Do I need to maintain my staking in any way?

  • Rewards are not auto-compounded. To get the most out of your tokens, you should consider claiming and staking your rewards more frequently, but consider that each transaction will cost you some gas. By using our ISLM staking calculator, you can calculate the optimal re-stake frequency for your amount of ISLM.
  • ISLM holders who stake ISLM to a Validator can send a transaction to unstake and remove their tokens from being staked to a Validator. After this transaction, the ISLM tokens enter a 21-day unbonding period. During the unbonding period, stakers can choose to re-delegate to a separate validator without having to wait for the unbonding period to elapse. However, a user’s slashing risk with the original Validator remains until the unbonding period concludes. 

How to choose Islamic Coin validators

It is essential for users to stake their PoS tokens with dependable and highly performant validators, which is why we have rolled out our Staking Rewards Verified Staking Provider (VSP) Program in June 2022. Through this program, we thoroughly scrutinize potential validators, evaluating factors such as security measures, their on-chain reliability, their provider setup, and value-added services for the whole ecosystem.

There are many metrics to consider when selecting a validator to delegate to:

Commission Rates: The commission rate a validator charges is the % of your reward that the validator keeps for themselves. A high commission rate means your rewards will be lower, whilst a low commission rate could mean that the validator is not profitable and could cause issues for them in the future. Keep in mind that validators can adjust their commission rates up or down over time. 

Number of Users: A high number of delegators could indicate positive sentiment towards a validator. 

Validators Self-Staked Balance: A provider with a high amount of staked tokens likely has more incentive to continue operating their services as they have more to lose than those with low self-staked balances. This metric has some limitations as Validators can choose to delegate to their own validator from another wallet, which is done to increase the security of their funds. 

Current Status: To check if a validator is currently active, go to the Validator Dashboard on your HAQQ Wallet. Keep in mind that only the top 150 validators on the HAQQ network, ranked by balance, receive rewards.

Network Share: You typically don’t want to choose a validator with the highest or a low network share. Delegating to the most popular validators increases centralization risks within the network as those validators will have more say in governance and produce a larger share of the blocks. A validator with a low network share might not be profitable, increasing the risk of them discontinuing their services. If a validator drops out of the top 150, they also stop earning rewards. However, if you are willing to put more time in, then delegating to a smaller validator helps support the decentralization of the network. You would just have to make sure to check regularly if the provider is still active and operating. 

Performance: Make sure you pick a validator with the highest possible performance. Further, please check individual validators’ uptime, and our recommendation is only to pick those with a >=99% uptime and a long history of not getting slashed. 

Value Add to the Ecosystem: Some providers offer extra services to their delegators, such as tax reporting tools or explorers. This can be another great way to filter for validators that are long-term invested in the HAQQ Ecosystem. By delegating to a validator that is strongly dedicated to the HAQQ Ecosystem, you are supporting their development that indirectly impacts the value of your ISLM investment beyond the rewards from staking.


How are the staking rewards on ISLM generated?

Native staking rewards for ISLM are composed of:

Transaction Fees: Each transaction processed by the network comes with transaction fees. Transaction fees are collected by the network and distributed to each delegator proportional to their stake. The Staking APR will vary with network usage. The APR will increase as the network gets more traction and more transactions occur on HAQQ Network. 

Unlike interest-bearing investments deemed haram in Islam, staking rewards stem from transaction validation, making it a halal alternative.


What are the risks to staking ISLM?

We strive to make staking as safe and transparent as possible, however, it's important to consider factors that may influence whether a particular staking option is appropriate for you.


Slashing risk: ISLM delegated to a validator can be partially slashed if the validator misbehaves. On top of getting slashed, a validator can also be jailed, during which time you will not be earning any rewards. You can get slashed up to 2% for double signing events.

Unbonding risk: When staking ISLM tokens, there is a lockup period of 21 days. This means that investors will not be able to sell their tokens immediately, but instead need to wait 21 days after initiating unbonding before they can be traded again. This is something to keep in mind when deciding to stake, as crypto markets are highly volatile. Consider keeping funds liquid if you do not intend to hold ISLM long-term. 

Dropping out of the active set: A validator could drop out of the top 150 validators, meaning they no longer earn any rewards. Ensure you check back frequently to ensure your validator is active, not jailed and has not unreasonably raised their commission fees. 

Protocol security risks: There is an inherent risk that the protocol could contain unknown bugs, this risk applies not only to staking but also the investment in ISLM.


Please note that this is not an exhaustive list of all the risks related to staking.


What is ISLM (Islamic Coin)

ISLM is the native token of the HAQQ ecosystem - a Shariah-compliant Proof of Stake blockchain, HAQQ is an EVM-equivalent chain, based on Cosmos SDK with Tendermint consensus engine that is used to carry out the key functions of the platform as detailed below:


Token Utilities

  • Gas token: Each transaction processed by the network requires a small fee to be paid to the validator. 
  • Governance: ISLM is used to vote on governance proposals on the network. ISLM holders (not just stakers) can propose and vote on governance proposals to change a subset of network parameters. The amount of voting power is measured in terms of stake.
  • Staking: Users can temporarily lock ISLM up to contribute to the security of the IslamicCoin ecosystem.

What consensus algorithm does IslamicCoin (ISLM) use?

IslamicCoin is powered by Tendermint BFT. Tendermint BFT is a Byzantine Fault Tolerant (BFT) consensus engine developed by Tendermint. It offers instant finality, is horizontally scalable, and is secure against malicious actors. It is also open-source, meaning anyone can inspect and use the code. Additionally, it is simple to set up and use, allowing developers to quickly and easily build distributed applications. The active validator set consists of the 150 highest-ranked validators by staked tokens, from which 1 validator is randomly selected to propose a block with 66% of the remaining active validators being required to attest the block in order for it to become final. The higher the stake, the more likely they are to be selected. 


What are the tokenomics of ISLM?

The ISLM token starts with an initial minted supply of 20 billion coins, and the total supply is limited to 100 billion coins. The genesis block has been minted and distributed to private sale participants, early-stage partners, ambassadors, founders, and business reserves.


Initial token distribution

The Initial token distribution of ISLM is as follows:

  • 5.48 billion coins is allocated to business reserve and ecosystem development fund
  • 5.47 billion coins is allocated to partners
  • 3.93 billion coins is allocated to private sale buyers
  • 3 billion coins is allocated to founders
  • 2 billion coins is allocated to evergreen foundation
Islamic Coin
Islamic CoinISLM
Islamic Coin is on a mission to onboard over 1.8+ billion Muslims into digital finance without compromising the values and faith. Islamic coin is the native currency of HAQQ, an ethics first, scalable and interoperable blockchain built on Proof-of-Stake with fast finality

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