Why is Caiz a Halal Crypto?

Bittime - Caiz's latest collaboration with Khamzat Chimaev has sparked a huge discussion within the UFC community, especially regarding the cryptocurrency's compatibility with Islamic financial principles. From our analysis of fan responses on social media, around 21% of comments expressed concerns about the role of crypto in Islamic financial law. Therefore, we would like to review in depth the nine main reasons why Caiz is a halal cryptocurrency.

Sharia Compliance in Caiz Transactions

Caizcoin is committed to ensuring that all transactions on the Caiz Blockchain comply with sharia law. With a hybrid DeCe (Decentralized & Centralized) model that combines the worlds of decentralized and centralized finance, Caizcoin ensures compliance with Fiqh. This technology uses the innovative Islamic Federated Byzantine Agreement (IFBA) consensus system and sharia-compliant governance layers.

Caizcoin also focuses on regulatory compliance by providing high-quality financial products and services. The platform aims to serve underserved markets, while remaining compliant with local jurisdiction laws. Additionally, Caizcoin offers a safe alternative to the current fiat financial system, especially for the billions of individuals who do not yet have access to banking services in the Islamic world.

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Supervision by Scholars

To ensure compliance with Islamic principles, Caiz involves clerics in the operation and governance of network nodes. Respected clerics run Islamic Supervisory Nodes, ensuring that all transactions and mechanisms within the Caiz ecosystem are aligned with Islamic teachings. With this oversight, users can feel confident that every aspect of the network complies with Islamic finance principles.

Prohibition of Usury in the Caiz Ecosystem

One of the main principles in Islam is the prohibition of usury. Unlike conventional financial systems that depend on interest, Caiz ensures that all its products and services are free from usury. Thus, this platform provides ethical and fair financial solutions for Muslims.

Security and Transparency through KYC Verification

Caiz also implements a strict Know Your Customer (KYC) process to ensure security and transparency in its ecosystem. By thoroughly verifying user identities, the platform protects its community from the risk of fraud and illegal activity, while creating a secure transaction environment.

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Automatic Zakat Program

As part of its concern for the people, Caiz makes it easier for users to fulfill their zakat obligations through an automatic zakat program. This feature allows users to calculate and distribute their zakat transparently according to Islamic guidelines, ensuring that their contributions have a real impact in society.

Caiz Relief and Community Engagement

Caiz Relief is an initiative that allows communities to determine the distribution of zakat and charity funds through Caiz-Wallet. By giving users the opportunity to choose the charity programs they want to support, this initiative increases transparency and community involvement in social activities.

Islamic Investment Model: Caiz Sukuk

In terms of investment, Caiz Sukuk offers Fiqh-compliant investment products, allowing users to participate in equity-based investment projects within the Caiz ecosystem. With this system, users can profit ethically without violating the principles of Islamic finance.

Asset Protection and Coin Recovery

Caiz also understands the importance of digital asset protection. Therefore, the platform provides a coin recovery system to prevent asset loss due to forgotten passwords or technical failures. This feature provides additional assurance for users in securing their investments.

Smart Contract Based Legacy Plan

In addition, in Islam, the distribution of assets after death has clear rules. Caiz has integrated legacy plans in its blockchain using smart contract technology. With this feature, users can determine the distribution of their assets in accordance with Islamic law in an efficient and transparent way.

Conclusion

Although Caiz continues to grow, its commitment to Islamic finance principles remains a top priority. With a secure and transparent ecosystem, this platform ensures that users can enjoy financial services without worrying about security threats or identity theft. As a pioneer in the world of Islamic crypto, Caiz strives to continually improve its services, adhering to the highest compliance standards in Islamic finance.

FAQ

1. Is Caiz really halal?

Yes, Caiz is designed in full compliance with Islamic financial principles, supervised by clerics, and free from usury.

2. How does the automatic zakat program work?

The program allows users to calculate and distribute their zakat directly through the platform, ensuring compliance with Islamic law.

3. Can Caiz be used by non-Muslims?

Of course! Although designed in accordance with Islamic financial principles, Caiz is open to all users who want safe, transparent and ethical transactions.

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Reference

Medium, Caiz: Why are we Halal?, accessed 26 February 2025.

Author: MF