Global remittance is a multi-billion industry.
According to Allied Market Research findings, remittance will hit $930.44 billion by 2026, growing with a CAGR of 3.9 percent from 2019. It will be an expansion from $682 billion registered in 2018.
Primary drivers include increasing cross-border transactions, reducing remittance time and cost, and increasing banking and financial services adoption, catalyzed by technological innovation and internet penetration.
The Role of Technology and Cryptocurrencies
With these projections in mind, fashioning solutions that will facilitate the cheap and instantaneous transfer of value through tools that leverage the latest technologies is vital.
Critical is the development of customer-facing and useful financial solutions, compliant with various customary and religious norms.
Therefore, innovating and launching such facilitators will mean the difference between success and failure. It is especially applicable in areas where adherence to religious teaching overarches, critical than efficiency, speed, or any other distinguishing western metric.
Cryptocurrencies present an alternative to banking rails. Bitcoin, the first and the most valuable digital currency that's so far moved billions in value, is proving disruptive to banks.
It is not unusual for the transparent network to transfer billions for only a few dollars in transaction fees. The problem is that Bitcoin is interpreted differently in Muslim countries.
For some, Bitcoin is not considered as compliant with Islamic law—that is, the network doesn't conform to Islamic laws, and therefore shouldn’t be used for Islamic Finance.
Yet, for a majority, the widespread use of the coin and the value behind the network makes it licit for Muslims to use.
Caizchain: A Fatwa-Certified Crypto Platform
In light of this, and to provide clarity, like-minded individuals—including Muslims and non-Muslims, willing to mix modern techniques and traditional Islamic values, joined hands to launch the Caizchain, the first Islamic blockchain.
Its creators say the blockchain embeds core values incorporating modern Islamic values. Properties such as transparency, fairness, and safety underpin blockchain financial solutions.
The Caizchain is a Fatwa-certified, modern, secure, innovative, and international platform enabling the easy and inexpensive sending of value across borders, fusing blockchain's core properties.
Their core mission is to provide innovative financial solutions where people can participate in the modern world of finance without straying away from Islamic principles governing finance.
As a result, the Caizchain is an innovative financial solution bringing together the Islamic and western world, allowing value transfer without high fees.
An Islam-Compliant CAIZ Token
Through Caizchain, there is freedom for users to transact, invest, and enjoy the best of technology.
The Caizcoin token is the native currency. Presently, the project is crowd-funding. Caizcoin will eventually launch in its blockchain, but at the moment,CAIZ complies with the ERC-20 standard.
Still, the token conforms to Islam Finance standards. Transacting on the network requires passing Caizchain’s Know-Your-Customer (KYC) process. Also, all facilitating exchanges and wallets adhere to Islamic finance standards.
Investing the Islam-compliant Way
Additionally, Caizcoin can be a portal for users wishing to participate in DeFi. Caizchain projects global banking assets and investments to reach $162 trillion.
Accordingly, users can firm an opportunity of investing in a list of pre-vetted protocols. None of these investments will derive their primary revenue from illicit activities or sectors that clashes with their Islam . Moreover, all of the Caizchain's credit lines are in sync with Islamic ethics, enabling users to invest as they like.
While they can contribute to Waqf and Zakat (a form of donation), Caizcoin token holders can invest as they like. At any time, they can deposit and withdraw assets using their PayPal, debit/credit card, or crypto wallets.
