Qintar Islamic Blockchain marketplace commences ICO
Qintar is a Shariah-compliant cryptocurrency used both as a means of payment as well as a utility token, with a focus on Islamic holy cities. It facilitates seamless and transparent trading using the ISL Blockchain (Shariah-compliant) technology. The project is being launched by Qintar Capital Switzerland SA (“Qintar Capital”) and ISLBlockchain Sàrl, private Islamic Blockchain built on Ethereum , two Swiss companies established in the Canton of Geneva, Switzerland. The goal of Qintar Capital is to make QINTAR a commercially successful and widely adopted cryptocurrency.
As per the website Qintar will be used to purchase products and services in Islamic Holy Cities. It is a stable coin as it is pegged to assets such as airline tickets, hotels, and others.
Qintar which in Arabic is a unit of weight, started as a project in 2018, Qintar Capital Switzerland is headed by Michael Gebreziabiher and Ahmad Mohammad Sammy who heads the technology side of the project through AnAduu Technology. Their goal is to provide a blockchain environment that integrates the needs of users, systems and the markets as a true Peer-to-peer network.
According to their press release, Traders utilizing Qintar alone control their transactions, data, and strategy without third party interference. Every transaction is digitally signed and time stamped allowing the token holders to trace every transaction, safe in the knowledge that the ISL blockchain’s audit quality is working for them.
Transactions made on the platform cannot be canceled, frozen or forged. The platform ensures a Sharia Compliant Token: It is based on Islamic Blockchain (ISL) which is a private blockchain that has received a Fatwa from several Islamic scholars and researchers which can only be bought through a direct transfer to Qintar Capital’s bank account in switzerland preventing forgery risks, to comply with Sharia law.
It also ensures ISL Blockchain: All financial products and contracts issued via ISL Blockchain are in accordance with Islamic principles: no Riba (payment of interest), no prohibited activities such as alcohol, gambling, pornography, etc.
Qintar believes in the ISL blockchain as such they are partnering with companies in different sectors to make online transactions easier, faster, less costly and more convenient for the users. Moreover, Qintar services such as airline bookings and hotel reservation or even Udhiyya (livestock for sacrifice) using a crypto-wallet on a mobile device through Qintar channels (Seitra, Udhiyya).
Qintar has created 9,990,9000 Qintar coins and will be selling only 2.2 million at the price of 130 CHF per coin. They are seeking a hard cap of 289 million CHF.