Doha, Qatar — The Qatar Monetary Centre (QFC) has unveiled a groundbreaking proof of idea (POC) by means of its Digital Asset Lab, designed to convey blockchain-powered innovation into Islamic finance. Developed with a consortium of companions—Hashgraph, AlRayan Financial institution, and Blade Labs—the initiative demonstrates how superior digital infrastructure can drive transparency, compliance, and effectivity throughout Shariah-compliant monetary merchandise. (Cowl: Yousuf Mohamed Al-Jaida, CEO of QFC)
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Blockchain Meets Islamic Finance
The POC introduces a Digital Receipt System (DRS), a blockchain-based instrument that enhances auditability and streamlines processes in asset-backed finance. Constructed on HashSphere, a non-public, permissioned distributed ledger leveraging Hedera’s enterprise-grade expertise, the system runs on Google Cloud infrastructure provisioned by means of the QFC Digital Asset Lab.
QFC offers regulatory foresight and ecosystem orchestration.
Hashgraph delivers safe, scalable blockchain infrastructure.
Blade Labs develops the DRS framework, good contracts, and consumer interfaces.
AlRayan Financial institution validates the system’s performance and explores commercialization pathways.
“This pilot is a step ahead in exploring how blockchain can convey higher effectivity and scalability to Shariah-compliant monetary merchandise,” stated Yousuf Mohamed Al-Jaida, CEO of QFC. “It displays our dedication to tokenization, innovation, and constructing a sturdy digital asset ecosystem in step with Qatar’s Third Monetary Sector Strategic Plan.”
From the banking facet, Omar Al Emadi, Appearing GCEO of AlRayan Financial institution, emphasised:
“Innovation is a cornerstone of Islamic finance. By means of this proof of idea, we reaffirm our position in validating scalable functions that may strengthen the way forward for Islamic finance whereas reinforcing Qatar’s place as a hub for monetary innovation.”
Omar Al Emadi, Appearing GCEO of AlRayan Financial institution
Why It Issues
The Digital Receipt System might handle key bottlenecks in Islamic finance—notably in scaling Shariah-compliant asset-backed merchandise. By embedding good contracts and international identification requirements into the method, the system allows establishments to check real-world outcomes in a managed atmosphere earlier than increasing at scale.
In keeping with Sami Mian, CEO of Blade Labs:
“This initiative will present that blockchain can resolve long-standing inefficiencies in Islamic finance. It creates a blueprint for establishments to measure tangible enterprise outcomes earlier than making bigger commitments.”
Sami Mian, CEO of Blade Labs
Subsequent Steps
The POC underscores the mission of the QFC Digital Asset Lab: to convey collectively regulators, monetary establishments, and expertise suppliers to co-develop and take a look at new digital merchandise.
With companions throughout cloud expertise, blockchain infrastructure, and Islamic finance, the Lab is positioning Qatar as a frontrunner within the subsequent wave of monetary innovation.
