Doha, Qatar — The Qatar Monetary Centre (QFC) has unveiled a groundbreaking proof of idea (POC) by way of its Digital Asset Lab, designed to carry 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 know-how, the system runs on Google Cloud infrastructure provisioned by way of the QFC Digital Asset Lab.
QFC gives regulatory foresight and ecosystem orchestration.
Hashgraph delivers safe, scalable blockchain infrastructure.
Blade Labs develops the DRS framework, sensible 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 carry higher effectivity and scalability to Shariah-compliant monetary merchandise,” mentioned Yousuf Mohamed Al-Jaida, CEO of QFC. “It displays our dedication to tokenization, innovation, and constructing a strong digital asset ecosystem in step with Qatar’s Third Monetary Sector Strategic Plan.”
From the banking aspect, Omar Al Emadi, Appearing GCEO of AlRayan Financial institution, emphasised:
“Innovation is a cornerstone of Islamic finance. By way of this proof of idea, we reaffirm our position in validating scalable purposes 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 tackle key bottlenecks in Islamic finance—significantly in scaling Shariah-compliant asset-backed merchandise. By embedding sensible contracts and world id requirements into the method, the system allows establishments to check real-world outcomes in a managed atmosphere earlier than increasing at scale.
In accordance 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 carry collectively regulators, monetary establishments, and know-how suppliers to co-develop and take a look at new digital merchandise.
With companions throughout cloud know-how, blockchain infrastructure, and Islamic finance, the Lab is positioning Qatar as a pacesetter within the subsequent wave of monetary innovation.
