Qatar hosted the global launch of ‘iDinar,’ the world’s first Islamic digital e-token platform, on the sidelines of the ‘5th Doha Islamic Finance Conference’ held in Doha Tuesday.
The iDinar platform is a blockchain based e-token, in which its initial value of one dinar e-token is backed by 1gm of physical gold, Ibadah Inc executive chairman Faidzan Hassan told Gulf Times on the sidelines of the launch event.
“iDinar allows the advantages offered by blockchain in terms of confidentiality and ease of transfer, among others. As an exchange, we have what we call a ‘hybrid’ exchange, which is based on barter trading that is Shariah-compliant.
“As a digital exchange, transactions run on real time. Ibadah also offers a market place to be able to trade stocks, shares, bonds, and sukuk, among others, as well as commodities like gold,” he said.
The digital iDinar e-token serves not only as a form of digitalised gold investment portfolio, but also the advances in current blockchain technology enables the iDinar e-token to be used as a value transference and settlement denominator for exchange, trading, and payment settlements.
According to Ibadah spokesperson Abbas Ali, through its incorporated company in Qatar, Ibadah has been given the principal approval by the Qatar Financial Centre (QFC) to operate the ‘iDinar eXchange’, a multi-product digital trading platform, which trades the iDinar with and against other commodities, financial instruments and products, as well as major fiat currencies globally.
“This is the first hybrid digital online exchange of its kind in the world with the base denominator exchange medium being the digital, gold-backed iDinar e-token,” Ali pointed out.
Hassan noted that the iDinar launch in Qatar was the result of a series of meetings with QFC CEO Yousuf Mohamed al-Jaida, QAF Holding Group chairman Khalid bin Ahmed al-Suwaidi, and Malaysia-based Ibadah Inc.
On the future development of the iDinar platform and the e-stock exchange, al-Suwaidi said, “As part of the completion of the digital trading ecosystem, the iDinar platform should work to develop the role and presence of many institutions operating in the field of financial services, especially specialised banks and financial institutions, which are used to provide the optimal solutions and financial instruments necessary to conduct financial and commercial operations accurately and completely taking into consideration the criteria of acceptance globally other than the enormous technological and electronic development and speed.”
He added, “The State of Qatar, as well as the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani and His Highness the Father Amir, Sheikh Hamad bin Khalifa al-Thani are supportive to any ideas or projects for the benefit of whole world and are always keen to be proactive in terms of the progress and prosperity of mankind.”
In a statement, the Malaysia External Trade Development Corporation (Matrade) in Qatar said the implementation of the iDinar idea in Qatar “demonstrates and reflects the progress and the cultural awareness of state of Qatar, as well as the understanding of the future variables and requirements in spite of all the challenges in general.”
“On the other hand, iDinar concept is considered an unprecedented achievement on the ground to develop the economic co-operation, trade, prosperity, and wealth to the Islamic world despite of the current challenges of rapid digital economic development in particular.”
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