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Rahul Preeth
Doha
I-Dinar, the world’s first Sharia-compliant digital token backed by gold, went live in Doha on Tuesday, paving the way for the creation of an ecosystem that lets people in Qatar and around the world use the e-token as a form of “digitalised” gold investment portfolio.
The I-Dinar platform is a blockchain based e-token, said Faidzan Hassan, the executive chairman of Ibadah Inc, which has been given the principal approval by Qatar Financial Centre (QFC) to operate the I-Dinar E-Exchange.
The initial value of one I-Dinar e-token is backed by the value of 1 gram of gold, Hassad said.
The advent and advances in current blockchain technology enables the I-Dinar e-token to be used as a value transference and settlement denominator for exchange, trading and payment settlements, he added.
The I-Dinar E-Exchange is a multi-product digital trading platform, which trades the I-Dinar with and against other commodities, cryptocurrencies, 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 I-Dinar e-token, said Ibadah spokesperson Abbas Ali.
“This unprecedented achievement (of launching the I-Dinar) is the result of extensive work, studies and meetings among a distinguished and professional team from Qatar Financial Centre (QFC) led by its CEO Yousuf Mohamed al Jaidah, Chairman of the Board of Directors of QAF Holding Group Khalid bin Ahmed al Suwaidi and Ibadah Inc from Malaysia,” he added.
As part of the completion of the digital trading ecosystem, the I-Dinar 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, said QAF Holding Group Chairman Khalid bin Ahmed al Suwaidi.
He said Qatar is supportive of any ideas or projects that benefit the people of Qatar and the whole world.
“The country is always keen to be proactive in terms of the progress and prosperity of mankind, he added.
The actual implementation of I-Dinar idea in Qatar demonstrates and reflects the progress and the cultural awareness of Qatar as well as the understanding of the future variables and requirements in spite of all the challenges in general, a statement from the Malaysia External Trade Development Corporation said.
“I-Dinar concept is considered an unprecedented achievement on the ground to develop the economic cooperation, trade, prosperity, and wealth to the Islamic World despite of the current challenges of rapid digital economic development in particular,” it added.
Doha
I-Dinar, the world’s first Sharia-compliant digital token backed by gold, went live in Doha on Tuesday, paving the way for the creation of an ecosystem that lets people in Qatar and around the world use the e-token as a form of “digitalised” gold investment portfolio.
The I-Dinar platform is a blockchain based e-token, said Faidzan Hassan, the executive chairman of Ibadah Inc, which has been given the principal approval by Qatar Financial Centre (QFC) to operate the I-Dinar E-Exchange.
The initial value of one I-Dinar e-token is backed by the value of 1 gram of gold, Hassad said.
The advent and advances in current blockchain technology enables the I-Dinar e-token to be used as a value transference and settlement denominator for exchange, trading and payment settlements, he added.
The I-Dinar E-Exchange is a multi-product digital trading platform, which trades the I-Dinar with and against other commodities, cryptocurrencies, 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 I-Dinar e-token, said Ibadah spokesperson Abbas Ali.
“This unprecedented achievement (of launching the I-Dinar) is the result of extensive work, studies and meetings among a distinguished and professional team from Qatar Financial Centre (QFC) led by its CEO Yousuf Mohamed al Jaidah, Chairman of the Board of Directors of QAF Holding Group Khalid bin Ahmed al Suwaidi and Ibadah Inc from Malaysia,” he added.
As part of the completion of the digital trading ecosystem, the I-Dinar 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, said QAF Holding Group Chairman Khalid bin Ahmed al Suwaidi.
He said Qatar is supportive of any ideas or projects that benefit the people of Qatar and the whole world.
“The country is always keen to be proactive in terms of the progress and prosperity of mankind, he added.
The actual implementation of I-Dinar idea in Qatar demonstrates and reflects the progress and the cultural awareness of Qatar as well as the understanding of the future variables and requirements in spite of all the challenges in general, a statement from the Malaysia External Trade Development Corporation said.
“I-Dinar concept is considered an unprecedented achievement on the ground to develop the economic cooperation, trade, prosperity, and wealth to the Islamic World despite of the current challenges of rapid digital economic development in particular,” it added.
