Bank

Hedera

Pilot

Dogecoin

Gains

<ul>
 <li>Qatar launches blockchain pilot to reshape global Islamic finance practices.</li>
 <li>Digital Receipt System on Hedera ensures transparency in Shariah compliance.</li>
 <li>AlRayan Bank, Blade Labs, Hashgraph unite to modernize asset financing.</li>
</ul>
Qatar Financial Centre has<a href="https://www.gulf-times.com/article/710258/business/qfc-launches-blockchain-based-proof-of-concept-to-advance-innovation-in-islamic-finance" target="_blank" rel="noopener noreferrer nofollow"> unveiled</a> a blockchain-based pilot project that aims to transform Islamic finance operations. QFC Digital Asset Lab is an initiative under development that incorporates the experience of financial institutions and blockchain technology providers. 
The pilot focuses on a Digital Receipt System developed to enhance asset-backed financing transparency. This system is Hedera Hashgraph-powered with HashSphere, a private ledger operated via Google Cloud. Through this method, transactions can be approved in real time, making the processes quicker and adhering to Shariah standards. 
QFC has proposed using the Digital Receipt System to eradicate bottlenecks that reduce the adoption of Shariah-compliant products. The platform can safely track all transactions, giving financial institutions the capacity to conduct their operations efficiently and remain trusted by stakeholders. 
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<h2 id="strong-finance-meets-blockchain-innovation-strong">Finance Meets Blockchain Innovation</h2>
The pilot project involves close collaboration between key partners. QFC offers infrastructure and strategic direction, whereas Blade Labs specializes in building smart contracts and user-facing tools. Hashgraph provides the backbone blockchain technology, and AlRayan Bank adds value through validating applications and commercializing business approaches. 
The CEO of QFC, Yousuf Mohamed al-Jaida, observed that the program is in tandem with Qatar’s general interest in financial innovation. He further pointed out that Islamic finance will be at the center of such undertakings as the nation continues to make itself a global leader in financial technology. 
<h2 id="strong-moving-toward-wider-adoption-strong">Moving Toward Wider Adoption</h2>
Blade Labs Chief Executive Sami Mian stated that blockchain and smart contracts can help resolve operational challenges in Islamic finance. He also emphasized the need to embrace global identity standards for interoperability. 
According to the explanation given by the Chief Executive of Hashgraph, Eric Piscini, Hedera is both scalable and secure, and this has been the key to institutions that have long-term requirements. 
The pilot project is undergoing a <a href="https://36crypto.com/dubai-grants-first-ever-crypto-derivatives-license-to-nomuras-laser-digital/" target="_blank" rel="noopener noreferrer nofollow">controlled</a> environment whereby participants are able to experiment with applications before launching them to the industry in general. This is done to ensure that risks have been controlled and benefits quantified. 
Qatar’s blockchain pilot demonstrates how sovereign financial hubs can integrate advanced technology into Islamic finance. With Hedera’s infrastructure at its core, the initiative positions the country to drive broader adoption and lead the future of Shariah-compliant finance. 
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The post <a rel="noopener noreferrer nofollow" href="https://36crypto.com/qatar-tests-blockchain-pilot-to-transform-islamic-finance-with-hedera-tech/">Qatar Tests Blockchain Pilot to Transform Islamic Finance With Hedera Tech</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://36crypto.com">36Crypto</a>.

Qatar Tests Blockchain Pilot to Transform Islamic Finance With Hedera Tech

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