Doha, Qatar: In a landmark move for financial technology, the Qatar Financial Centre (QFC) has unveiled a groundbreaking proof of concept (POC) through its Digital Asset Lab, signaling a new era of technological integration within Islamic finance. This innovative initiative is the result of a strategic alliance between AlRayan Bank, Blade Labs, and Hashgraph, combining their distinct strengths to push the boundaries of financial innovation.
The POC will pilot a blockchain-powered Digital Receipt System (DRS), specifically engineered to improve transparency, operational efficiency, and adherence to regulatory standards in Shariah-compliant asset-backed financing. The system will be hosted on HashSphere, a private, permissioned distributed ledger technology (DLT) network utilizing Hedera technology and deployed on Google Cloud via the QFC’s Digital Asset Lab infrastructure.
This project is a prime example of a synergistic partnership, uniting regulatory guidance, cutting-edge technology, and specialized industry knowledge. The QFC is spearheading the initiative by providing essential infrastructure and expert oversight. Hashgraph is supplying the core blockchain technology to ensure robust and scalable network performance, while Blade Labs is heading the development of the DRS, including its smart contracts and user interfaces. AlRayan Bank is contributing vital domain expertise to validate the system’s practical application and explore future commercial viability.
Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC, emphasized the project’s importance: “Our commitment at QFC is to cultivate a dynamic digital asset ecosystem that fosters tangible innovation. This pilot, facilitated by our Digital Assets Lab, is a crucial endeavor to assess how blockchain can enhance the efficiency and scalability of Shariah-compliant financial instruments, aligning with our strategic vision for the sector’s growth.”
Echoing this sentiment, Omar Al Emadi, Acting GCEO of AlRayan Bank, stated: “This initiative is a testament to our dedication to pioneering sophisticated Shariah-compliant solutions. Our involvement allows us to critically assess and validate this system, helping to develop scalable applications that will not only advance Islamic finance but also cement Qatar’s status as a hub for financial innovation.”
Sami Mian, CEO of Blade Labs, explained the practical benefits: “This POC aims to demonstrate how blockchain and smart contracts can resolve specific operational challenges that hinder the scaling of asset-backed products in Islamic finance. It offers institutions a low-risk environment to validate the technology’s business value before wider implementation.”
Eric Piscini, CEO of Hashgraph, commented on the infrastructure: “HashSphere is designed to meet the high standards of trust, performance, and compliance required by modern finance. Leveraging Hedera’s enterprise-grade technology, this partnership illustrates how robust infrastructure can open new avenues for innovation in Islamic and global finance.”
This collaborative project marks a significant advancement in the digital transformation of financial services and underscores the core mission of the QFC’s Digital Assets Lab: to accelerate the development and commercialization of next-generation digital financial products through cross-industry cooperation.