World’s First Gold-Backed Digital e-token Launched at 5th Doha Islamic Finance Conference

The world’s first Islamic Electronic Exchange Platform for digital e-token I-Dinar, which is backed by gold, was launched yesterday on the sidelines of the opening day of the 5th Doha Islamic Finance Conference.

The I-Dinar Platform is a blockchain based e-token, in which its initial value of 1-Dinar e-token is backed by the value of 1 gram of gold.

The digital I-Dinar e-token serves not only as a form of ‘digitalised’ gold investment portfolio, but also with the advent and advances in current block chain technology enables the I-Dinar e-token to be used as a value transference and settlement denominator for exchange, trading, and payment settlements.

This unprecedented achievement is the result of extensive work, studies, and meetings among a distinguished and professional team of work from Qatar Financial Centre (QFC) led by Yousuf Al Jaidah, CEO of Qatar Financial Centre (QFC) Authority, Khalid bin Ahmed Al Suwaidi, Chairman of the Board of Directors of QAF Holding Group, and Ibadah Inc from Malaysia. P06

According to Ibadah Inc Managing Director Abbas Ali, through its incorporated company in Qatar, Ibadah Inc has been given the principal approval by QFC to operate the I-Dinar E-Exchange, 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.

As for the future development of the I-Dinar platform and the e-stock exchange, Al Suwaidi said that 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 specialized 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.

The idea of I-Dinar has found generous patronage and support from the first day from the Qatari establishment, including the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nassir Bin Khalifa Al Thani, and QFC as well. 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. On the other hand, 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.

Courtesy: Peninsula Qatar