On the sidelines of the 5th International Islamic Finance Conference, the first Islamic platform for the exchange of gold-backed digital currency, I-DINAR, was launched in Doha today.
The I-Din platform is an electronic symbol based on the exchange of digital currency. Its initial value of one dinar is supported against one gram of gold, which is not only a digital currency, but for a real gold eye.
With the golden cover of the coin, “I-Dinar” is not only a symbol but a form of electronic gold portfolio. With the remarkable progress in the electronic exchange chain technology, i-Dinar can be used as a common denominator for executing and settling many financial transactions and exchange operations And trade.
Through this currency, Qatar offers the latest e-currency concept and technology distinct from the others in the quality of technology and applied standards. In addition, the currency reflects real value that can be obtained at any time, while achieving the principle of maintaining the assets owned by the client and the speed of implementation Any financial or commercial transactions in full compliance with Islamic law.
The announcement was made as a result of extensive work, studies and meetings between a team from the Qatar Financial Center, the Board of Directors of Qaf Holding Group and the Malaysian IbadahInc Foundation.
The Chairman of Qaf Holding Group Khalid Al Suwaidi said that the i-dinar platform initiative is an indication of the increasing awareness and economic culture of the State of Qatar and its understanding of future changes and requirements despite all the challenges in general. This is an unprecedented achievement on the ground to develop cooperation, trade and prosperity. Economic and wealth of the Islamic world in the face of the challenges of the age and rapid digital economic development in particular.
Al-Suwaidi, in a statement to Al-Jazeera Net, predicted that the new platform will achieve a great resonance very soon because it achieves two important goals. The first is to acquire a sophisticated digital currency and have confidence in customers. The second is that the currency, while digital, retains its gold value. Will increase the confidence of scientists in dealing.
He added that the currency in its current form has passed all stages of the test even through Islamic standards in dealing with currencies as a real currency has a real balance similar to the currency backed by a gold balance, pointing out that this currency has taken the criteria of universal acceptance and technological development in terms of accuracy and security.
The spokesman for the Malaysian Cultivation Establishment Abbas Ali explained that the purpose of the platform was to facilitate and implement multi-product digital financial transactions that allow the trading of “i-dinar” with or for any other goods or products or coded currencies or any combination of solutions Financial instruments, as well as financial and commercial contracts from anywhere and at any time worldwide easily and conveniently.
He said the new currency was a huge technological revolution in the world, being the first “mixed” digital exchange of its kind in the world, using a digital symbol supported by gold and has real value.
The 5th Doha Islamic Finance Conference, held under the title “Islamic Finance and the Digital World”, was launched today. The conference aims at presenting the experiences of the central banks in dealing with digital financial developments and their potential risks. Legal and technical standards and the importance of the digital economy and its role in achieving sustainable development goals.
In its fifth edition, the conference focused on discussing the effects of digital development on Islamic finance, through its main interlocutor, reviewing the experiences of the central banks in light of the major changes in the world of business and finance due to the enormous and significant development of information technology. Financial institutions and banks to quickly study their future opportunities and the possibility of transition to the digital world.
Source: Al Jazeera