Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Qatar firm launches platform for tokenised Islamic finance

Qatar firm launches platform for tokenised Islamic finance

GrafaGrafa2024/10/28 20:37
By:Mahathir Bayena

Blade Labs, a technology company based in Qatar, has launched a new platform for tokenising Murabaha contracts, a key component of Islamic finance.

This platform aims to broaden access to Sharia-compliant financing for both financial and non-financial institutions, leveraging blockchain technology for secure and efficient transactions.

The new platform by Blade Labs allows traditional Murabaha contracts to be transformed into tokenised assets.

In a conventional Murabaha agreement, an Islamic financial institution purchases an asset and then sells it to a customer at a profit margin.

By tokenising these contracts, Blade Labs enables fractional ownership and investments, which opens up new financing opportunities for both institutions and investors.

Blade Labs, a member of the Qatar FinTech Hub (QFTH) 2024 Cohort, emphasised its focus on transforming Sharia-compliant financing through its blockchain-powered solution.

The company stated, “We at Blade Labs are transforming Sharia-compliant financing with our blockchain-powered platform for tokenized Murabaha contracts.”

According to the report, the platform aims to help non-financial institutions, like car agencies, offer in-house Sharia-compliant financing.

This innovation assists these businesses in overcoming liquidity constraints and providing financing solutions for their customers.

For Islamic financial institutions, the platform creates additional revenue opportunities within a Sharia-compliant framework, while also improving operational efficiency.

By utilising blockchain technology, the platform can potentially enhance capital efficiency and streamline the financing process.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Visionary or 'financial comedy'? Market participants weigh MicroStrategy's stock premium amid bitcoin buying spree

MicroStrategy, with a market cap of around $85 billion, currently holds 331,200 bitcoin worth about $30 billion.The stock’s 440% year-to-date surge has baffled some financial pundits, while others have cheered its corporate strategy.

The Block2024/11/26 19:44

Congress’s top priorities this lame duck session

Here’s a look at what lawmakers are most focused on in these final weeks of the 118th Congress

Blockworks2024/11/26 18:33

BTC breaks through $94,000

Cointime2024/11/26 16:55