Abbas Ali, Managing Director of Ibadah Inc, announced Idinar, a digital etoken backed up by gold and the first Hybrid digital exchange in Qatar. The announcement came on the opening day of the 5th Doha Islamic Finance Conference. According to the media outlet the Pennisula Qatar
The Idinar platform is built using blockchain technology where the IDinar token is equal to 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.
The Idinar was developed by 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 Abbas Ali Managing Director of Ibadah Inc , “ Ibadah Inc Qatar 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.