The Qatar Financial Center (QFC) has launched a POC (Proof of Concept) for a Hedera blockchain-based digital receipt system (DRS). The project will apply blockchain to Islamic Finance and offer a transparent, efficient, and regulated finance experience.
The new system will operate on HashSphere, a private, permissioned distributed ledger built on Hedera technology. It will be deployed via Google Cloud through QFC’s Digital Asset Lab.
Blade Labs has secured a fintech license at QFC as part of the digital asset labs initiative. The company will develop the DRS system components, including smart contracts and user interfaces, in a way that is tailored to Islamic Finance use cases.
Moreover, Hashgraph will deliver and operate the underlying blockchain infrastructure and will work on security and scalability. Al Rayan Bank will validate the system’s functionality and offer domain-specific insights. The Qatari bank will also explore commercialization pathways. Google Cloud will deploy an enterprise-grade infrastructure within the DRS system.
During the project launch, Yousuf Mohamed Al-Jaida, CEO of QFC, noted that the center is committed to building a strong digital asset ecosystem. It will support innovation and real-world applications. Al-Jaida said, “This initiative reflects our continued support for tokenization, financial innovation, and collaboration aligned with the Third Financial Sector Strategic Plan.”
Omar Al Emadi, the acting Group CEO of AlRayan Bank, believes that innovation is a cornerstone of Islamic Finance. He asserted that the bank is committed to advancing the DRS system to meet the needs of the market. Al Emadi added, “Through our participation in this proof of concept, we reaffirm our role in validating the system’s functionality and laying the groundwork for scalable, practical applications that can strengthen the future of Islamic finance while reinforcing Qatar’s position as a regional hub for financial innovation.”
Sami Mian, CEO of Blade Labs, explained that the digital receipt system will showcase how blockchain, smart contracts, and global identity standards can address operational bottlenecks that currently prevent Islamic finance institutions from scaling certain Shariah-compliant asset-backed products. He noted, “By providing a controlled environment to measure actual business outcomes, institutions can evaluate whether this technology approach solves problems worth solving before making larger commitments.”
Eric Piscini, CEO of Hashgraph, emphasized, “This collaboration highlights how the right infrastructure can unlock new possibilities in both Islamic finance and broader financial innovation.”
More use cases coming to Qatar using Hedera
In 2024, the Hashgraph Association, a partner with Qatar Financial Centre (QFC) Digital Assets Lab, announced on LinkedIn that within the next 12 months, it would be working together with stakeholders to explore implementing five innovative use cases. These include equity tokenization, Sukuk Islamic Bonds tokenization, real estate tokenization, sustainability ESG carbon credits, as well as consumer engagement and loyalty programs. This is part of the partnership that was signed with QFC for a $50 million Digital Assets Venture Studio to develop the Web3 and DLT innovation ecosystem in Qatar.
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Source: https://www.cryptopolitan.com/qatar-poc-blockchain-digital-receipt-system/