As one of the leading destinations for innovators and entrepreneurs in the blockchain space, Dubai seems to be nurturing a robust blockchain tech innovation ecosystem by welcoming the newest and most forward-thinking blockchain startups. Intending to become the first blockchain-powered city through the ambitious ‘Dubai Blockchain Strategy 2020’, Dubai is facilitating a citywide digital transformation by effectively applying three core strategic pillars of development such as Government efficiency, Industry creation and international leadership.
“Adopting Blockchain technology Dubai stands to unlock 5.5 billion dirham in savings annually in document processing alone — equal to the one Burj Khalifa’s worth of value every year.”
With our new partnerships in Dubai, namely Islamic Development Bank, Qintar Ecosystem aims to partake in the grand Dubai Blockchain Strategy by providing the city with its Platform powered by the first Shariah compliant Islamic Digital Currency — $QIN token.
How Qintar Can Help In Dubai Blockchain Strategy
Qintar deeply shares the vision of the Dubai Blockchain Strategy. Dubai Blockchain has three main pillars: government efficiency, industry creation, and international leadership. Qintar DeFi Ecosystem is able perform functions under these pillars and much more.
Qintar DeFi aims to deliver microfinance opportunities for underbanked people who are not knowledgeable on the crypto market. The concept is designed in a way where the lender is the token holder, and the process of Murabaha takes place through local banks or authorities, as the poor individuals in developing countries do not have access to means of technology. With the use of Qintar Ecosystem Platform, Dubai can become the main facilitator of halal transactions worldwide.
Qintar provides ease in transactions, improves government efficiency, opens doors for industry creation by furnishing Blockchain strategy while continuing operating under the strict ethical rules of Islamic Finance.
Qintar as a facilitator of Halal transactions
Qintar Ecosystem can decentralize and facilitate halal financial transactions within financial system of Dubai and thus becoming a leading digital innovator in the region.
Under ISL blockchain, all financial tasks are performed on Islamic principles. All prohibited activities such as gambling, interest overpayment (Rabia) are banned within the Qintar Ecosystem.
Qintar Ecosystem is ready to facilitate yet another Islamic finance tool — Sukuk. Since the traditional Western interest-paying bond structure is not permissible, the issuer of a Sukuk essentially sells an investor group a certificate, and then uses the proceeds to purchase an asset that the investor group has direct partial ownership interest in.
Qintar can fulfil Dubai Blockchain’s vision, by facilitating digitalisation of financial processes within the city’s financial ecosystem. Dubai is the first city that has the vision to explore the full potential of this innovative and rapidly evolving technology on a citywide scale. This ambition sees the Dubai government leading innovation and building an ecosystem that will enable Blockchain technology to thrive, thus becoming a tech leader in the region. We want to ensure our part in the success of Dubai whereby Qintar’s shariah — compliant cryptocurrency can facilitate investments under the code of conduct of Islamic Finance.
We are proud to present our proposal for Dubai Blockchain vision helping it achieve advancement in technology, and in making Dubai a technology hub.