- Blockchain-based digital receipts can enhance transparency and efficiency in Islamic finance.
- Collaboration among QFC, Blade Labs, and Hashgraph drives innovation in Shariah finance.
- Hedera-powered infrastructure ensures scalable, secure, and compliant blockchain operations.
The Qatar Financial Centre (QFC) has launched a blockchain-based proof of concept aimed at modernizing Islamic finance. Built under QFC’s Digital Asset Lab, the pilot showcases how blockchain can bring greater transparency, efficiency, and regulatory alignment to Shariah-compliant products.
The project is anchored by a partnership between AlRayan Bank, Blade Labs, and Hashgraph, combining regional banking expertise with enterprise blockchain infrastructure.
Digital Receipt System Built on Hedera
At the core of the pilot is a Digital Receipt System (DRS) designed to streamline asset-backed financing. Running on HashSphere, a private ledger powered by Hedera Hashgraph and hosted on Google Cloud, the system ensures secure, scalable operations that comply with Shariah law.
The DRS allows Islamic finance institutions to track and validate transactions in real time, potentially cutting bottlenecks that slow adoption of Shariah-compliant products.
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Collaboration Across Finance and Blockchain
- QFC: Provides infrastructure and strategic direction.
- Blade Labs: Developing smart contracts and user-facing tools.
- Hashgraph: Delivering enterprise-grade blockchain infrastructure.
- AlRayan Bank: Validating use cases and shaping commercialization paths.
QFC CEO Yousuf Mohamed al-Jaida said the pilot aligns with Qatar’s broader strategy of financial innovation, with Islamic finance as a key focus.
Building Toward Wider Adoption
Blade Labs CEO Sami Mian said the proof of concept will highlight how blockchain, smart contracts, and global identity standards can address operational hurdles. Hashgraph CEO Eric Piscini added that Hedera’s infrastructure provides the scalability and security needed for institutional-grade deployments.
The controlled pilot environment will serve as a testbed before wider industry adoption, giving Qatar a first-mover advantage in Islamic blockchain finance. Qatar’s proof of concept underscores how sovereign financial hubs are using blockchain to scale Islamic finance.
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