Qatar firm launches platform for tokenised Islamic finance
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.
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.
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