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 Peninsula Qatar
The iDinar platform is built using blockchain technology where the iDinar token is equal to 1 gram of gold. The digital iDinar 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 iDinar 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.