Leveraging Research & Technology for a Halal Ecosystem
IBF DigiLabs works with Innovative businesses and companies to develop technology-based solutions for the smart Islamic economy
IBF DigiLabs contributes to the objectives (Maqasid) of the Shariah and the UN-mandated Sustainable Development Goals (SDGs)
Crypto currency of the virtual Islamic Business and Finance Network
Blockchain-based platform for Relationship - Based Transactions (RBT)
Mainstreaming and institutionalising charitable and benevolent actions
Blockchain based RFID tagging to ensure provenance of the sacrificial Eid animals
Preservation and development of the Islamic endowment (Waqf) sector
Use of emerging technologies for child development and foster care
IBF Net is in the process of developing a model based on Artificial Intelligence that will classify properties in order of their potential for development. It is proposing a partnership with international waqf organizations to test its 30-variables model for specific countries.
IBF Net proposes the development of a model based on Artificial Intelligence based on spatial data as well as mobile data in partnershhip with international zakat organizations that will help them identify regions with a high density of the poor and the needy.
The term Irshad implies “guidance” or the “guiding hand”. In line with this connotation, project Irshad aims to develop a system that emulates, or acts in all respects, with the advisory and guidance capabilities of a human Shariah Advisor. The system in different phases of development seeks to be functionally equivalent to an Islamic legal expert in tackling specific problem domains of reasonable complexity, such as, zakat management, investment decisions for awqaf and other socially responsible Islamic institutions, operationalization of the SDGs in the light of the Maqasid Al-Shariah by Islamic financial institutions and markets, in addition to routine Shariah-legal matters in Islamic finance.
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IBFx is being designed to be the crypto currency of the virtual Islamic Business and Finance Network. During the process of building up the virtual network, IBFx serves as a closed-loop virtual currency used for payment in intra-network transactions.
IBF Net is currently implementing a range of programs and activities that will facilitate exchange of values in addition to ideas, views and throughts among members, This is expected to lead to a steady increase in volume of transactions, and enhancement in the “intrinsic value” of the currency. Given the closed-loop nature, the currency will contrinue to be unregulated.
At a cut-off level of fundamental value, expected to materialize in 2022-23, IBFx would be converted to an open crypto, regulated, and a legal tender.
Recurrence is a blockchain-based platform under development for Relationship-Based Transactions (RBT) in the Islamic framework based on original in-house research at IBF Net.
Project Benevolence seeks to mainstream and institutionalize charitable and benevolent action (Sadaqah) – contribution of Efforts (SE) and of Assets (SA) – through its objective measurement and conversion into tokens of value or social cryptos called IBFs
This product currently under development combines a blockchain based platform with RFID tagging (designed to be both tamper and theft-proof) to ensure provenance of the sacrificial animals for the annual festival of Eid al-Adha.
The product also includes a Qurbani-Linked-Sukuk (QLS) token for raising funds from investors and waqf contributors worldwide to scale up and widen the portfolio of livestock that undergo the process of augmenting value. The QLS tokens of two types involve smart contracts based on fixed-term mudharabah muqayyadah (restricted mudarabah) and temporary waqf respectively.
Provenance of livestock via a digital system also opens the door to develop new use cases enabling farmers to unlock the value of their livestock for insurance and collateralizable loans.
Deliverance is under development as a use case of the Benevolence initiative that aims to rejuvenate the Islamic endowment (Waqf) sector in countries, such as, India and Indonesia.
It undertakes a process of verification and validation of the existing data on waqf assets through voluntary action by members of the community and preserves the validated database on blockchain. Deliverance in the next phase would host a dedicated crowdfund for “selected” waqf development projects.
Xcellence is currently under development as a use case of the Benevolence initiative and to demonstrate the use of emerging technologies – blockchain, AI etc. – for all-round child development and foster care.
In phase one, it involves developing a platform to cater to the needs of orphanages and foster care homes in Indonesia and demonstrate the use technology to link such institutions as part of a network to other actors, such as, donors, vendors, service providers and to improve and automate specific processes for enhancing efficiency and impact .
Project Algotrain aims to build a community of professionals well-versed in blockchain and other emerging technologies in SE Asia with a sharp focus on the Algorand protocol, train software professionals, full-stack developers in Algorand protocol and offer short-term certification programs; and conduct webinars, workshops on a regular basis.