AI Lab

Artificial Intelligence for IBF Solutions

Development of waqf assets is the best way to ensure their preservation. In the absence of systematic valuation of waqf assets, any allocation of resources for their development will largely be random and sub-optimal. Therefore, it is a good idea to think in terms of optimizing resource use, beginning with identification of waqf properties with maximum development potential and then riding down the ladder.

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. 

Write to with “AI for Waqf” in the subject line, should you be interested to collaborate with us. 

Zakah payment is an act of worship (ibada) for the zakat payer or muzakki. It is a matter of grave concern for the muzakki to ensure that his/her zakah is not only paid, but also distributed in conformity with the norms of the Shariah regarding “eligible” beneficiaries. Further, a part of the zakat mobilized by the institution may be utilized to absorb the administrative and operational costs of the zakat institution. As a good practice, a zakat institution must seek to minimize such costs through various means including use of technology. 

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 mustahiqoon for more effective and efficient targeting. 

Write to with “AI for Zakat” in the subject line, should you be interested in a collaborative project.  

© IBF DigiLabs Pte. Ltd. 

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.

Xcellence project involves two elearning initiatives – the International Institute of Islamic Business and Finance and Algotrain Academy – offering a range of professional certification programs in the field of Islamic business and finance and the use of emerging technologies – blockchain, AI – especially the Algorand protocol in various solutions for the business and the economy.

The programs are currently being provided under IBFNEX as well where members of the IBF Network will be able to pay the tuition fee with IBFx tokens and benefit from a significant discount.

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.

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.

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

It uses Algorand blockchain protocol to build an integrated platform for SA and SE with a view to enhancing the efficiency and effectivensess of the twin processes of mobilization and allocation of the scarce sadaqah or “benevolence-driven” resources. The first use case under this framework to go onstream is a plaform to facilitate Qard al-Hasan (Benevolent Loan).

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.

The Platform is being developed with support from the Tezos Foundation at varying levels of complexity – (1) for micro-charity recurring payments (2) for facilitating micro-trade for recurring and transparent transactions for halal businesses. Recurrence-I dealing with charity is now ready to be launched. Download the Concept Paper on Relationship-Based Transactions (RBTs) here.

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 a regulated open crypto.