The 3rd edition of the IFSB-BIBF Islamic Finance Executive Programme was recently held in Manama, Bahrain. The event focused on the role of Fintech in the Islamic finance industry and the current threats and regulatory challenges that Fintech is imposing on the industry. Dr. Sulaiman Liu, CEO and Co-Founder of HLC (HalalChain), was invited to speak at the event, where he discussed the many possible benefits of adopting blockchain technology in the Islamic finance and Halal industry.
HLC’s public blockchain has been built as a comprehensive solution to help increase transparency and traceability in Islamic financial products and services, as well as traceability of Halal and health products, Zakat donations, heritage and property registration and cultural communication. HalalChain has an innovative approach to blockchain technology, there HLC consensus is based on Direct Acyclic Graph (DAG). DAG offers fast confirmations, high throughput and lower fees, solving many of the scalability and security issues that traditional blockchains face.
As the programme aims to shed light on innovative digital products in Islamic finance, Dr. Sulaiman Liu was an ideal candidate, there he was able to share his knowledge of blockchain technology within the industry. The discussion continued by taking an in-depth look at the HLC Ecosystem applications, which range from financial instruments such as Smart Sukuk, Smart Awqaf and Stable Currencies, to Hajj-Chain, a traceability system for Hajj services and operations.
Dr. Sulaiman Liu concluded his discussion by saying: “HalalChain is an integral part of the Islamic community, HLC public chain will explore more ways in which they are able to further serve the Muslim community, and we invite all stakeholders of the industry to come on board and adopt HalalChain to create and provide use cases and solutions to address existing challenges in the industry”.
Manama, Bahrain, October 17, 2018