HLC Foundation Joined Islamic Financial Services Board (IFSB) As Observer Member

  • May 12, 2019
HLC Foundation Joined Islamic Financial Services Board (IFSB) As Observer Member

In 2019, the global leading public chain HLC Foundation announced today that it has been approved as an observer member of the Islamic Financial Services Board(IFSB), It is worth noting that more than 70 financial regulators around the world, including the Central Bank of China, have been members of the IFSB for many years.

On April 30th, HLC co-founder Abdullah Han visited Dr. Bello Lawal Danbatta, Secretary General of the Islamic Financial Services Board (IFSB), and exchanged views on how to use the HLC public chain for Islamic financial services, especially international exchanges, Zakat donations, the liquidity of Islamic bonds, and inclusive finance based on smart contracts. Dr. Bello Lawal Danbatta said that the world needs Islamic financial services, but it does not necessarily need Islamic financial institutions, however, decentralized financial technology will become an irreversible development trend in the future.

After an evaluation of the financial technology of the HLC public chain, IFSB agreed and formally invited the HLC Foundation to join the Islamic Financial Services Board(IFSB) as an observer member. The technical advantages and ecological vision of the HLC public chain have been highly recognized by IFSB. The Islamic Finance Council has published the news on the official website.

The Islamic Financial Services Board(IFSB) is an international standards development organization that aims to strengthen the robust development of Islamic financial services such as banking, capital markets and insurance by setting global prudential standards. Since its inception, IFSB has been closely monitoring the development of global financial technology and expects to realize inclusive finance through innovative financial technology. According to data from the Middle East and North Africa Capital Market Analysis Report released by Bloomberg Bloomberg, global Islamic finance increased by 14.6% in 2018, reaching US$32.95 billion. IFSB once predicted that the Islamic financial industry will grow at a rate of 15% per year in the next decade and the development potential of this blue ocean market is self-evident.

As of December 2018, IFSB had 180 members including 78 regulatory agencies, 8 international intergovernmental organizations, and 94 market participants operating in 57 jurisdictions, including numerous financial institutions, industry associations and stock exchanges, etc. Most of the members of IFSB are financial organizations such as the Central Bank, Commercial Bank, and the Securities and Futures Commission. The HLC Foundation is one of the few observers to be stationed as a blockchain institution.

As one of the most inclusive international financial organizations, IFSB expects more like-minded market participants to join its organization. The main purpose of the HLC Foundation’s application to become an observer member is to help Islamic finance establish a blockchain technology industry standards and industry rules, the determination and willingness of the HLC Foundation is highly appreciated by IFSB. At the same time, HLC Foundation will demonstrate the advantages of emerging financial technology leaders with an official identity and interaction with central banks in Islamic countries.

About HalalChain(HLC):

HalalChain is the first public blockchain company that focuses on serving Muslim countries and regions. By implementing blockchain technology into the Halal supply chain and Islamic financial industry they will help to increase transparency and traceability in Islamic financial products and services, traceability of halal and healthy products, Zakat donations, heritage and property registration, cultural communication, etc.

HalalChain is built on the newly distributed ledger Directed Acyclic Graph (DAG). This underlying technology guarantees security and decentralization while achieving “High Throughput”. Advanced DAG technology with unique use cases enables HalalChain to build across the multi-layer payment system within the Islamic economy ecosystem.

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