The Qatar Financial Centre (QFC) has launched a pioneering proof of concept (POC), under its Digital Asset Lab, marking a significant step forward in the application of blockchain technology to Islamic finance.
This development was enabled through the collaboration of a consortium of partners — AlRayan Bank, Blade Labs, and Hashgraph — each contributing unique expertise to a shared vision of financial innovation.
The POC will demonstrate a blockchain-based digital receipt system (DRS) that can enhance transparency, efficiency, and regulatory compliance in Shariah-compliant asset-backed finance.
The system will operate on HashSphere, a private permissioned distributed ledger technology (DLT) network built with Hedera technology, deployed on Google Cloud infrastructure provisioned through QFC’s lab.
This initiative exemplifies a collaborative model where regulatory foresight, technical innovation, and domain expertise converge.
The QFC serves as the orchestrator of the initiative, providing infrastructure support and subject matter expertise to guide the use case development.
Hashgraph delivers and operates the underlying blockchain infrastructure, ensuring secure and scalable network performance, and Blade Labs leads the development of the DRS, including smart contracts and user interfaces tailored to Islamic finance use cases.
AlRayan Bank plays a critical role in validating the system’s functionality, offering domain-specific insights and exploring commercialisation pathways, while Google Cloud enterprise-grade infrastructure is utilised for the initiative.
“Through our Digital Assets Lab, we’re proud to facilitate this pilot as a step forward in exploring how blockchain can bring greater efficiency and scalability to Shariah-compliant financial products. This initiative reflects our continued support for tokenisation, financial innovation, and collaboration aligned with the Third Financial Sector Strategic Plan,” said QFC Authority chief executive officer Yousuf Mohamed al-Jaida.
Omar al-Emadi, acting Group chief executive officer of AlRayan Bank, said innnovation is a cornerstone of Islamic finance, and this initiative reflects its commitment to advancing Shariah-compliant financial solutions that meet the evolving needs of the market.
“Through our participation in this POC, we reaffirm our role in validating the system’s functionality and laying the groundwork for scalable, practical applications that can strengthen the future of Islamic finance while reinforcing Qatar’s position as a regional hub for financial innovation,” he said.
By participating in this POC, it is not only validating the system, but also helping pave the way for practical and scalable applications of blockchain technology in the Islamic finance sector, according to Houssam Itani, Group chief transformation officer, AlRayan Bank.
Sami Mian, chief executive officer, Blade Labs, said the DRS POC will showcase that blockchain, smart contracts, and global identity standards can address the operational bottlenecks that currently prevent Islamic finance institutions from scaling certain Shariah-compliant asset-backed products.
“By providing a controlled environment to measure actual business outcomes, institutions can evaluate whether this technology approach solves problems worth solving before making larger commitments,” he said.
Eric Piscini, chief executive officer, Hashgraph, said it is built to deliver the trust, performance, and regulatory confidence that today’s financial systems demand.
“Backed by the scalability and security of Hedera’s enterprise-grade technology, this collaboration highlights how the right infrastructure can unlock new possibilities in both Islamic finance and broader financial innovation,” according to him.
