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spacetuna

Qatar hosts global launch of world’s 1st Islamic digital e-token ‘iDinar’

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Qatar hosts global launch of world’s 1st Islamic digital e-token ‘iDinar’

https://www.gulf-times.com/story/626327/Qatar-hosts-global-launch-of-world-s-1st-Islamic-d

 

Ibadah executive chairman Faidzan Hassan.
Ibadah executive chairman Faidzan Hassan. PICTURE: Ram Chand
 
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Ibadah executive chairman Faidzan Hassan.
Peter Alagos

 

 

Qatar hosted the global launch of ‘iDinar,’ the world’s first Islamic digital e-token platform, on the sidelines of the ‘5th Doha Islamic Finance Conference’ held in Doha Tuesday.
The iDinar platform is a blockchain based e-token, in which its initial value of one dinar e-token is backed by 1gm of physical gold, Ibadah Inc executive chairman Faidzan Hassan told Gulf Times on the sidelines of the launch event.
“iDinar allows the advantages offered by blockchain in terms of confidentiality and ease of transfer, among others. As an exchange, we have what we call a ‘hybrid’ exchange, which is based on barter trading that is Shariah-compliant.
“As a digital exchange, transactions run on real time. Ibadah also offers a market place to be able to trade stocks, shares, bonds, and sukuk, among others, as well as commodities like gold,” he said.
The digital iDinar e-token serves not only as a form of digitalised gold investment portfolio, but also the advances in current blockchain technology enables the iDinar e-token to be used as a value transference and settlement denominator for exchange, trading, and payment settlements.
According to Ibadah spokesperson Abbas Ali, through its incorporated company in Qatar, Ibadah has been given the principal approval by the Qatar Financial Centre (QFC) to operate the ‘iDinar eXchange’, a multi-product digital trading platform, which trades the iDinar with and against other commodities, financial instruments and products, as well as major fiat currencies globally. 
“This is the first hybrid digital online exchange of its kind in the world with the base denominator exchange medium being the digital, gold-backed iDinar e-token,” Ali pointed out.
Hassan noted that the iDinar launch in Qatar was the result of a series of meetings with QFC CEO Yousuf Mohamed al-Jaida, QAF Holding Group chairman Khalid bin Ahmed al-Suwaidi, and Malaysia-based Ibadah Inc.
On the future development of the iDinar platform and the e-stock exchange, al-Suwaidi said, “As part of the completion of the digital trading ecosystem, the iDinar platform should work to develop the role and presence of many institutions operating in the field of financial services, especially specialised banks and financial institutions, which are used to provide the optimal solutions and financial instruments necessary to conduct financial and commercial operations accurately and completely taking into consideration the criteria of acceptance globally other than the enormous technological and electronic development and speed.”
He added, “The State of Qatar, as well as the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani and His Highness the Father Amir, Sheikh Hamad bin Khalifa al-Thani are supportive to any ideas or projects for the benefit of whole world and are always keen to be proactive in terms of the progress and prosperity of mankind.”
In a statement, the Malaysia External Trade Development Corporation (Matrade) in Qatar said the implementation of the iDinar idea in Qatar “demonstrates and reflects the progress and the cultural awareness of state of Qatar, as well as the understanding of the future variables and requirements in spite of all the challenges in general.” 
“On the other hand, iDinar concept is considered an unprecedented achievement on the ground to develop the economic co-operation, trade, prosperity, and wealth to the Islamic world despite of the current challenges of rapid digital economic development in particular.”

 
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The reason why is a wow article is because qatar is not a dinar currency country...Iraq has been having a meeting with this Islamic conference lately...now qatar launching this idinar token with gold back....why call it idinar and not iriyal(qatar currency is riyal)...this is very interesting and head scratching....I believe this is gonna boast up the dinars rate....be positive n cheers all

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30 minutes ago, spacetuna said:

The iDinar platform is a blockchain based e-token, in which its initial value of one dinar e-token is backed by 1gm of physical gold, Ibadah Inc executive chairman Faidzan Hassan told Gulf Times on the sidelines of the launch event.

 

The current value of 1 gm of physical Gold (referenced above) is ????

 

Semper Fi:salute:

RV there yet ?:pirateship:

 

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“On the other hand, iDinar concept is considered an unprecedented achievement on the ground to develop the economic COOPERATION, trade, prosperity, and wealth to the Islamic world despite of the current challenges of rapid digital economic development in particular.” I believe this cooperation involves Iraq and the rest of the Islamic world...

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1 hour ago, Hotcurl said:

 

The current value of 1 gm of physical Gold (referenced above) is ????

 

Semper Fi:salute:

RV there yet ?:pirateship:

 

 

:twothumbs:, HotCurl, AND The Very Best Of The Rest Of Your Week AND Up Coming Weekend To You!!! :tiphat:

 

If my calculations are correct, the iDinar 1 gram of gold equivalent is approximately 42.25 USD at nominally today’s gold price in USD.

 

Go Moola Nova!

:pirateship:

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Posted this earlier but not in open forum. Looks really promising.

 

  pp

 

  PS, Thanks Thug

 

"I-Dinar" .. the first electronic platform for the Islamic exchange of digital currency

 
 
On the sidelines of the 5th International Islamic Finance Conference, the first Islamic platform for the exchange of gold-backed digital currency, I-DINAR, was launched in Doha today.

The I-Din platform is an electronic symbol based on the exchange of digital currency. Its initial value of one dinar is supported against one gram of gold, which is not only a digital currency, but for a real gold eye.


With the golden cover of the coin, "I-Dinar" is not only a symbol but a form of electronic gold portfolio. With the remarkable progress in the electronic exchange chain technology, i-Dinar can be used as a common denominator for executing and settling many financial transactions and exchange operations And trade.

Through this currency, Qatar offers the latest e-currency concept and technology distinct from the others in the quality of technology and applied standards. In addition, the currency reflects real value that can be obtained at any time, while achieving the principle of maintaining the assets owned by the client and the speed of implementation Any financial or commercial transactions in full compliance with Islamic law.

The announcement was made as a result of extensive work, studies and meetings between a team from the Qatar Financial Center, the Board of Directors of Qaf Holding Group and the Malaysian IbadahInc Foundation.

The Chairman of Qaf Holding Group Khalid Al Suwaidi said that the i-dinar platform initiative is an indication of the increasing awareness and economic culture of the State of Qatar and its understanding of future changes and requirements despite all the challenges in general. This is an unprecedented achievement on the ground to develop cooperation, trade and prosperity. Economic and wealth of the Islamic world in the face of the challenges of the age and rapid digital economic development in particular.
Al- 
Suwaidi said Al-Suwaidi expected the new platform to achieve a great deal of resonance in the near future because it achieves two important goals. The first is to acquire a sophisticated digital currency that has confidence in customers. The second is that the currency, , Which will increase the confidence of scientists in dealing.

He added that the currency in its current form has passed all stages of the test even through Islamic standards in dealing with currencies as a real currency has a real balance similar to the currency backed by a gold balance, pointing out that this currency has taken the criteria of universal acceptance and technological development in terms of accuracy and security.

The spokesman for the Malaysian Cultivation Establishment Abbas Ali explained that the purpose of the platform was to facilitate and implement multi-product digital financial transactions that allow the trading of "i-dinar" with or for any other goods or products or coded currencies or any combination of solutions Financial instruments, as well as financial and commercial contracts from anywhere and at any time worldwide easily and conveniently.

He said the new currency was a huge technological revolution in the world, being the first "mixed" digital exchange of its kind in the world, using a digital symbol supported by gold and has real value.

The 5th Doha Islamic Finance Conference, held under the title "Islamic Finance and the Digital World", was launched today. The conference aims at presenting the experiences of the central banks in dealing with digital financial developments and their potential risks. Legal and technical standards and the importance of the digital economy and its role in achieving sustainable development goals.

In its fifth edition, the conference focused on discussing the effects of digital development on Islamic finance, through its main interlocutor, reviewing the experiences of the central banks in light of the major changes in the world of business and finance due to the enormous and significant development of information technology. Financial institutions and banks to quickly study their future opportunities and the possibility of transition to the digital world.

Source: Al Jazeera


http://rawabetcenter.com/archives/85740
 
 
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World’s first gold-backed digital e-token launched

  20 Mar 2019 - 1:07

World’s first gold-backed digital e-token launched
Abbas Ali, Managing Director of Ibadah Inc, providing a presentation on the details of I-Dinar, the world’s first digital e-token, which is backed by gold, on the sidelines of the opening day of the 5th Doha Islamic Finance Conference, yesterday.
 

By Mohammad Shoeb I The Peninsula

The world’s first Islamic Electronic Exchange Platform for digital e-token I-Dinar, which is backed by gold, was launched yesterday on the sidelines of the opening day of the 5th Doha Islamic Finance Conference.

The I-Dinar Platform is a blockchain based e-token, in which its initial value of 1-Dinar e-token is backed by the value of 1 gram of gold.

The digital I-Dinar e-token serves not only as a form of ‘digitalised’ gold investment portfolio, but also with the advent and advances in current block chain technology enables the I-Dinar e-token to be used as a value transference and settlement denominator for exchange, trading, and payment settlements.

This unprecedented achievement is the result of extensive work, studies, and meetings among a distinguished and professional team of work from Qatar Financial Centre (QFC) led by Yousuf Al Jaidah, CEO of Qatar Financial Centre (QFC) Authority, Khalid bin Ahmed Al Suwaidi, Chairman of the Board of Directors of QAF Holding Group, and Ibadah Inc from Malaysia. P06

According to Ibadah Inc Managing Director Abbas Ali, through its incorporated company in Qatar, Ibadah Inc has been given the principal approval by QFC to operate the I-Dinar E-Exchange, a multi-product digital trading platform which trades the I-Dinar with and against other commodities, cryptocurrencies, financial instruments and products as well as major fiat currencies globally. This is the first “hybrid” digital online exchange of its kind in the world, with the base denominator exchange medium being the digital, gold backed I-Dinar e-token.

As for the future development of the I-Dinar platform and the e-stock exchange, Al Suwaidi said that as part of the completion of the digital trading ecosystem, The I-Dinar platform should work to develop the role and presence of many institutions operating in the field of financial services, especially specialized banks and financial institutions, which are used to provide the optimal solutions and financial instruments necessary to conduct financial and commercial operations accurately and completely taking into consideration the criteria of acceptance globally other than the enormous technological and electronic development and speed.

The idea of I-Dinar has found generous patronage and support from the first day from the Qatari establishment, including the Prime Minister and Minister of Interior, Sheikh Abdullah bin Nassir Bin Khalifa Al Thani, and QFC as well. The actual implementation of I-Dinar idea in Qatar demonstrates and reflects the progress and the cultural awareness of Qatar as well as the understanding of the future variables and requirements in spite of all the challenges in general. On the other hand, I-Dinar concept is considered an unprecedented achievement on the ground to develop the economic cooperation, trade, prosperity, and wealth to the Islamic World despite of the current challenges of rapid digital economic development in particular.

https://thepeninsulaqatar.com/article/20/03/2019/World’s-first-gold-backed-digital-e-token-launched

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You are correct Synopsis that is what I get 28.35g equals 1 ounce. Gold at $42.37 current spot price/gram

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Soo some of you math guys may take note. 42.37 x1190 (our dinar) = 50,420

wouldn't it take 50,420 dinar to buy 1 E dinar.? does this help us ?

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2 hours ago, navira said:

Wowee..iam very excited with this news n the rest of the news lately

 

Your not alone in that respect Navira.  :) 

 

   pp

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Also, Under Basel III Rules Gold becomes the same as cash to Central banks in a little over a weeks time...  

 

 

Jay Taylor: Under ‘Basel III’ Rules, Gold Becomes Money On March 29th!

March 18, 2019 34  5825
 

It may be no coincidence that as March 29th has been approaching banks around the world have been buying huge amounts of physical gold…

from Zero Hedge

In 2018, central banks added nearly 23 million ounces of gold, up 74% from 2017. This is the highest annual purchase rate increase since 1971, and the second-highest rate in history. Russia was the biggest buyer. And not surprisingly, the lion’s share of gold is flowing into central banks of countries that are in the sights of America’s killing machine—the Military Industrial Complex that Eisenhower warned us about in 1958.

 

Central-bank-gold-reserves-March-19.jpg

The Bank for International Settlements (BIS), located in Basal, Switzerland, is often referred to as the central bankers’ bank. Related to this issue of central bank hoarding of gold is the fact that on March 29 the BIS will permit central banks to count the physical gold it holds (marked to market) as a reserve asset just the same as it allows cash and sovereign debt instruments to be counted.

There has been a long-term view that China and other nations dishoarding dollars in favor of gold have been quite happy about western banks trashing the gold price through the synthetic paper markets. But one has to wonder if that might not change, once physical gold is marked to market for the sake of enlarging bank balance sheets.

This also raises the question with regard to how much gold the U.S. actually holds as opposed to what it claims to hold. James Sinclair has always argued that the only way the world can overcome the debt that is strangling the global economy is to remonetize gold on the balance sheets of central banks at a price in many thousands of dollars higher. This would mean a major change in the global monetary system away from the dollar, as China has been pushing for the last decade or so.

If banks own and possess gold bullion, they can use that asset as equity and thus this will enable them to print more money. It may be no coincidence that as March 29th has been approaching banks around the world have been buying huge amounts of physical gold and taking delivery. For the first time in 50 years, central banks bought over 640 tons of gold bars last year, almost twice as much as in 2017 and the highest level raised since 1971, when President Nixon closed the gold window and forced the world onto a floating rate currency system.

 

gold-vs-fiat-money_0.jpg

But as Chris Powell of GATA noted, that in itself is not news. The move toward making gold equal to cash and bonds was anticipated several years ago. However, what is news is the realization by a major Italian Newspaper, II Sole/24 Ore, that “synthetic gold,” or “paper gold,” has been used to suppress the price of gold, thus enabling countries and their central banks to continue to buy gold and build up their reserves at lower and lower prices as massive amounts of artificially-created “synthetic gold” triggers layer upon layer of artificially lower priced gold as unaware private investors panic out of their positions.

The paper concludes that,

“In recent years, but especially in 2018, a jump in the price of gold would have been the normal order of things. On the contrary, gold closed last year with a 7-percent downturn and a negative financial return. How do you explain this? While the central banks raided “real” gold bars behind the scenes, they pushed and coordinated the offer of hundreds of tons of “synthetic gold” on the London and New York exchanges, where 90 percent of the trading of metals takes place. The excess supply of gold derivatives obviously served to knock down the price of gold, forcing investors to liquidate positions to limit large losses accumulated on futures. Thus, the more gold futures prices fell, the more investors sold “synthetic gold,” triggering bearish spirals exploited by central banks to buy physical gold at ever-lower prices”.

The only way governments can manage the levels of debt that threaten the financial survival of the Western world is to inflate (debase) their currencies. The ability to count gold as a reserve from which banks can create monetary inflation is not only to allow gold to become a reserve on the balance sheet of banks but to have a much, much higher, gold price to build up equity in line with the massive debt in the system.

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Hmm....note to self - surround home with mote & gators ... contact “ Swamp People “ 🐊

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1 hour ago, spacetuna said:

Also, Under Basel III Rules Gold becomes the same as cash to Central banks in a little over a weeks time...  

 

Jay Taylor: Under ‘Basel III’ Rules, Gold Becomes Money On March 29th!

 

 

Thanks, Spacetuna.  This is great news.  :backflip:

 

Someone posted a video by Robert David Steele a while back.  The video was dated 2/8/19.  I made notes because I wanted to see if this fellow was correct.  This is what he said about gold:

 

1.  Trump is about to roll out precious metals-backed dollar.

 

2.  Trusted source told him in the next 3 or 4 weeks, in addition to gold-backed dollar, a trillion dollars will be put into US economy from the "bottom up".

 

And now, Qatar has come out with gold-backed cryptocurrency.  I think all these things bode very well for the Iraqi Dinar RV.  

 

 

Edited by Floridian
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