Qatar Launches Blockchain Pilot to Boost Islamic Finance Transparency
▼ Summary
– The Qatar Financial Centre has launched a blockchain-based proof of concept to enhance Shariah-compliant asset-backed finance.
– This Digital Receipt System aims to improve transparency, efficiency, and regulatory compliance using Hedera technology on Google Cloud.
– The project involves collaboration among AlRayan Bank, Blade Labs, and Hashgraph, with each partner contributing specialized expertise.
– QFC’s Digital Asset Lab is expanding, having welcomed 33 new firms in 2025 to support fintech innovation and tokenization projects.
– QFC also launched a Metaverse platform and supports initiatives like Qatar’s CBDC project to advance digital finance and regulatory frameworks.
Qatar has launched a pioneering blockchain proof of concept aimed at increasing transparency and efficiency within Islamic finance. The initiative, led by the Qatar Financial Centre (QFC), introduces a Digital Receipt System (DRS) built on distributed ledger technology to streamline compliance and improve trust in Shariah-compliant asset-backed financing.
A consortium of partners including AlRayan Bank, Blade Labs, and Hashgraph collaborated on the project, which operates on a private permissioned network called HashSphere. This system is hosted on Google Cloud through QFC’s Digital Asset Lab, combining regulatory insight, technical innovation, and specialized financial expertise.
The DRS uses smart contracts and tailored user interfaces to enhance the traceability and integrity of financial transactions. AlRayan Bank contributed domain-specific knowledge to validate the system’s functionality and explore pathways for commercialization. According to Yousuf Mohamed Al Jaida, CEO of QFC, the project underscores a commitment to building a robust digital asset ecosystem that supports real-world applications and aligns with Qatar’s broader fintech and digital innovation goals.
This effort is part of QFC’s broader strategy to position Qatar as a regional leader in financial technology. The Digital Asset Lab has already onboarded 33 new firms in the first half of 2025, working on projects ranging from tokenized deposits to blockchain-based reward systems.
In a related development, QFC also unveiled the QFC Metaverse, an immersive digital platform designed to enhance business engagement, networking, and training. This initiative supports the Centre’s objective of creating a favorable environment for fintech growth, including full foreign ownership permissions for digital asset firms.
The regulatory foundation for these advances is provided by QFC’s Digital Assets Framework, which offers clear guidelines on tokenization, custody, and digital transactions. This principles-based, technology-neutral approach helps accelerate the adoption of fintech solutions for real-world assets.
Looking ahead, QFC plans to expand its global influence through partnerships with major blockchain consortia such as The Hashgraph Association, R3, and Polygon. These collaborations aim to move beyond pilot projects toward fully commercialized products. QFC is also supporting complementary initiatives like the Qatar Central Bank’s wholesale CBDC project, which aims to improve payment infrastructure and financial connectivity.
(Source: Economy Middle East)