Wednesday, April 24, 2024
ReportMalaysian advisory firm to tokenize Fatwa

Malaysian advisory firm to tokenize Fatwa

Islamic finance and Halal advisory firm Adl Advisory will be tokenizing its Shariah pronouncements using IBF Net’s Credence platform, a sign of the expanding adoption and diversifying utility of blockchain technology within the Islamic finance industry.

When completed, Adl Advisory would be the first to migrate its Shariah pronouncements and rulings onto the blockchain in the form of non-fungible token (NFT) assets.

Credence, which facilitates the establishment of Shariah compliant digital assets using NFTs on Algorand, was launched by IBF Net earlier in February. The platform preserves tangible and intangible assets through transparent, verifiable, traceable and immutable digital records of ownership in the form of NFTs while providing for automatic implementation of contractual relationships using smart contracts.

It is also learned that Kuala Lumpur-based Adl Advisory will be using a suite of impact-based platforms that IBF Net is currently developing.

In March this year, Bahrain Institute of Banking and Finance released eight education linked NFTs providing owners access to Islamic finance qualifications.


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