IBF Net has successfully signed a Memorandum of Understanding with Malaysia based Adl Advisory recently. The signing was led by Mohammed Alim, CEO of IBF Net and Mufti Yousuf Sultan, CEO of Adl Advisory.
Blockchain is fast becoming an integral part of the ethical and Islamic digital ecosystem since it addresses some of the most important pain points like trust deficit, transparency and tamper-proof documentation. This landmark partnership marks the onboarding of Adl Advisory on IBF Net’s latest platform, Credence.
The platform enables the preservation of tangible and intangible assets by creating transparent, verifiable, traceable and immutable digital records of ownership in the form of NFT assets while providing for automatic implementation of contractual relationships using smart contracts”, says Mohammed Alim, CEO, IBF Net Group.
Adl Advisory is a Malaysia-based global Shariah advisory entity that provides shariah advisory, review and auditing services in Halal & Islamic finance domains. Adl Advisory is the first entity in the world to have its Shariah pronouncements and rulings on the blockchain in the form of NFT assets. According to Mufti Yousuf Sultan, Founder & CEO, Adl Advisory, “Adl is committed to bringing more trust and transparency to the Shariah advisory and certification process via the blockchain.”
Built on the Algorand blockchain, IBF Net’s Credence enables the creation of a smart system by curbing the actions of bad actors in a multitude of use cases. The tamper-proof Shariah pronouncements in the form of NFTs can be accessed by anyone from any part of the world for added investigation which further highlights the importance of verifiability and traceability.
IBF Net is currently developing a suite of impact-based platforms built on the Algorand blockchain that will be used by Adl Advisory and similar entities to enhance their service offering and solutions to the wider Islamic market. This partnership will also open doors to create and develop Islamic banking, finance, and fintech-related knowledge products and solutions based on emerging technologies.