Blockchain’s immense rise to fame in the last few years is primarily based on its monetary adaption, cutting out the slow and commission-heavy banks and other financial institutions. Yet, there are banking and financial institutions needed that can truly merge cryptocurrencies with today’s financial setups.
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Blockchain Islamic Banking
Hada DBank is Malaysian Islamic bank that is decentralized in nature. The team behind the platform realized that a lot of financial solutions are being developed using blockchain technology, but none of them cater to Muslims as their practice forbids them earning or paying interest or treating money as a commodity, basic foundations of conventional banking. Hada DBank was the result of developing a solution.
The bank also offers a profit and loss sharing mechanism for investors that is Sharia compliant. Normal banks would keep charging interest, even if the principle business suffers. Islamic banks become partners in investments and share the profit or loss on business, much like multiple owners equity.
Apart from this, the bank also offers:
- Free accounts and e-wallet.
- No withdrawal fee.
- Free transfer between Hada bank accounts and e-wallets.
- No exchange transaction fee on cryptocurrency exchange through Hada Exchange.
- No charges on major Fiat to cryptocurrency conversions.
- Loans and investment opportunities.
- AI based financial advisor.
Hada DBank secures users’ investment and money through tangible valuable assets, such as gold and other precious metals. The decentralized bank has a policy of putting the interests of its users first and making profits a secondary objective. The transparent, fast, secure and economical nature of the blockchain makes Hada DBank a perfect financial institute for Muslims (and indeed, people of other faith) who wish to have cryptocurrencies and be able to use them in their daily lives.
Apart from David Drake, a serious fintech investor’s addition into the team as an advisor, the platform has recently secured a $500,000 investment from DE Asset Management, a world renowned investment firm.
Hada DBank’s Token Generation Event
Hada DBank, the world’s first blockchain-based Islamic bank, is ready to go for its main token distribution event. It recently completed its initial event on 15th of March, with a two-week extension due to a community vote following unprecedented demand for its HADAcoin. The event saw an acquisition of 113,000,000 HADAcoins, worth nearly $3,000,000
The main event is to go live in multiple stages, with each stage having different HADAcoin rates and number of coins available for backers. The first stage has been announced to start on 1st May. This stage will be run for the entire month. During this stage, 50,000,000 HADAcoins will be available, with their rate to be announced shortly before the commencement of the event.
The Hadacoin is an Ethereum-based, ERC20 compliant token that acts as the currency within the platform. Although other cryptocurrencies and fiat’s storage, transaction, trading and exchange is supported, the use of native token gives users discounts and lower fee.
The token listing has been finalized with F1 Cryptos, an digital exchange of good reputation. HADAcoin will be available for trading on the exchange immediately after the main event concludes.
For more information on the world’s first Blockchain Islamic Bank, visit their website: https://www.hada-dbank.com/
