Qatar Financial Center to develop a blockchain-powered digital receipts system with Hedera

The Qatar Financial Center (QFC) has launched a POC (Proof of Concept) for a Hedera blockchain-based digital receipt system (DRS). The project will apply blockchain to Islamic Finance and offer a transparent, efficient, and regulated finance ￰0￱ new system will operate on HashSphere, a private, permissioned distributed ledger built on Hedera ￰1￱ will be deployed via Google Cloud through QFC’s Digital Asset ￰2￱ Labs has secured a fintech license at QFC as part of the digital asset labs ￰3￱ company will develop the DRS system components, including smart contracts and user interfaces, in a way that is tailored to Islamic Finance use cases. Moreover, Hashgraph will deliver and operate the underlying blockchain infrastructure and will work on security and ￰4￱ Rayan Bank will validate the system’s functionality and offer domain-specific ￰5￱ Qatari bank will also explore commercialization ￰6￱ Cloud will deploy an enterprise-grade infrastructure within the DRS ￰7￱ the project launch , Yousuf Mohamed Al-Jaida, CEO of QFC, noted that the center is committed to building a strong digital asset ￰8￱ will support innovation and real-world applications.

Al-Jaida said, “This initiative reflects our continued support for tokenization, financial innovation, and collaboration aligned with the Third Financial Sector Strategic Plan.” Omar Al Emadi, the acting Group CEO of AlRayan Bank, believes that innovation is a cornerstone of Islamic ￰9￱ asserted that the bank is committed to advancing the DRS system to meet the needs of the ￰10￱ Emadi added, “Through our participation in this proof of concept, we reaffirm our role in validating the system’s functionality and laying the groundwork for scalable, practical applications that can strengthen the future of Islamic finance while reinforcing Qatar’s position as a regional hub for financial innovation.” Sami Mian, CEO of Blade Labs, explained that the digital receipt system will showcase how blockchain, smart contracts, and global identity standards can address operational bottlenecks that currently prevent Islamic finance institutions from scaling certain Shariah-compliant asset-backed ￰11￱ noted, “By providing a controlled environment to measure actual business outcomes, institutions can evaluate whether this technology approach solves problems worth solving before making larger commitments.” Eric Piscini, CEO of Hashgraph, emphasized, “This collaboration highlights how the right infrastructure can unlock new possibilities in both Islamic finance and broader financial innovation.” More use cases coming to Qatar using Hedera In 2024, the Hashgraph Association, a partner with Qatar Financial Centre (QFC) Digital Assets Lab, announced on LinkedIn that within the next 12 months, it would be working together with stakeholders to explore implementing five innovative use ￰12￱ include equity tokenization, Sukuk Islamic Bonds tokenization, real estate tokenization, sustainability ESG carbon credits, as well as consumer engagement and loyalty ￰13￱ is part of the partnership that was signed with QFC for a $50 million Digital Assets Venture Studio to develop the Web3 and DLT innovation ecosystem in Qatar.

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