World's First Gold-backed Digital E-token Platform Launched in Doha

Doha, March 19 (QNA) - The world's first Islamic Electronic Exchange Platform for Digital E-token backed by Gold (I-DINAR) has been launched on Tuesday. The I-Dinar Platform is a blockchain based e-token, in which its initial value of 1-Dinar e-token is backed by the value of 1 gram of gold. The digital I-Dinar e-token serves not only as a form of "digitalized" gold investment portfolio, but also with the advent and advances in current blockchain technology enables the I-Dinar e-token to be used as a value transference and settlement denominator for exchange, trading, and payment settlements. As for the future development of the I-DINAR platform and the e-stock exchange, Khalid bin Ahmed Al Suwaidi, Chairman of the Board of Directors of QAF Holding Group, said that as part of the completion of the digital trading ecosystem, The I-DINAR platform should work to develop the role and presence of many institutions operating in the field of financial services, especially specialized banks and financial institutions, which are used to provide the optimal solutions and financial instruments necessary to conduct financial and commercial operations accurately and completely taking into consideration the criteria of acceptance globally other than the enormous technological and electronic development and speed. According to Ibadah Inc spokesperson Abbas Ali, through its incorporated company in Qatar, Ibadah Inc has been given the principal approval by Qatar Financial Centre to operate the I-Dinar E-Exchange, a multi-product digital trading platform which trades the I-Dinar with and against other commodities, cryptocurrencies, financial instruments and products as well as major fiat currencies globally. This is the first "hybrid" digital online exchange of its kind in the world, with the base denominator exchange medium being the digital, gold-backed I-Dinar e-token. (QNA)