Qatar Financial Centre Launches Blockchain Proof of Concept to Advance Islamic Finance

Doha, Qatar — The Qatar Financial Centre (QFC) has unveiled a groundbreaking proof of concept (POC) through its Digital Asset Lab, designed to bring blockchain-powered innovation into Islamic finance. Developed with a consortium of partners—Hashgraph, AlRayan Bank, and Blade Labs—the initiative demonstrates how advanced digital infrastructure can drive transparency, compliance, and efficiency across Shariah-compliant financial products. (Cover: Yousuf Mohamed Al-Jaida, CEO of QFC)

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Blockchain Meets Islamic Finance

The POC introduces a Digital Receipt System (DRS), a blockchain-based tool that enhances auditability and streamlines processes in asset-backed finance. Built on HashSphere, a private, permissioned distributed ledger leveraging Hedera’s enterprise-grade technology, the system runs on Google Cloud infrastructure provisioned through the QFC Digital Asset Lab.

QFC provides regulatory foresight and ecosystem orchestration.
Hashgraph delivers secure, scalable blockchain infrastructure.
Blade Labs develops the DRS framework, smart contracts, and user interfaces.
AlRayan Bank validates the system’s functionality and explores commercialization pathways.

“This pilot is a step forward in exploring how blockchain can bring greater efficiency and scalability to Shariah-compliant financial products,” said Yousuf Mohamed Al-Jaida, CEO of QFC. “It reflects our commitment to tokenization, innovation, and building a robust digital asset ecosystem in line with Qatar’s Third Financial Sector Strategic Plan.”

From the banking side, Omar Al Emadi, Acting GCEO of AlRayan Bank, emphasized:
“Innovation is a cornerstone of Islamic finance. Through this proof of concept, we reaffirm our role in validating scalable applications that can strengthen the future of Islamic finance while reinforcing Qatar’s position as a hub for financial innovation.”

Omar Al Emadi, Acting GCEO of AlRayan Bank
Why It Matters

The Digital Receipt System could address key bottlenecks in Islamic finance—particularly in scaling Shariah-compliant asset-backed products. By embedding smart contracts and global identity standards into the process, the system enables institutions to test real-world outcomes in a controlled environment before expanding at scale.

According to Sami Mian, CEO of Blade Labs:
“This initiative will show that blockchain can resolve long-standing inefficiencies in Islamic finance. It creates a blueprint for institutions to measure tangible business outcomes before making larger commitments.”

Sami Mian, CEO of Blade Labs
Next Steps

The POC underscores the mission of the QFC Digital Asset Lab: to bring together regulators, financial institutions, and technology providers to co-develop and test new digital products.

With partners across cloud technology, blockchain infrastructure, and Islamic finance, the Lab is positioning Qatar as a leader in the next wave of financial innovation.