iSunOne to build world’s first Islamic blockchain financial system
Financial services firm iSunOne has partnered with Malaysia Productivity Council (MPC) to build the world’s first Islamic financial system on blockchain, reports Jane Connolly.
MPC was established as a joint project between the United Nations Special Fund and the federal government. Its chairman Tian Chua is vice-president of PRK, or the People’s Justice Party and also a special advisor to the works minister of Malaysia.
More funding will be allocated for iSunOne to work on the project and the MPC will arrange proof-of-concept trials and technology testing, while encouraging the financial services industry and the government to adopt and support the technology.
“24% of the world’s population is Muslim, of which 71% do not have financial bank accounts,” Tian Chua says. “The financial system of the Islamic world is still very traditional and backward. In this promising market, iSunOne provides global digital banking services on blockchain and delivers an innovative solution for both Islamic finance and conventional finance. iSunOne protects personal privacy and can make a difference in Islamic finance.”
Chen Ping, chairman of iSunOne, adds: “Malaysia as a multi-ethnic country choosing iSunOne as the country’s blockchain financial services provider affirmed iSunOne’s strength in blockchain technology and finance. Especially in Islamic finance, which prohibits interest and requires risk/profits sharing, iSunOne has a unique advantage.”
MPC will draw up a strategy for training to develop blockchain talent. It will also recommend that the government considers introducing regulatory measures in light of future development, to help iSunOne overcome challenges related to financial products, registration and licence application.
