Tijarah Holding Ltd. Labuan Blockchain Island Initiative Seminar – Ucommune International (NASDAQ:UK)
To introduce the next generation blockchain known as Maal blockchain, which is to be launched by the end of 2023 as the world’s first Sharia blockchain with “Identity Concept”.
Kuala Lumpur, Malaysia – At the Pavilion Hotel seminar, speakers discussed the impact of Maal Blockchain in tackling the current obstacles facing the blockchain industry. The seminar theme was Labuan Islamic Blockchain Island, in line with the Malaysian Government’s Digital Blueprint and Labuan’s Strategic Roadmap 2022-2026. In particular, the presentations focused on Maal Blockchain, a ground-breaking blockchain technology that incorporates the Concept-of-Identity and Maqasid Al Shariah principles into its consensus mechanism via identification mechanisms.
During the keynote presentation, CTO and Chief Strategist, Dato’ Dr. Shamshudeen, addressed two crucial issues related to blockchain technology. The first was the skepticism and enforceability of compliance with international financial regulations. The other issue was blockchain’s decentralized nature, which makes it difficult to identify users, leading to security and accountability concerns.
Dr. Shamshudeen emphasized that blockchain technology itself is decentralized, transparent and secure due to its encrypted open ledger system. The Maal blockchain technology can benefit both the private and public sectors by reducing costs, eliminating middlemen and improving security measures.
He elaborated that upon deployment, Malaysia and Labuan will attract underserved Islamic capital markets and encourage the relocation of technology giants. An immediate benefit would be an annual saving of RM17 billion as a result of efficient management of government grants, according to the speaker. In addition, it should be emphasized that the Sharia-compliant blockchain was developed for use in the Islamic capital market and is not intended to be exclusive to Muslims. Maal Blockchain will transform both government and business operations and has chosen Labuan as its launch location.
Speakers include Labuan FSA’s Head of Islamic Finance, Mr. Ja’afar Rihan, who discusses transforming Labuan into an Islamic Digital Center (IDAC). He stated that blockchain technology would be fundamental to the Malaysian government’s digital blueprint and Labuan’s strategic roadmap 2022-2026. Mr. Rihan emphasized the importance of establishing a complete blockchain ecosystem to strengthen the development of Islamic digital assets and blockchain technologies. He highlighted that promoting Labuan as an Islamic blockchain island would attract blockchain developers, encourage private sector involvement, stimulate economic growth and generate employment opportunities in Labuan.
John Pellegrini, CEO of Tijarah, concluded the seminar by emphasizing his confidence that Maal Blockchain’s cutting-edge technology will play a crucial role in positioning Labuan as a leading Islamic blockchain island. He also highlighted the positive spin-offs that could occur, such as the expansion of the digital plan for the Islamic digital economy and effective management of Malaysia’s government subsidy programs.
According to Mr. Pellegrini, the implementation of the Blockchain Island Initiative has the potential to entice fintech companies, blockchain developers and other entities keen to explore blockchain technology to relocate to Labuan from around the world. This influx of expertise and investment would help position the island as a leading hub for blockchain technology, which in turn would open many job opportunities and encourage collaboration with universities to produce certified blockchain developers. Paving the way for Labuan to emerge as a prominent Islamic blockchain island.
The event was well attended by industry players from leading blockchain countries and corporate players including representatives from the Malaysian government.
Tijarah Holding, Ltd. serves as the parent company for a group of companies, the largest of which has a market capitalization of $58 million. The group’s interests in business include a regulated centralized exchange, a decentralized digital exchange, a utility token called RAMZ, stable tokens and the world’s first gold-backed NFT. Last year, the group’s ability to effectively execute its technological advancements according to its plans was demonstrated when it successfully launched the world’s first Shariah-compliant Digital Asset Exchange. This achievement was accompanied by an impressive daily average trading volume of around USD 8 million.
Media contact
Company name: Tijarah Holding Ltd.
Contact person: Dimitri Rizzi
Email: Send email
Country: Malaysia
Website: https://www.tijarahholding.com/
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