Leveraging Research & Technology for a Halal Ecosystem.

IBF DigiLabs is a flagship initiative of IBF Net: The Islamic Business and Finance Network. Developing technology-based solutions for the smart Islamic economy, it contributes to both the objectives (Maqasid) of the Shariah and the UN-mandated Sustainable Development Goals (SDGs)


IBFx is being designed to be the crypto currency of the virtual Islamic Business and Finance Network. In phase I during the process of building up the virtual network, IBFx would be a closed-loop virtual currency used for payment in intra-network transactions. 

As the network would grow stronger leading to an increase in volume of intra-network transactions, this would steadily enhance the “intrinsic value” of the currency. Given the closed-loop nature, it will be unregulated. 

At a cut-off level of fundamental value, and as more legal environments permit open virtual currencies, IBFx would be converted to an open crypto, regulated, and a legal tender.

Recurrence is a blockchain-based platform under development for Relationship-Based Transactions (RBT) in the Islamic framework based on original in-house research at IBF Net.

The Platform is being developed with support from the Tezos Foundation at varying levels of complexity – (1) for micro-charity recurring payments  (2) for facilitating micro-trade for recurring and transparent transactions for halal businesses. 

Project Benevolence seeks to mainstream and institutionalize charitable and benevolent action (Sadaqah) – contribution of Efforts (SE) and of Assets (SA) – through its objective measurement and conversion into tokens of value.

 It uses Algorand blockchain protocol to build an integrated platform for SA and SE with a view to enhancing the efficiency and effectivensess of the twin processes of mobilization and allocation of the scarce sadaqah or “benevolence-driven” resources. The first use case under this framework to go onstream is a plaform to facilitate Qard al-Hasan (Benevolent Loan).

This product currently under development combines a blockchain based platform with RFID tagging (designed to be both tamper and theft-proof) to ensure provenance of the sacrificial animals for the annual festival of Eid al-Adha. 

The product also includes a Qurbani-Linked-Sukuk (QLS) token for raising funds from investors worldwide to scale up and widen the portfolio of livestock that undergo the process of augmenting value. The QLS token involves a smart contract with features of fixed-term mudharabah muqayyadah or restricted mudarabah. 

Provenance of livestock via a digital system also opens the door to develop new use cases enabling farmers to unlock the value of their livestock for insurance and collateralizable loans.

Deliverance is under development as a use case of the Benevolence initiative that aims to rejuvenate the Islamic endowment (Waqf) sector in India.

 It undertakes a process of verification and validation of the existing data on waqf assets through voluntary action by members of the community and preserves the validated database on blockchain. Deliverance in the next phase would host a dedicated crowdfund for “selected” waqf development projects.

Xcellence is currently under development as a use case of the Benevolence initiative seeking to provide world-class learning sans financial & cultural barriers. 

It connects students from remote and excluded rural and urban communities in Odisha, India with volunteer-teachers and learning resources from across the globe. Xcellence also hosts a dedicated crowdfund to provide scholarships and support to the students.

Blockchain offerings

Platforms we work on

Blockchain execution

Over the blockchain lifecycle (concept to usage) we provide services both as a package or on a modular basis that may comprise:

Relationship-Based Transactions (RBTs)*

* A paper published in 1997 by Dr Mohammed Obaidullah was the maiden attempt to undertake a detailed analysis of Istijrar – a product based on the concept of Relationship-Based-Transactions (RBT). Download the paper here.

© IBF DigiLabs Pte. Ltd.