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 the world's first blockchain based investment platform and social network with inbuilt support for Islamic finance and banking.

Cool project and such a great idea.

As long as it's not covertly imposed on countries.

Religious blockchain this sounds awkward as I think blockchain is borderless tech I don't think this idea has any chance to grow where everything comes under the religious thought we already have well established blockchain financial system than it will be much hard for this project to grow.

 Is it really one of the first of its kind?

I agree, mixing religion and something that should be barrier free doesn't seem to match.
Question though, does the dev has any company/banking supporting this project?

Any airdrops planned?

there have been many attempts to bind the blockchain to Islam, all scams and none have proven to follow the guidelines set .
they all tried to make a fast bankroll with the using of the Islamic word but down deep they have no idea of what they were doing simply because it is a instrument to make money for them! fast and simple- then they are gone!

Great idea, more info please!

 What I like about this particular project so far is that they seem to provide their real identities. Lookslike Ibrahim has his youtube channel and don't mind to be a public speaker. So tell us more about your plans and team development, mybe this project might impove the situation with islamic world financial ecosystem.  

It will be great an airdrop , any news dev?

Myki, could you explain more? How would it covertly be imposed on countries? Do you mean like how fractional reserve banking is imposed on countries?




    One of the reasons for the early success of Islam and the Islamic golden age which gave us much of the science we depend on today was free trade and open borders. As mentioned in the OP, the demand for Islamic banking services is growing at a faster rate than coneventional banking. One project in this area is ArabianChain, #240 on coinmarketcap as of yesterday.


   As I mentioned ArabianChain is working on coding Islamic contracts, but while they are more focused on the business side, Ummati is intended to focus more on individual users, ie. P2P crowd funding, joint ventures, charitable projects, and to focus more on the religious aspect.

     Many of the players in the Islamic finance industry at the moment basically try to deal in interest while calling it by another name- and I have personally met many Muslims who are hesitant to use their services for this reason. It's not hard to find a religious scholar who is willing to take payment to declare something as being moral.
  

    Even so, there is room for differences of opinion, so competition in this field is a good thing- not just in terms of profit, but also in terms of conscience.


    We are still working on the concept- that's part of the reason for the thread. We are debating whether to build on the bitcoin blockchain, the ethereum classic blockchain, or to establish a native blockchain. All options are open in terms of fundraising. Once we start to hammer out the technical details we can talk more about bounties in the form of coins or tokens.

     Since this post I've gotten offers for help, and I'll be keeping a list of who contributes what, and later down the line if in sha Allah (God willing) we launch a coin or ico, contributors will be the first to receive coins or tokens.

    
  I'm very sorry to hear that- unfortunately it is all too common that people who claim Islam do not reflect it in their actions.

    If you look at my post history you will see that I have been involved with the IBB the Islamic Bank of Bitcoin for over four years. I had the key to the IBB wallet where we have between 10-20 BTC. The bank is currently inactive since I learned that our practice of taking gratuities on loans is not allowed in Islam. This means to utilize any of those funds we have to go through the archives of our loans, figure out how much we earned from gratuities, and give it to charity. I'll see if I can dig up the address to prove it.

   I was working with senbonzakura on it, but he has been offline for some time. He also didn't want to be publicly known, so I'll be curious to see if the BTC are still in the wallet, since he also had the keys. He wanted to finance a number of ideas, including video games with elements of gambling, that are not permissible in Islam, this is part of why I want to start a new project.

     There are so many ways to make money being dishonest with crypto, and this is one of the reasons I absolutely want multisignature wallets to be a basic part of Ummati- this is one of the great qualities of NEM imo.

   But yes, I am fully open about my identity, and happy to skype or meet with anyone who wants to network or collaborate.

 
   As I said, anyone who wants to contribute will definitely have priority in the case of handouts, but we have a lot of technical work ahead of us first.


     The basis of Islam is unity and truth, so barrier free and transparent is what we want! There may be rules in a blockchain that prevent malicious behavior that threatens a network like DDoS attacks- Muslims happen to believe that interest is malicious behavior that threatens the network.

     I have spoken to the Bugshan group which invested in Arabian Chain (https://www.coinsuccess.net/blog/blockchain-startup-arabianchain-nets-817k-from-new-investor/), and they expressed interest, but right now this is just an idea, so we need to have more concrete details. I also spoke to Matthew Martin of Blossom finance (http://blossomfinance.com), who is a Muslim experienced in fundraising for startups and is an experienced fintech software developer and startup mentor, and he has helped me with some guidance for pitching to investors.

    I have moved to Malaysia which is an established center for Islamic fintech venture capital, and I am applying to the INCEIF (Global University of Islamic Finance) Ph.D in Islamic finance program to network with other industry professionals and gain relevant knowledge and experience- both in religion and business.

       Right now we are trying to raise money so our CTO can drop out of college and work full time on learning the code necessary for this project. If anyone wants to help with a crowdfunding campaign this would certainly earn a spot on the list of future recipients of coins/tokens.

   Thanks for all the interest, looking forward to more questions, comments, or constructive criticism.

Here is the initial list of offers for help who will be first priority for future giveaways/access to pre-ICO proportional to the fair market value of contribution.

auroboros - translation to Indonesian

btcltcdigger - translation to Croatian, block explorer publishing and hosting

Is this the same project with halal coin

   No, what we are going for here is more a platform than a coin.

The blockchain by design has no borders and its for everyone,if I started a project for white peoples only....can you imagine the public outcry,such a project would offend me,I hope most people will see this as what it is and stay well clear.

So... What is the application of this project? What are the main problems to solve?

   No one is excluded from this project- the principles guiding it are universal.

      A black person cannot become white if they want to. Anyone regardless of race can become Muslim, and anyone can recognize and abide by the wisdom of Islamic principles if they so wish. If you wish to discuss this in another thread feel free to link to it here, but let's try to avoid lengthy ideological discussion on this thread.

Blockchain and tokens in general already serve the purpose. it's non inflationary by design. we do not need a token specific for the Muslim community.

   There is a range of problems that need to be addressed, and the idea is to create a platform that provides the tools to address them while simultaneously fostering the growth of a tight knit community of developers, entrepreneurs, creative workers like designers and writers, to form a unique and vibrant economy/ecosystem.

    Some of these problems include the following:

    -A large number of unbanked people.
  
    -Lack of financing options not involving interest.

    -Lack of Islamic microcredit initiatives in many
     countries.

    -Lack of peer to peer funding options for small scale
      entrepreneurs and investors

    -Costs associated with financing making microloans
     unusustainable- accounting, oversight, risk
     management.

    -Inability to quantify and leverage social capital.

    -Difficulty accessing sound investment advice for
      people who may be saving for the first time,
      particularly in countries with high inflation

    -Lack of mobile accessible platforms for small scale
      investors to access cryptocurrency markets.

    -The question of blockchain scalability. (https://hackernoon.com/blockchains-dont-scale-not-today-at-least-but-there-s-hope-2cb43946551a)


       Some of the features that could be built on this platform that address these problems would include:
 
   -Islamic contracts formulated as secure and legally binding smart contracts managing crowdfunding, profit sharing, dividends, equity, and increasing liquidity for projects of all sizes.

   -A semi-decentralized trading platform utilizing colored coins to represent various asset classes on the blockchain, allowing greater divisibility and therefore access to small scale investors of both crypto and non-crypto assets and securities.

    -Standard procedures for incentivized financing
    supervision by agents- ie. Blockchain based guidelines
     for various levels of risk accreditation, in standard
     templates, blockchain based recording of the
     performance of financing agents allowing for a
     permanent and immutable review system which gives
     local agents the chance to become 'super project
     assessors' attracting more capital.
 
    -Multisignature escrow services.

    -Social media integration and social investing with multiple language support, so small investors in countries not well integrated in the global financial system can both leverage their social capital to fundraise globally and follow successful investors worldwide to help them make wise investment decisions.

   -Easy tools for integrating networks of local agents who can earn commissions locally by accepting mobile payments and cash as deposits.


   Yes, all of these things can be done with other blockchains. Yes, there are some people starting projects to do similar things in Islamic banking. However, the scaling difficulties being faced by Bitcoin and Ethereum may very well mean we are looking at a multi-blockchain future, where each blockchain represents a community. Hence the name.

     There is no guarantee that we will be able to fill the demand for Islamic banking services utilizing blockchain tech better than similar projects, but we will try, and for religious and social reasons our concept focuses on the needs of those who are most in need- not because it is the most profitable thing to do, but because it is the right thing to do.

       Since I became active in the bitcoin community I have noticed one thing consistently- the biggest determinant of the value and success of a coin is the community that surrounds it. This is why this is envisioned as a project that will emphasize the building of community from the ground up. Islam is the basis of the shared values that will define this community, but it should in no way be limited to Muslims- after all, the vast majority of Islamic values- kindness, compassion, mercy, justice, and truth, are universal to people of all belief systems and philosophies.

    The hope is that we can be part of a future where centralized banks fade from prominence much as the postal service is currently doing, giving way to a future where people have direct ownership over their savings and assets and control over how their wealth is invested- with a broad range of assets that conform to their moral values and beliefs accessible on a single platform.

     All criticism and discussion is very welcome! I will continue posting updates here in sha Allah (God willing)!

   Jazakum Allahu khair (May God give you goodness)!
    

    It is still in debate if this project requires it's own token or not. We are researching various projects, decentralized exchanges in particular, and weighing the pros and cons of building on an existing blockchain versus forming a new blockchain. If we do form a native blockchain and coin, it would likely be a clone of either LTC, BTC, or ETC with minor modifications.

   Part of the purpose of this thread is to try to make contact with more experienced developers who might be willing to offer advice and/or collaborate. One of the reasons we are hesitant to build on the bitcoin or ethereum blockchains is the issue of scaling. Perhaps more development of sidechain concepts will help to clarify this. We are open to suggestions and discussion.

Is there any registered company behind this Islamic project when you will take this step to register this bank into any Islamic country with totally Islamic laws for this financial system. I think bitcoin is really secure financial system where everyone can take benefit just for investing into this project. 

   The reason I have moved to Malaysia is to work on this project. Malaysia has a fairly transparent regulatory infrastructure and offers many incentives to fintech startups. Ultimately the technical structure will determine whether this project will be promoted as a corporation or by a non-profit foundation like the Bitcoin foundation.

    The need is identified and we have an ides of how a blockchain can be used to fill this need and achieve efficiency gains and ideally capture market share from traditional banks while also bringing in the unbanked. However, we need to have a better concept of the technical details as well as legal guidance. Generally the Malaysian government is very supportive of any new financial technologies that are going to continue solidifying Kuala Lumpur's position as a global Islamic finance hub poised strategically between the huge markets of east Asia and the Middle East.

   Ideally we would like to have some formal entity established within 18 months. It will probably take at least that long for us to get an alpha up and running.

Is there somewhere I can contribute my ethereum to? Or does this not even have an ICO yet?

It is specific platform only for muslim?

 I can do Russian translation.

     Sorry, this should have been more clear. The platform is intended for everyone- emphasis on making available smart contracts that conform to Islamic financial jurisprudence is a means of creating an environment that will be attractive to people who believe in the principles, many of whom may identify as Muslims.

      This is not about using religion to make a quick buck- however, it doesn't hurt that this is a major hole in the market. We intend to try to compete both on a technical level as well as a social and moral level.
      

      We were hoping there would be people here willing to volunteer time in exchange for equity/tokens, but there has been little interest so far from engineers, developers, and designers.

      This should be open to anyone who wants to collaborate from day 1, so I would propose a pre-ICO funding round lasting 100 days starting on September 9th with the aim of raising 10 BTC for team building, subcontracting algorithm and smart contract concept development, blockchain research, whitepaper drafting, and branding concept development.

    If pre-ICO is successful, we should aim for a low key ICO launch by February. ICO structure is a matter of discussion, any input is welcome.

        For now, I would suggest 10,000,000 tokens at 1 satoshi each, representing 5% of total equity. I don't thinl this valuation is unreasonable considering that Kevin and I are going to spend at least 3 years on this living with basically no luxury- but that's for the market to decide.

 Thoughts or opinions?

Here is the initial list of offers for help who will be first priority for future giveaways/access to pre-ICO proportional to the fair market value of contribution.

auroboros - translation to Indonesian

btcltcdigger - translation to Croatian, block explorer publishing and hosting

Bitrain - translation to Russian.

this project has a very good concept, and of course very beneficial to the Muslim user, but the basic question that will surely exist is, is this project only for Muslims?

        This project is definitely for everyone. The tech and the concept alone are unique right now, but competition may exist in the future. By attempting to secure a niche in the Muslim community, we can protect ourselves against competitors who may try to imitate the concept but may have more funding. Muslims simply want to have investment options where they don't have to worry about funding prostitution, alcohol, interest, gambling and other things that we believe to be harmful.

     The more people who want to follow these guidelines, the better, so by all means, all are welcome!

*UPDATE*


   I modified the title and original post slightly due to the repeated questions about whether the project is only for Muslims.

after reading your concept I am interested in your project with Muslim theme and your project is not just coin but platform, I will follow further information about your project good luck.

 No updates for a week ? You might need a community manager and some telegram, slack and forum buzz to be succesfull ;)

   Thanks for the advice. I was hoping we would find more people who would be as excited about the idea and would want to collaborate, but so far it's been little interest.

       Right now the question is whether and to what extent to go centralized vs. decentralized. The issue is due to securing patents. It will be easier in the future to do equity fundraising if the patents belong to a corporation, however  this is contrary to the open source spirit of decentralization.

   Any thoughts?

Anyone else watching the market live? :) BTC last 15 mins

good project, Muslims always have a very good way of managing finances, and if it's applied in crytocurrency, that would be a very good thing, I'm very interested in this project, I hope this project is successful

UPDATE

 We have a slack group, anyone interested in collaborating PM me.

https://i.imgur.com/tF4UUDC.jpg

Hi
Fascinating debates
going on! I'm really impressed with community interest
about initial concept of UMMATI. And of course your story for building
something. All the best!
My first contribution for make sure
the image get visible!

Thanks!

Really interesting project Semaforo, and as someone who travels to SE Asia alot, can see potential for the market there especially with mobile payments, with Indo and Malaysia. Wishing you the best, Indonesian is my second language, so there are better forum members for the translating to assist, but if I can help in some other small way give me a shout.

eye4bd, thanks for helping with that image? Any opinions on this symbol as a logo for ummati?

  Spinnycat, kutangerterbang, and eye4bd, thank you all for your support and encouragement!

   Just an update, the initial patent is filed for the ummati platform concept, now we need help figuring out exactly what kind of blockchain we are going to need to build it on!

   If anyone wants a copy of the pdf of the patent, feel free to message me!

Update:

      White paper is nearing completion, but it is so long, few people would probably be willing to read all of it. Ideal would be to make a really excellent animated explainer video that can explain with eye catching colors what the core innovation is under 2 minutes. To do this right is going to cost some money, unless any animators are interested in helping prepare for an ICO?

   Also we've obtained the url ummati.io. Logo design is underway.

 Nice. Keep us updated. I think the very chance that an animator would be interested in this project at this stage is extremely low, I wouldn't expect this possibility. some crowdfunding and commercial order might work out for this aim. 

   Thanks for the advice. Any suggestions on how to go about crowdfunding at this stage? ICO is more of a long term project, also we're still debating whether to issue a token on etc or eth, or start our own blockchain.

UPDATE

    We now have a twitter account, please follow us!

@UmmatiProject

And a telegram channel

@ummatiplatform

t.me/ummatiplatform


  Please subscribe!

   Also, after extensive debate on which blockchain to use, we may have arrived at a breakthrough solution, which is to create a new consensus protocol on a native blockchain. For more details join our slack or telegram groups.

  Spread the word- the value of a blockchain is in the community that uses it!

Thanks Semaforo and good work on the whitepaper ! Still following this and will be sure to invest in the first release.

i muslim too, i think this is interesthing project
do u have whitepapr, website or anything. bounty maybe??

  We are currently working on the website. We have a filed patent for the structure of the process, and a draft of tve whitepaper. You could join our slack or telegram channel or pm me and I can send the patent and the draft of the whitepaper via whatsapp ir email.

if you are genuine about this, then count me in also ..

so many scammers come before, hope your riable......

     I was affiliated with the Islamic Bank of Bitcoin before, which was the first cryptocurrency Islamic finance project in the world.

    We ran into issues with our profit model- it wasn't really halal. So we suspended operations. I tried to come up with a new profit model at the time, but there was not really enough support to implement anything.

    Now the situation has changed due to advances in colored coins, decentralized exchanges, and smart contracts, so I think we have a real, viable model. We will get the draft version of the whitepaper up on the website asap. I may post a copy here just in case. But what I hope you'll notice is that there is real innovative substance to this proposal. Meaning, this is not just 'bitcoin with a spin for Islamic banking' but it is an actual original proposal with unique value.

    Also we are being fully transparent about our identities.
  We have a good marketing guy (Jeff), a tech guy (Kevin), and myself, the overall strategy and Islamic finance guy (Ibrahim) and we are all putting ourselves out there and starting a crowdfunding campaign to try to raise funds for an explainer video.

  I'll link to the crowdfunding campaign when it's live, probably some time next week

   Anyway, kaltun thanks for your interest, I hope you will consider joining the slack group.

thx for the reply , where can i find the slack invite? 

if you want i can do the dutch translation ( i even dont have to be payed , but its always good to be get payed for your efforts  ::) ::) )

i am watching this thread also :)

   Very happy to have you along! We will make sure everyone contributes gets compensated via tokens at the least. It may be a choppy process assessing how much each contribution is worth (generally people tend to place higher value on their own contribution because it seems bigger from their own perspective) but we will try to make sure we arrive at something that everyone feels is at least fair.

   If there are other expenses along the way, we can also band together and try to get fiat sent to where it needs to.

  We got a contribution from one of our advisors, Jeff Stout, who is the inventor of the blended agent contact center and has been developing arbitrage bots in recent years, to pay for professional graphic design for our logo and branding.

   The next priority is to create an animated explainer video to get people interested in the idea who would not make it through the white paper. We should be launching a crowdfunding campaign this week to make that happen.
   If anyone is putting considerable time and energy into this and has any issues like needing to pay some bills or something I am willing to contribute some fiat in emergency situations, but hopefully we can get some funding soon and have salaried positions.

  Hopefully we can create something like 12 salaried spots at $20k a year via a pre ICO round and have some code and some basic prototype in less than a year to launch an ICO. I hope we can have a successful ICO before the bubble bursts, so time is a factor.

By the way @kaltun I'll send slack link via PM.

**********UPDATE************

  Good  news, we have a mathemetician onboard to model our algorithms! We also have a similar project in conventional finance, topl, who agreed to let us fork their codebase, so we don't have to start from scratch.

Also we have someone who has built the algorithms for several coins who has agreed to help us formulate a theoretical sketch of the new consensus protocol.

  On the marketing front website should be live within the next couple of days, and we also have a blog now. Oh yeah and a logo!

   Please anyone who would like to contribute to the blog PM me!

By the way, the link for the blog is

https://medium.com/ummati

Check out an article I wrote

“Do Muslims need their own cryptocurrency?” https://medium.com/ummati/do-muslims-need-their-own-cryptocurrency-9b7ff4c7e01d

Also, any opinions on the logo?

I think Muslims should have their own crypto currency and give a sign that Muslims exist, and nice logo

  Thanks Satria, are you interested in joining us on slack?

By the way, anyone interested in translating this thread to Arabic, Urdu, or Turkish? Or Indonesian? Actually we could do a condensed and updated version too.

Looks cool. I want to try this system out

We are still in tentative phases but it looks like all available tokens will be distributed according to percentage contributed.

For example: if 100 people each contribute 100 ETH, each will get 1% of the total tokens available.

  However anyone who participates in the pre sale will get a 50% bonus.

   This is still in the planning phase, so we may change it based on advice or feedback from the community.

  Any opinions?

  Honestly we had not thought about bounties, what did you have in mind?

This project keeps getting better and better. This is a huge marketing/signal boost.

  Website should launch in the next few days.

  By the way, we definitely do need translations, so we could offer bounties for translations. We have offers for Croatian and Indonesian so far, but Russian, Turkish, Arabic, and Chinese would be excellent.

As for payment, high end professional translation goes for $20.

The pre sale and ICO should have a total supply of around 1,575,000. Total supply of coins when the blockchain goes live will be 21 million with a 15% premine. So if we hit the cap of funding token price would be $10, at 10% of cap it would be $1. So I would say let's consider early adopter bonus and say 20 tokens per page for translations.

As long as it's not covertly imposed on countries

  Actually this reminds of some great news that I have not yet shared on this thread. Sheikh Umar Vadillo, a scholar with close to three decades experience researching fiqh al muamalat (jurisprudence of financial transactions) and one of the founders of the global gold dinar movement, has agreed to join the team. This will give us access to a huge network of supporters of currency reform all over the world, and hopefully will add to our credibility as offering a legitimate platform and cryptocurrency for the Muslim community.

  The reason this relates to your statement, @davidjones003, is because one of the core principles of Sheikh Umar's work is the necessity of freedom to transact in the currency of one's choice. This is one of the grounds on which he, along with a number of other Islamic scholars, issued a fatwa (legal ruling) declaring paper money to be haram (illegal). The reason is because in Islam people should be free to transact in whatever currency they choose, and most countries have laws that declare that the only legal currency is the one that is issued by the central bank. Many of Sheikh Umar's lectures and interviews can be seen on youtube,  for example

https://www.youtube.com/watch?v=5xry9gdU9yg

   The addition of Sheikh Umar to the team means that there is going to be even more emphasis in Ummati on the freedom of people to use the currency of their choice, and within the platform users will have the choice to choose a default currency. This currency can be gold, dollars, or even kilos of rice at market price. If people choose to hold their funds in this currency, any trades they do will be conducted using Ummati's native token, but the actual price of the trade will be settled on the spot price of whatever default currency the users are using.

  So in short, anyone concerned about it being imposed on countries can rest assured that the very core of Ummati platform is to try to reduce this kind of financial oppression, and to increase people's prosperity through TRUE free markets, where anyone can buy and sell without paying fees of any kind to governments. Forcing people to use a currency that you control the production of is a form of tax or theft, because you artificially create demand for your currency, then steal the value from it through inflation. In Islam, taxation is based on wealth, so there is no idea of punishing people for being successful by taxing income, or discouraging a vibrant economy by charging fees for people to do business.

By the way, what's the deal- why are so few people following our blog? We've got really enlightening content that will probably make you money if you take the time to understand it.

medium.com/ummati

BIG UPDATE!!!!!

  We finally have the website up. It still needs a little work but it gets the job done.

Check it out!

http://ummati.io

Also, I really wanted to ask if anyone has input or advice about ICO structure. This is the tentative plan, anyone have opinions or suggestions?

Pre-Sale

The pre-sale will last one month and will enable participants to participate in the ICO at a 50% discount for a number of coins equivalent to what they purchase in the pre-sale. That means that tokens purchased during the pre-sale will additionally be convertible 1:2 for Ummati ICO tokens. The total number of tokens available in the pre-sale will be 157,000 tokens divided according to percentage of total funds contributed, with a hard cap of $600,000.

  Funds from the pre-sale will be used for producing working prototypes (contract templates and UI, wallets, identifying markers for assets, consensus protocol, reputation algorithm) and for ICO marketing- ie. detailed animated explainer video, website upgrades, media spots, conferences.

 The pre-sale will begin on December 1st, 2017/1439 and will continue for one month. All tokens will be delivered on or before March 1st.


ICO Crowdsale

  The ICO will begin no earlier than three months after and no later than six months after the end of the pre-sale. A total of 1,417,500 tokens will be sold. Each token represents the right to claim one coin from 7.5% of the total supply of coins on the blockchain, which will be premined upon launch of the blockchain. Total supply of coins is capped at 21,000,000.

Each token also represents a percentage of ownership stake in Ummati Platform in perpuity, and entitles the owner to same percentage of total profits.

The ICO will last 30 days. The 1,417,500 will be divided according to the percentage of contribution, with pre-sale participants receiving a 50% bonus on an equivalent number of tokens to what they purchased in the pre-sale. The tokens are divisible to eight decimal places. The sale will have a hard cap of $15,000,000.

Total tokens sold will represent 10% equity in Ummati and this ownership will not be diluted.



Thidly, we want to get the word out. We sincerely believe Ummati is one of the better ideas in the blockchain space, and it's a shame to see so many bad ideas getting so much funding based just on hype. So I think we should set aside something like 3% of the equity for bounties, and some of this should go towards signature campaigns. Anyone interested?

https://bitcointalk.org/index.php?topic=2388527.0

 I had hope posted a big ANN thread with pictures and fonts would get some more attention, but no replies on it.

  I can only assume the market is so full of garbage that no one is taking the time to actually look at a really good idea.

  We need some bright marketing ideas.

Another update on the website. http://ummati.io

  Any opinions?

What will you do in the case that you need to do some repairs to an investment?

   I'm not sure I understand quite what it is you mean by repairs.

  If you mean reimbursing investors in case of insolvency, wr can at the least liquidate whatever assets we can and reimburse investors with priority. However, we are living at such a minimal standard and putting our own wealth and savings into this project, and we're willing to continue to develop it indefinitely. Worst case scenario in that regard would be that we would all have to take up full time jobs and work on it on the side.

   Not sure if that answers your question.

  So good news, Sebastien Jehan of the inventor of Rockchain, a blockchain based privacy dApp, is joining the Ummati team as a senior developer. He has the experience to help us develop our proof of concept.

Also we will be launching a crowdfunding campaign to help pay for
1. An animated explainer video and
2. Proof of concept development

  So we need anyone with a social media account to help us get the word out! Anyone interested?

Okay we are going ahead with crowdfunding.

    We made a video to introduce the idea to non-cryptocurrency people. The campaign can be seen at this link


https://www.launchgood.com/project/ummati_platform__a_halal_social_investment_platform#!/

Good projects that can help manage people's finances and can help to add capital to people who want to start their business. But hopefully with the benefits you have gained from this project, you can help the Muslims in the affected Palestinians. Good luck for your project. Cheers :)

  All of the oppressed people are the focus, but of course the most oppressed take priority. The financial system, particularly the petrodollar arrangement, prop up fiat currency and allow central banks to continue stealing the fruits of hard working people's labor. The more people we can help get out of the fiat system, the less power that system will have to continue the deficit financing of unjust foreign policy.

  Certainly finance is a key element to any kind of change bitcoin and cryptocurrency is poised to radically transform the financial landscape, which why those with the ability and knowledge must be proactive about shaping this transformation for the sake of justice and true peace.

  Thanks very much for your support, check out our blog, facebook, and white paper if you get a chance.

  Wir können gerne reden. Ist noch nicht alles übersetzt worden, aber ich kann versuchen jeglicher fragen zu beantworten.

can you please tell me why we need extra specialized projects (Islamic oriented) while we can just help to promote BTC/ETH to Islamic world? I think it's a better option.

  One of the main reasons is some debates within Islamic law, one of the foremost being the need for asset backed currencies.

   Also, we need to provide solutions to the whole banking industry- there are a handful of p2p lending ICO's on the market, but none of them will actually be usable by at least a half billion observant Muslims.

We were actually debating building the platform on the ethereum blockchain which is still very possible if not probable, but we are concerned about congestion and the real viability of the currently proposed scaling solutions.

As a Muslim I am very happy to see this. this is my first time looking at religious blockchain. I hope this project will continue to run and will be a successful project in the future.

Asalam aleikum, thanks for the support. We need all the support we can get. Particularly if we are going to try to launch our own blockchain.

this is really good news and I am getting more and more interested in following this project and I am also very supportive

   We have been putting quite a bit of work in lately, thanks for your support.

  We are planning on renting an office space next month and be working full time on it.

I might as well post the slack link here, not like we are going to get spammed anyway


Join my Slack workspace! https://join.slack.com/t/ummatiplatform/shared_invite/enQtMjY5OTI3ODIwMTMxLWU0Yzc3ZmVlMDFjZDlkOTU5OGFjMWZhZTYxNTJjYzk0NTVjYjJlZDNiYWVjYzY4MjhmNDQxZmE0MWZjMjkzMjM

We support the idea of Islamic banking. There're lots of stuff that is intended for common welfare and against economical crises.

Nice project with Islamic financial contracts, I just saw something like this and I think it's the first one in blockchain. and i think this project will get many investors from islamic country.

  Thanks for the support. Really, if you study history and comparitive religion you will find interest is prohibited by many of not most religious traditions- for good reason. Many wars and crises have been caused by interest banking, and the fractional reserve system is heading in the wrong direction. It's time to get off the train.


   Thanks. What project are you refering too? Yes we need to get on top of the language support for Arabic, Turkish, and Urdu in particular. The problem is the documents are being continuously updated. We need to establish relationships with translators, if you know anyone.

If you have not already joined the ummati telegram channel please do. A lot of content in arabic but it would be good to get some discussion going, especially with regards to consensus protocol dynamics.

http://t.me/ummatiplatform

Than you missed the DubaiCoin - DBIX. They are here since 2015/2016.

Their ATH was 45 usd... and they will soon go back to it... Islamic banking is a different and more fair way of banking.
You don't have to be a muslim to have an account there (for all the idiots commenting nonsense here, where do these hatefull low life trolls crawl from??? ;D)


I don't know who this dev is but let's see whayt he comes up with. I put my money so far on Dbix.
They are doing big now.

Dev, you are very clever in building a project. You choose Islamic finance and banking to attract the attention of its people. Because you know, Islam is a very big religion in the world. I'm sure your project must be running smoothly. Good luck

I am waiting for more information about this project, I will pay attention to this project carefully! maybe, hopefully this project runs smoothly.

  Yes, we have also spoken with Ahmed Bugshan who has financed ArabianChain/DubaiCoin with about $8-900,000.

His group expressed interest in Ummati, but they wanted to wait until it is further along.

Dubai Coin is focused on Arabic speakers and in particular the Persian Gulf countries- Qatar, UAE, Saudi, Bahrain, Kuwait, and Oman, which represents more than 50% of Islamic banking assets worlfwide.

If you read our whitepaper, you will see our focus is on Indonesia, Pakistan/India, and Nigeria- all non Arabic speaking countries.

  These countries currently have less overall representation of Islamic banking, but higher growth rates than the Persian gulf countries.

At this stage having a blockchain breakthrough is not enough- technology alone will not get people to use a blockchain or token. There must be applications that actually improve people's lives- a killer app. Some people say coinbase is one of the killer apps of bitcoin, because it allows normal people to use bitcoin.

Dubai coin's killer app is Arabian Chain, but as I said, they are focused mainly on big money contracts in the Persian gulf.

Ummati is focused on the masses of Muslims in non-Arabic speaking countries. Actually, the vast majority of Muslims are not Arab.

Ummati's functionality is to provide finance and investment both in cryptocurrency and real world microprojects to millions of people by offering language support in Indonesian, Urdu, Hausa, and Turkish and Arabic for investors. And of course English, French  and German.

  Hopefully it will take of in other countries as well, but marketing efforts will be in those three countries, between them having more than 600 million people who identify as Muslims.

So Dubai Coin/ArabianChain and Ummati are doing similar things but we are not really directly competing for the same market.

  Yes it's going very well, but I genuinely believe in these principles, and I got the idea to build this because I actually need it in my life and there is no one offering these services- interest free financing, multicurrency mobile wallet, debit card linked to wallets, etc. All in one app.

Hi, why is your website not secure? HTTPS? It takes little effort and cost.

Hi, thanks for pointing this out. The website is being reworked right now and there should be an update in the next week or two, so we'll try to make that part of it.

Starting next week at least two of us will start working full time on the project.

Just an update, we have switched from slack to discord, so PM if you would like the invite link.


  Also we have been discussing for some time splitting the project into a foundation/community for developing the blockchain concepts and a platform that acts as the main user gateway.

There are legal reasons for this, but another advantage is to have a public face that does not have such an explicitly Muslim identity.

Ideally in this way we can have the best of both worlds, both an app that appeals broadly to ethical microfinance and avoid deterring non-Muslims or Muslims who fear the negative associations with Islam would scare off potential  users, and at the same time a blockchain project that can be optimized as a project based on Islamic values that can attract people in the Muslim world who are just starting to become interested in blockchain and cryptocurrency.

Another update, we are splitting the concept into a long term blockchain concept and a short term microfinance/wallet app. The app will probably have an API based exchange function.

  Wireframe of the app is complete, but we are trying to work out a new branding concept before settling on a UI configuration.

  Also considering discussing partnership with BitSapphire, has anyone had experience with them?

  Anyway, there is actually a lot to discuss, hope we can get more interest on here or on discord.

Some more updates, we have a new advisor who is a professor of business with a background in Islamic finance currently teaching at the Abu Dhabi higher technical college.

  We contacted him after reading his excellent paper on the modern murabahah financing model available here (https://www.google.com/url?sa=t&source=web&rct=j&url=https://media.neliti.com/media/publications/26316-EN-a-critical-evaluation-of-the-compatibility-between-traditional-and-contemporary.pdf&ved=2ahUKEwiPkZ2514bZAhVJYo8KHT83ALgQFjAKegQICxAB&usg=AOvVaw2d2CVHaFJ0I_P8V0--Gs7V).

  After contacting him, it turns out he has a very similar vision. We are very grateful to have his support.

Looks interesting. Lots to read and take in so I may need to go over it again but for now Im watching.

We've been building the Jamaa app step by step. I'll be uploading some of the files in the coming days. For future reference, the link is:


https://github.com/UMMATI/jamaa