INTRODUCTION
HADA DBANK – your Caring and Personal Banking partners. We aim to be your financial partners, rather than just a financial institution that you use for transactions. This whitepaper will explain how HADA DBANK is different, and the steps we will take towards our goals.
We are the first Digital Bank to fuse Islamic Banking Module with Blockchain Technology, to create an ethical and responsible banking ecosystem. We are troubled with the current mistreatment by banks and financial institutions towards their customers. Existing players create money out of thin air from debt and interest. This is why the global economy has collapsed time after time, evidently since the 1st century. The lack of responsibilities bore by banks is simply audacious. This is why we chose to be a part of the current financial revolution through establishing a Bank, a caring and personal bank.
Caring and Personal: these are our core values, shaping and influencing our services, transactions, interactions and running of our businesses. These words will guide our conduct internally within our organization, and externally with our customer and the community. We aspire to be the bank that actually cares to improve people’s lives, rather than just to profit from it. Personalization will also be the main focus in our services. Different customers have different needs, and require different services and attention. HADA DBANK’s customers will have tailored services because we believe, not everyone can wear the same pair of pants.
WHY ISLAMIC BANKING?
Our reason is simple. We aspire to be a ‘just’ organization in the financial industry. The financial crisis of 2007-2008 serves as a grim reminder how several irresponsible players can capsize an entire industry, putting millions in financial ruins. Islamic banking, due to its transparency, profit and loss sharing concept, will minimize market manipulation and eliminate another domino crash.
Islamic Banks are less risky and more resilient than their counterparts, due to the aspects of their bank capital requirements and mobilisation of deposits. As opposed to Conventional Banking, depositors to Islamic Banks are entitled to be informed about what the bank does with their money. They also have a say in where their money should be invested. Islamic banks also strive to avoid interest at all levels of financial transactions and promote risk-sharing between the lender and borrower.
There are two basic principles in Islamic banking. One is the sharing of profit and loss; and two, significantly, the prohibition of the collection and payment of interest by lenders and investors. Collecting interest or "Riba" is not permitted under Islamic law. In the case of profit, both the bank and its customer share in a pre-agreed proportion. In the case of a loss, all financial losses will then be borne by the lender. In addition to this, Islamic bank cannot create debt without goods and services to back it (i.e. physical assets including machinery, equipment, and inventory). Hence savings, deposits and investments with our DBank will be backed by physical assets such as precious metals and gemstones.
You might think that Islamic banking is only for Muslims. It is not. In June 2014, Britain became the first non-Muslim country to issue Sukuk; the Islamic equivalent of a bond (the word itself is the plural of Sakk, which means contract or deed). In September 2014, the governments of Luxembourg and South Africa as well as the Hong Kong Monetary Authority made issuances. But Sukuk is not limited to sovereigns: in September 2014, Goldman Sachs issued a USD500 Million Sukuk and Bank of Tokyo-Mitsubishi Malaysia raised its 1st USD50 from its USD500 Million issuance. All of these entities want in on the USD2 Trillion Islamic financial market.
Hada DBank Exclusive Features and Advantages
Free Encrypted Account & e-Wallet
a. Smartphone – Banking App
b. Non-smart Mobile phone – SMS / USSD Code
Saving & Withdrawala. Minimum 5% Savings Return per annum
b. No withdrawal fee
Transfer, Remittance & Exchangea. Free Transfer / Remittance of funds (FIAT & Cryptocurrency) between personal savings accounts and e-wallets
b. 0% fee on exchange transactions via HADA Exchange (between cryptocurrencies). No charges on major FIAT currencies during FIAT <> Crypto exchanges.
c. Connect with partners or open APIs for better rate for other currencies
Loan & Investmenta. 0% Loan Interest
b. 10% minimum investment return
Real-Time PaymentReal-Time Payment using HADACoin and other Cryptocurrencies / Tokens through our Debit Card
BOT HADA - Financial Management Bot / Personal Financial Assistant (HUDA)Manages everyday expenses within the limits set by you or via the balance of your account. Notifies & automates payments and bills through a prioritised schedule. Assisted planning for Long term & Short Term financial goals.
Cashbacks & Discountsa. Cashbacks & Discounts are rewarded when using Hada’s physical and/or virtual Debit Cards (1st year of signing / opening of account)
b. Additional Cashbacks & Discounts when paying using HADACoin, indefinitely.
c. Additional Discounts from Partners & Affiliates
HADACoin & your Savings are backed by valuable assets such as Precious Metals & insured according to Islamic Banking Principles for your peace of mind.
HADACoin Distribution
A total of 500 Million HADACoins will be issued. 295 Million coins will be offered for sale. Out of the 295 Million coins, 20 million will be allocated for private investors and institutional buyers. 50 Million of the 275 Million coins will be released during PRE-ICO exercise and the remaining 225 Million coins will be released in our ICO exercise in the near future. 10 Million coins will be allocated for the bounty campaign.
HADACoin is a
ERC-20 coin created using
Ethereum platform. A total of
500 Million HADACoins will be created. HADACoins will have
6 decimal units. Further info about HADACoin as stated below:
- a. Perform financial activities and services on our Banking Platform
- b. Pay for services using our Debit Card
- c. Receive Monetary Profits such as Dividends, Returns and anything of equivalent by keeping it in your Savings Account or utilize our Investment Solutions
- d. Act as collateral when you apply for our Unsecured and Term Loans
- e. Trade it on Crypto-Exchanges and make more profit by increasing HADACoin’s value!
35% of the capital raised will be allocated for
R&D (Research & Development). We plan to hire and retain at least 50 computer programmers, coders and IT personnel to further develop our banking platform and system, as well development of future products. 7 labs will be established in 5 years in which the 1st and 2nd lab will be based in Switzerland and Estonia respectively.
OPEX (Operation Expenditure) will make up 30% of the budget. Hiring of management executives will be our main activity under this sector, to ensure that the best partners and talents from related industries join HADA DBANK management and operations. We plan to market aggressively and are currently partnering with an experienced Marketing Partner, to help us put our name to the targeted markets, globally.
CAPEX (Capital Expenditure) will receive 20% of the capital raised. Among activities will be the acquiring of offices, investments in hardware for our R&D department, necessary business assets, and precious metals and gemstones (gold, silver and diamonds), to be used as collateral for future customers’ savings, investments and HADACoin’s value.
The
final 15% will be kept as
RESERVE. This Reserve will not be used unless for utmost necessity and strict rules will be set. The decision to utilize this reserve will be determined by the top management collectively and unanimously, to ensure there is no mismanagement and excess usage of the Reserve. We will increase HADA DBANK’s Reserve to 30% of the total capital, in the nearest future in accordance to Islamic Financial Laws.
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