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Author Topic: [ANN] Introducing Ummati (UMM) - Bringing the blockchain to Islamic finance.  (Read 2936 times)
semaforo
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August 31, 2017, 10:24:22 AM
 #1

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

CALLING ALL DEVELOPERS, DESIGNERS, INVESTORS who have interest in helping build an ethical financial community utilizing the efficiency gains of distributed ledger (blockchain) technology.

-------------------

  An estimated 1.6 Billion people identify as Muslims, and estimates show 73% of those living in Muslim countries do not use financial services. Of those that do, most utilize conventional financial services, but surveys show that they would switch to Islamic financial services if they had the choice.


------------------


    What is the difference between ordinary banking and Islamic banking? The main differences are that interest is not allowed in Islam, and all assets must be backed by real goods. Furthermore principles of equity, fairness, and transparency are emphasized.


---------------

   In the 2008 global financial crisis, interest in Islamic banking from non-Muslims increased dramatically as it became clear that these restrictions insulated Islamic banks from the effects of the crisis. People of all backgrounds began to view Islamic banking as a hedge.


----------------

    Growth of the Islamic finance market has outpaced the growth of conventional finance since the crisis, with average global growth rate between 2008 and 2014 estimated at 18%. Major players in the financial industry like HSBC, Standard Chartered, and Barclays have all recognized the importance of this market and have begun offering Islamic financial products and services. Growing middle classes in Africa, Asia, and the Middle East as well as booming populations make this a market with huge untapped potential. The rise of smartphones presents a unique opportunity to leapfrog existing financial architecture.

--------------------------

       The Islamic banking sector has as of yet been largely untouched by the blockchain revolution. There exists at this moment a golden opportunity to get in on the ground floor and become the first and leading provider of blockchain services to the Islamic banking sector.


---------------------

  While blockchain technology is tremendously useful, the difficulties with scaling point to the possibility of a multi-blockchain future, where different communities utilize different blockchains to avoid congestion. UMMATI proposes to be the blockchain of the Muslim community, forming a transnational investment community.

-----------------

        There are specific types of contracts in Islamic banking. They include:

Musharakah: joint venture/profit sharing.

Mudarabah: trustee/profit sharing

Muzaraah: commercial lease

Kafalah: guarantee

Wakf: endowment

Ibraa: rebate

       These are some common types of contracts that are often used in the Islamic financial sector.


-------------------------

     UMMATI proposes to create the world's first blockchain based platform with inbuilt support for Islamic financial contracts coded in the form of smart contracts, as well as establishing a semi-decentralized asset exchange platform in which users can issue and trade tokens using these contracts.

    The reason for a semi-decentralized platform is twofold-

1) to make a high speed trade engine viable  

and

2) to ensure that the platform remains in line with Islamic principles.

  At the same time, decentralized features allow direct ownership of assets on the platform by users, ensuring a greater level of security.

  Use cases of this platform could include:

-Remittance and transfer services denominated in any currency or currency pair

-Crowdfunding initiatives or services

-Peer to peer project financing

-Social investing that tracks the performance of investments by user

-Reputation and incentivized profit sharing

-Payout of dividends/profit sharing

-Multisignature escrow services

-Mobile apps for trading, asset management, deposits and withdrawals

-Deeds, titles, and management of ownership

-Enhanced liquidity of assets

-Indexes and investment funds

-Debit cards

-Mobile payments and deposits

-Securing reserves of other cryptocurrencies to back "sidechains."

-and many more...

-----------------------------

     All of this is based on proven technologies. The purpose of UMMATI is to seize on this opportunity to begin building a community of leaders in the blockchain space by working Islamic finance principles into existing blockchain and fintech technology.  


UMMATI is in Arabic word meaning nation, or community. The intent of this project is to utilize the unifying power of blockchain technology to make the national boundaries that divide Muslims increasingly obsolete, and to empower the Muslim community by building wealth and reducing reliance on conventional banking and currency.

  The UMMATI foundation will be based in Kuala Lumpur, Malaysia close to the financial powerhouses of Asia,
 and a global hub of Islamic finance with a high degree of regulatory stability and transparency.

--------------

   Join the movement!

  The team so far:

  Ibrahim Ludwick: M.A. in Global Political Economy, went all in on bitcoin below $100. American entrepreneur with experience in real estate, hospitality, and international trade. COO of the Islamic Bank of Bitcoin

 Kevin Brinkschulte: Computer Science student in his last year at the University of Göttingen(in the top 200 universities worldwide) with strong interest in cryptocurrencies.

Abdul Wali Stout: head of sales and business development at a midsize international trade and logistics firm. Bought first bitcoin at $11. Experience designing and programming arbitrage bots.

   Help us develop the UMMATI blockchain platform and prepare our alpha, pre-ICO and ICO crowdfunds. To get in touch contact Ibrahim at

ibrahimludwick@gmail.com

or by whatsapp

+201017944840

  

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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August 31, 2017, 10:31:41 AM
 #2

Cool project and such a great idea.

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August 31, 2017, 10:32:19 AM
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As long as it's not covertly imposed on countries.
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August 31, 2017, 10:38:55 AM
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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.

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August 31, 2017, 10:39:07 AM
 #5

 Is it really one of the first of its kind?


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August 31, 2017, 10:51:55 AM
 #6

did you planing any bounties?

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September 01, 2017, 06:19:55 AM
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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.

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?
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September 01, 2017, 06:21:02 AM
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Any airdrops planned?
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September 01, 2017, 06:33:50 AM
 #9

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!

.

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September 01, 2017, 05:22:13 PM
 #10

Any airdrops planned?

Great idea, more info please!

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September 01, 2017, 05:34:20 PM
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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!

 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.  

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September 01, 2017, 05:35:42 PM
 #12

It will be great an airdrop , any news dev?

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September 02, 2017, 07:59:54 AM
 #13

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

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?



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.

    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.

Is it really one of the first of its kind?

   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.

did you planing any bounties?

    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.

    
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!

  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.

Quote from: Supercoiner111

Great idea, more info please!
 
   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.


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?

     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, 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, 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.

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 02, 2017, 08:08:26 AM
 #14

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

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 02, 2017, 08:16:50 AM
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Is this the same project with halal coin

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September 02, 2017, 09:21:14 AM
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Is this the same project with halal coin

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

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 02, 2017, 09:43:34 AM
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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.
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September 02, 2017, 09:59:44 AM
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So... What is the application of this project? What are the main problems to solve?

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September 02, 2017, 11:30:22 AM
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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.

   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.

Check out my innovative blockchain+killer app project at http://ummati.io --- https://bitcointalk.org/index.php?topic=2137399.0
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September 02, 2017, 11:46:57 AM
 #20

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.

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