Bringing the blockchain to Islamic finance.

[HODL_guy]

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.

[semaforo]

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.

[semaforo]

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.

[b3j0]

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.

[semaforo]

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.

[rusmana62]

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

[semaforo]

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.

[semaforo]

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

[ico_aida_market]

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

[herfianto]

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.

[semaforo]

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

  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.

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. 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.

[semaforo]

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

[Zabivelli]

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!

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??? )


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.

[vindermarch]

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

[gaga org]

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

[semaforo]

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!

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??? )


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.

  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.

[semaforo]

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

  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.

[Jackal21]

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

[semaforo]

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.

[semaforo]

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.