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Author Topic: [ANN] Introducing Ummati (UMM) - Bringing the blockchain to Islamic finance.  (Read 470 times)
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August 31, 2017, 10:25:24 AM

 UMMATI - the world's first blockchain 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 


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

-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.

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

or by whatsapp



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August 31, 2017, 11:05:39 AM

 I just seen the very same topic few minutes ago and that thread had some comments. . doyou really need this second one ?

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