Qitmeer Network Co-Founder was Invited to Participate in the 4th IFSB Innovation Forum
Abdullah-Han, Co-Founder of Qitmeer Network, was invited to participate in the 4th IFSB Innovation Forum to discuss “Innovations for Sustainability and Regulation of Financial Services”.
The forum was held in Doha, Qatar, and was co-hosted by the Qatar Financial Centre and Qatar Central Bank. The Forum is a high-level innovation forum on enhancing the culture of innovative thinking and development in the Islamic Financial Services Industry, providing a platform for the Islamic finance stakeholders to showcase their most recent innovations and developments in sustainable finance and banking supervision. It also sets the stage for regulators to discuss and share insight and experiences on the potential risks and opportunities arising from these developments and to discuss effective supervisory and regulatory approaches to ensure the stability of the IFSI while continuously supporting the road toward innovation-driven Islamic finance solutions to address sustainability-related issues.
About IFSB
The Islamic Financial Services Board (IFSB, official website https://www.ifsb.org), which is an international standard-setting organization that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets, and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organizes roundtables, seminars, and conferences for regulators and industry stakeholders.
In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharî’ah principles, and recommends them for adoption. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, the International Organisation of Securities Commissions, and the International Association of Insurance Supervisors.
As of June 2022, the 188 members of the IFSB comprise 81 regulatory and supervisory authorities, 10 international inter-governmental organizations, and 97 market players (financial institutions, professional firms, industry associations, and stock exchanges) operating in 57 jurisdictions.
Malaysia, the host country of the IFSB, has enacted a law known as the Islamic Financial Services Board Act 2002, which gives the IFSB the immunities and privileges that are usually granted to international organizations and diplomatic missions.
Qitmeer Foundation is an Observer Member of the IFSB
Most IFSB members are central banks, commercial banks, SEC, and other financial organizations. Qitmeer Foundation was approved as an observer of IFSB in 2019, serving as an advisor to the IFSB Fintech Technology Committee, and becoming one of the few observer members to be inducted as a blockchain institution.
List of IFSB Members: https://www.ifsb.org/membership.php
Pictured is Mr. Abdullah Han (far right), co-founder of Qitmeer, visiting the IFSB Center
On April 29, 2019, Mr. Abdullah Han, Co-founder of Qitmeer, visited Mr. Walid Ahmad A AIZahrani, Secretary General of IFSB. The two sides had a friendly exchange and deeply discussed using Qitmeer public chain technology for Islamic financial services, especially international exchange, Muslim zakat donation, Sukuk liquidity, smart contract-based financial inclusion, etc. Mr. Walid Ahmad A AIZahrani said that the world needs Islamic financial services, but not necessarily Islamic financial institutions, and decentralized fintech may become an irreversible trend in the future.
As one of the most inclusive international financial organizations, IFSB expects more like-minded market players to join its organization. Qitmeer Foundation applied for observer status with the primary goal of helping Islamic finance establish industry standards and rules for blockchain technology, and this commitment and vision were highly appreciated by IFSB.
After evaluating the fintech of the Qitmeer public chain, the IFSB agreed and formally invited Qitmeer Foundation to join the IFSB as an observer, as an advisor to the Fintech Technology Committee, and announced the decision to the world on its website.
