Kuala Lumpur, Malaysia – At the Pavilion Hotel seminar, speakers discussed the impact of Maal Blockchain to tackle the present obstacles confronting the blockchain industry. The seminar theme was Labuan Islamic Blockchain Island, aligning with the Malaysian government’s digital blueprint and Labuan’s Strategic Roadmap 2022-2026. Specifically, the presentations revolved around Maal Blockchain, a cutting-edge blockchain technology that incorporates the “Concept-of-Identity” and Maqasid Al Shariah principles into its consensus mechanism via identification mechanisms.
During the keynote presentation, CTO and Chief Strategist, Dato’ Dr. Shamshudeen, addressed two crucial issues related to blockchain technology. The first was the skepticism and enforceability of compliance with international financial regulations. The second issue was the decentralized nature of blockchain, which makes it difficult to identify users, leading to concerns about security and accountability.
Dr. Shamshudeen emphasized that blockchain technology is inherently decentralized, transparent, and secure due to its encrypted open ledger system. The Maal blockchain technology can benefit both the private and government sectors by reducing costs, eliminating middlemen, and enhancing security measures.
He elaborated that upon deployment, Malaysia and Labuan would attract underserved Islamic capital markets and encourage tech giants’ relocation. One immediate benefit would be annual saving of RM17 billion resulting from effective government subsidy management, according to the speaker. Additionally, it should be emphasized that the Shariah-compliant blockchain developed for use in the Islamic capital market and is not intended to be exclusive to Muslims. The Maal Blockchain will transform both governmental and business operations and has selected Labuan as its launch location.
Presenters include, Labuan FSA’s Head of Islamic Finance, Mr. Ja’afar Rihan, discussing transforming Labuan into an Islamic Digital Asset Center (IDAC). He stated that blockchain technology would be fundamental to the Malaysian’s government digital blueprint and Labuan’s Strategic Roadmap 2022-2026. Mr. Rihan emphasized the significance of establishing a complete blockchain ecosystem to bolster the advancement of Islamic digital assets and blockchain technologies. He highlighted promoting Labuan as an Islamic Blockchain Island would entice blockchain developers, encourage private sector involvement, stimulate economic growth, and generate employment opportunities on Labuan.
John Pellegrini, the CEO of Tijarah, concluded the seminar by emphasizing his confidence that Maal Blockchain’s cutting-edge technology would play a crucial role in positioning Labuan as a leading Islamic Blockchain Island. He also highlighted the positive ripple effects that could arise, such as the expansion of the digital blueprint for the Islamic Digital Economy and the efficient management of Malaysia’s government subsidy programs.
According to Mr. Pellegrini, the implementation of the Blockchain Island Initiative has the potential to entice fintech companies, blockchain developers, and other entities keen on exploring blockchain technology to relocate to Labuan from around the world. This inflow of expertise and investment would help position the island as a leading hub for blockchain technology, which in turn, would open numerous job opportunities and encourage collaborations with universities to produce certified blockchain developers. Paving the way for Labuan to emerge as a prominent Islamic Blockchain Island.
The event was well attended by industry players from leading blockchain countries and corporate players including representatives from the Malaysian government.
Tijarah Holding, Ltd. serves as the parent entity for a group of companies, the largest of which has a market capitalization of US$58 million. Group interest in business includes a regulated centralized exchange, a decentralized digital exchange, a utility token named RAMZ, stable tokens, and the world’s inaugural gold-backed NFT. Last year, the group’s capability to effectively execute their technological advancements as per their plans was demonstrated when they successfully launched the world’s first Shariah compliant Digital Asset Exchange. This achievement was accompanied by an impressive daily average trading volume of around USD 8 million.