A Decentralised and Dynamic Ecosystem

Key Definitions

  • Meer, the native currency of Qitmeer, acts as the guardian of the spirit: “In Math We Trust”
  • Kahf is the literal translation of Semitic language, which implies to use money in a wise and pure way.
  • Qitmeer and Kahf, these two words with their unique meanings, gain wide popularity in the west and east. Thus, the respective logo will then be decided by the community through the voting process.
  • Tokenisation is the process of replacing sensitive data with unique identification symbols that retain all the essential information about the data without compromising its security.

The Focus of Qitmeer Network

“Since the initial inception of Qitmeer project, the business proposition is to satisfy the niche market of socially responsible banking, insurance and investment, and the Islamic Finance industry, which aims to undertake the tokenisation of trillions of dollar assets. Then, it will surely enable blockchain technology to serve the real economy and enhance financial inclusion in the era of digital transformation.” (Qitmeer Whitepaper, Page 9)

Using the interoperable Kahf Wallet, Qitmeer will function across mainstream blockchains.

Through certified industry participants, Qitmeer will provide a method of tokenising of ethical finance and islamic finance for start-ups and financial institutions, as well as other industry stakeholders.

This is expected to enrich a dynamic, healthy and prosperous financial system that is based on blockchain technology. By bringing the transparency, traceability and trust and aligning it with the core financial values of this inclusive finance, Qitmeer will restore trust and help bring a new financial system.

Qitmeer Use-cases

At this time, we are developing the following use-cases with our partners:

  • A stable-coin based on FIAT currency, commodities and assets.
  • Bonds and Sukuk
  • Mutual Funds
  • Remittance
  • Charity
  • Hajj Micro-Payments
  • Assets Tokenisation
  • Trading Finance
  • Supply Chain Traceability

“A large number of unbankable people in Africa and other developing countries creates huge potential for stable coin adoptions back up by fiat money. Qitmeer encourages the development of various use cases, such as wallets, payment solutions, remittance to activate the illiquid assets of developing countries which eventually to establish an open and inclusive financial system with concerns to cultural diversity.” (Qitmeer Whitepaper, Page 10)

At this time the HLC Foundation (The publishers of Qitmeer) is exploring a set of proper communication channels with governments, regulatory bodies and multilateral financial organisations that are included but limited to the following jurisdictions:

  • Malaysia
  • Indonesia
  • United Arab Emirates
  • Kingdom of Saudi Arabia
  • Nigeria
  • Oman
  • Bahrain

In April 2019, Qitmeer joined the IFSB and is currently the only blockchain organisation to do so. HLC Foundation will aim to facilitate the development of technical standards and enhance financial inclusion within the Organisation of Islamic Cooperation economy and beyond.