Users all over the world will soon be able to enjoy online banking services based on Islamic financial principles thanks to Hada DBank, a blockchain startup aiming to build the world’s first transparent and secure Islamic digital bank built on the Ethereum protocol.
Hada DBank has now also formed significant partnerships with some of the industry’s biggest heavyweights, adding famed angel investor David Drake onboard as their advisor, adding to an already impressive line up that recently included F1Cryptos and Bitcoin Pr Buzz. As part of David Drake’s joining up as an advisor, his Soho Loft Media Group will now advise on media strategies.
HADA DBank CEO M. Shazanous was pleased to work together with David Drake, whose LDJ Capital handles the complex responsibilities of buy side advisory for institutional fund placements, mutual funds, fintech investments and many other conventional investment vehicles. He believed that Drake’s experience in brokerage, hedge funds, venture capital and insurance in dealing across the US, Asia, Europe and the Middle East would be of tremendous value to HADA DBank’s mission to promote global Islamic banking via its blockchain platform:
“David’s experience and his involvement in cryptocurrency industry, be it as a speaker, advisor or investor, will be very much welcomed. I hope that this will mark a start of a very successful and long-term partnership between Hada DBank and LDJ Capital.”
Drake himself is already advisor to over 50 blockchain firms, 15 of which have raised half a billion dollars in the past half year. He highlighted HADA DBank as a unique project arising from Asia and already serving a significant Muslim community that would further aid blockchain and crypto in maturation. He saw a natural fit between Islamic banking’s vision of transparency and blockchain’s ability to enable that:
“I anticipate this platform to create inroads to new markets while optimizing emerging technologies. It is my privilege to work with their team who have indicated their commitment towards the achievement of their business goals in the long haul.”
Through Drake’s media holding investment which maintains over 100,000 investors, the Soho Loft Media Group has produced and sponsored more than 1,100 global financial conferences for over a decade. These include events by media powerhouse Thomson Reuters, with speakers coming from the likes of Carlyle Group, Nasdaq, NYSE and KKR. Soho Loft Media Group augments LDJ’s capital advisory division’s activities in global investor relations capital allocation and syndication.
Despite financial principles based on Islam having been around for several hundred years, as a recognizable entity, Islamic banking is still relatively new and is considered only a niche sector. After experiencing a revival in the late 20th century, thanks to several global events of economic meltdowns, debt crises and even more recently, the global financial crisis of 2008/09, it is formally adopted and practiced in some form or other in many countries throughout the world.
Its attractiveness and most apparent distinguishing factor from conventional banking lies in its prohibition of all income models that are derived from interest, especially from loans of money. With mounting evidence that it is precisely these interest models that have led to the downfalls of national and regional economies, Islamic banking is increasingly seen as one of the reforms necessary for the global banking structure to recover and progress.
Furthermore, because of the principles of mutual responsibility related to Islamic banking, users and bankers share all the risks associated with business, as well as the profits and losses generated from economic activities.
As risk is a major determinant, this form of banking applies stricter requirements on capital and deposit mobilization. Depositors in Islamic banks generally have more transparent information on where and how their funds are used, and often get to influence the decisions on these.
At the heart of Hada DBank’s services is its commitment to personalized banking, ensuring that every customer gains enhanced financial freedom and actually benefits from banking. Because every individual has different financial needs and aspirations, Hada DBank is committed to meet each unique objective.
Hada DBank believes that Islamic banking is a universal right, offering every customer the benefit of transparent banking and risk-averse finances, for a common goal of greater mutual benefit.
The development of its full platform and Islamic financial services and products will require a significant amount of capital. As such Hada DBank has launched a token sale for its native digital asset, HADACoin.
Powering all transactions on its blockchain-based platform and via debit card, HADACoin will be fully exchangeable to other digital assets as well as fiat. It will also be available for trading on the open market across several exchanges once launched, beginning with the F1Cryptos exchange platform.
Thanks to the formation of new partnerships, including with Bitcoin PR Buzz, the HADACoin pre-sale is now extended to February 28th, 2018. 1 million HADACoin will be available for sale, at a base rate of 1 ETH = 4,000 HADACoin.
To learn more about HADA DBank, visit the website or learn its technical details from the whitepaper. To see their latest developments on social media, check out HADA DBank on Twitter and Facebook, or chat with its team on Telegram.
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