May 16, 2020

Gate.IO on establishing trust in the blockchain

Blockchain
Marie Tatibouet
Marie Tatibouet
3 min
Marie Tatibouet shares some key tips to ensure you establish trust within your blockchain project
Marie Tatibouet is the CMO at Gate.IO.Below she will sharewill share some key tips to ensure you establish trust within your blockchain project, includi...

Marie Tatibouet is the CMO at Gate.IO. Below she will share will share some key tips to ensure you establish trust within your blockchain project, including funding, showing a clear roadmap of your project, ‘Know Your Customer’ process and the best solutions to keep customer investments safe.

 

The Trust Technology 

The Digital World and Blockchain Technology

In today’s digital world, everything around us is constantly changing. People now have direct access to an incredible array of digital assets and we are now able to directly transfer almost anything at any time around the world. All of this without the hassle and risk of trusting and paying third parties to get involved in the process. 

Blockchain technology which was first introduced with the launch of Bitcoin in 2009 by an anonymous cryptographer has grown into an industry that aims to challenge incumbent gatekeepers of money, real estate, and even the world of art. Any instance where a transaction or transfer of an asset or piece of information needs to take place and verified will be revolutionized by this groundbreaking technology. Innovative, simple and more efficient ways to transact in a global real time fashion are being developed, and many are already available for anyone to use today. With many industries looking to implement the technology and predictions that the blockchain market is expected to reach more than $3 trillion by 2024, it is evident that the evolution of blockchain technology has only begun. 

Since this burgeoning industry is still in its early stage, credibility and trust are essential for its continued growth and eventual mainstream adoption. The essence of a blockchain is that everyone is able to verify data, transactions or information in real time without trusting a third party. For these reasons, those operating in the industry should harness the natural benefits of the technology in order to maintain credibility and ensure the security of investors.

 

Maintaining Credibility and Security 

One of the inherent features of a blockchain is its security and privacy, which is often lacking in centralized systems. 

A security aspect that is guaranteed through blockchain technology is that it is operated in a decentralized fashion. Copies of a ledger are kept on a widely distributed network; this eliminates the threat of an attack on a central point of a network, the standard way hackers are able to infiltrate into systems. 

A clear focus on empowering investors and users by providing them with the best tools to keep their investments accessible and secure in a transparent manner, while also making sure to go above and beyond to educate around potential threats, means companies and projects are actively safeguarding against fraud, hacks and scams. As a result of this, users and investors will view the company or project as a credible and educational source while at the same time reaping the benefits of what blockchain technology truly offers; The ultimate power to decide what you do with your money and assets. 

 

The Trust Technology is Here

Blockchain technologies have the power to provide a global, real time, transparent and secure environment where transaction records are made accessible to all. Contracts, compliance and regulation are becoming automated in a trustless environment, resulting in the removal of strains for people, businesses, regulators and industries, while also activating paths for new business models. 

Many companies in the blockchain  industry empower people with blockchain technology in an easy to use platform. Combining this with a strong emphasis on education increases market confidence and will help pave the way to a brave new world.

The power to reinvent the way regulation, compliance, and business are presently performed in an environment where stakeholders can access global, real-time, trustworthy data at any time is here.

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Jun 24, 2021

Islamic fintech Waheb plans UK expansion: Hires expert GM

wahed
islamicfinance
Fintech
Sharia
4 min
The world’s leading Islamic fintech company has hired top industry expert Umer Suleman to oversee Waheb Inc’s UK-wide expansion plans

Wahed Inc has hired a leading industry expert to take Islamic finance forward in the UK marketplace. 

Umer Suleman has been appointed as General Manager of UK operations for Wahed Inc.. His role will include overseeing Wahed Invest’s nationwide growth strategy and strengthening the firm’s position as a leading provider of ethically focused investment services. 

Suleman’s track record includes over 15 years of regulatory, risk, and strategy consultancy roles, as well as advisory positions across a variety of businesses and sectors including positions at UKIFC, Daiwa Capital Management, and Ernst & Young (EY).

He also spent seven years at HSBC as Head of KYC Risk globally within their Global Banking and Markets business, Head of Business and Conduct Risk for MENA within Retail Banking, and headed up the CCO function for Digital (GLCM) within the UK with a global remit.

Wahed and the growing role of Islamic finance

The startup fintech was founded in 2017 and is an American company based in New York City. Since its inception,  it has grown from strength to strength and in July 2019, launched the first exchange-traded fund in the US that was compliant with Sharia law. 

Islamic finance typically refers to the way businesses and individuals raise capital in accordance with Sharia, or Islamic law. It also refers to the types of investments that are permissible under Islam. 

Wahed currently operates in 130 countries and has offices in Washington D.C, New York, London and Dubai. It has also developed an easily accessible digital platform that balances ethical finance with modern investments, attracting over 200,000 active clients from around the world with features such as free portfolio recommendations and no hidden fees.

Wahed UK expansion plans

According to reports, the UK is highly receptive to services in the Islamic finance sector and is also one of the fastest-growing markets globally.  It has a three million-strong Muslim population and one of the most developed Islamic finance sectors outside of the traditional Muslim regions, with global population figures projected to double over the next forty years. 

It is hoped Suleman’s leadership of Wahed will address the underbanked needs of the Muslim community while also serving the increasing number of retail investors currently seeking ethical alternatives to wealth creation. 

Speaking about the new role, Wahed CEO, Junaid Wahedna, explained  “Mr. Suleman’s appointment reaffirms our commitment to providing innovative and outstanding ethically driven financial services to a market that, historically, has been underserved.

“We’re delighted to welcome Umer to the team and firmly believe that with him at the helm, our operations in the UK will continue to go from strength to strength and provide customers seeking ethical investments with accessible, trustworthy and innovative solutions.”

The appointment follows on from Wahed’s recent investment round and its acquisition of the UK-based fintech Niyah.

These events will support the company in its plans to build an Islamic marketplace that meets growing demand for socially conscious investors – and not just those of Islamic faith. 

The fintech firm also plans to utilise the UK’s position as a leading hub for Islamic finance as a springboard into other European cities, and believes it has a central role to play in providing Shariah-compliant services that address inclusion and inequality.

The Islamic finance industry is currently valued at around US$2.4trn and is expected to grow steadily by 10-12% over 2021 and 2022, having experienced rapid growth in recent years.

THREE reasons why Islamic finance is a growing sector

  1. The UK Muslim population is growing - and has been traditionally underserved by incumbent banks. The Muslim population is growing twice as fast the world’s non-Muslim population and Islamic finance address this group’s needfor  Shariah compliant financial products.
  2. It encourages financial inclusion. According to the World Bank, financial inclusion is defined as individuals and businesses having access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
  3. It supports Sharia compliant products. Transactions that work with industries forbidden in Islam (gambling, usury and speculation) are forbidden. Islamic banking only works with businesses that adhere to their ethical and moral standards.

 

Image credit: Wahed Inc team

 

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