Sidra Chain is a blockchain platform aimed at executing financial transactions under Shariah principles. It stands out for its transparency and cost reduction compared to traditional banking systems.
Islamic Finance Principles on Blockchain
Sidra Chain bases its operations on Shariah compliance. Islamic finance prohibits interest (riba), excessive uncertainty (gharar), and investments in prohibited industries. The platform provides tools like Sukuk and Murabaha, adhering to these principles. The blockchain's transparency supports the focus on ethical transactions in Islamic finance.
The Three Main Components of Sidra Ecosystem
1. Sidra Chain Network: A decentralized network launched in October 2023, ensuring smart contract implementation and other functions. 2. Sidra Coin (SDA): A native digital currency for transactions and rewards within the network. 3. Sidra Bank: A digital banking service providing Shariah-compliant financial services.
Practical Applications of Sidra Chain Technology
Sidra Chain offers solutions for cross-border money transfers and halal product supply management. It also supports fundraising according to Shariah principles, creating an open, secure, and cost-efficient system for various forms of Shariah-compliant transactions.
Sidra Chain represents a significant step in integrating Islamic finance and blockchain technology. The platform aims to address current technical challenges and enhance information accessibility to establish a strong position in both Islamic finance and the blockchain sector.
