Dubai Airport Freezone Authority (DAFZA) and International Center of Islamic Economy (ICIE) launched the Halal Chain and Blockchain Forum in collaboration with a group of strategic partners from Halal Industries at the DAFZA Business Centre, Dubai, United Arab Emirates. The project is aligned with a pioneer initiative “Internet of Things Strategy” which is the strategy of His Highness Sheikh Muhammad bin Rashid Al-Maktoum, Prime Minister, Vice President and Ruler of Dubai to join all enterprises and entities to an intelligent digital transformation system.
The First Blockchain Forum of Halal Industry was held on 21 November 2017 in the presence of a number of diplomatic personalities, investors and entrepreneurs in this sector from Australia, China, Malaysia, Nigeria, Pakistan and other countries that attach the utmost importance to Halal industries. The forum included a series of meetings, workshops and dialogues, as well as launching videos of the new blockchain the “Halal Chain”, to be the first blockchain to include various companies listed under the Halal sector, from production and processing to distribution and delivery across the entire supply chain.
Commenting on the event, Mr. Sultan Al Howymel, Chief Executive Officer of International Center of Islamic Economy, said: “International Center of Islamic Economy with collaboration with DAFZA organized this event, which is dedicated to enhance the way forward for Dubai to become the Capital of Islamic Economy and to support the initiative of Dubai: Capital of Islamic Economy. We look forward to bringing together investors in the Halal Sector and supporting them in expanding their network of contacts by meeting with many businesspersons and experts in the Islamic Economy to enhance innovation and benefit from the pioneering experiences of our strategic partners in the project. While also launching Halal Chain Project that will bring the Halal Sector to a new era based on smart solutions and Blockchain technology.”
The launch of the Halal Chain will be the first of its kind, and will create billions in revenue, as it will open up the economy of UAE and to every interested party around the world. The Halal Chain will emerge as a food traceability system, a consortium Blockchain accessible to all qualified parties, and most importantly an instant, cross-border settlement, trading and payment system having the best interest of the Islamic community in mind.
As a food traceability system, the Halal Chain enables consumers to visualise and verify the source of goods they are buying; overcoming the hurdles of jurisdiction and regulation, which plagued the traditional Halal industry, particularly for those in Muslim minority countries. With this technology, every step from the production phase through to warehousing will have accountability.
To strengthen the system further, the Halal Chain will take the form of a public blockchain, which will connect minor chains to its network. This open accessibility will greatly aid the Muslim emerging economies by providing greater interaction and transparency between institutions.
The International Center of Islamic Economy is stimulating innovation and initiatives in the Islamic Economy by building partnerships with relevant global institutions and by contributing to the development of skills and expertise for practitioners and specialists in this field. The Center includes a team of experts and consultants to develop products, develop financial instruments, conduct research and studies, provide consultancy and implement a variety of programs and events that contribute to innovation and development.