Kuala Lumpur, 7 August 2019 - The International Shari’ah Research Academy for Islamic Finance (ISRA) and SysCode Sdn Bhd today announce their collaboration agreement for the research and development of a platform powered by blockchain technology to enhance the end-to-end Shariah compliance for the halal and Islamic finance industries. This platform will then enable the sharing of data, information and system interoperability for its users.
The areas of collaboration include, but are not limited to, product development, capacity building, promotion and marketing, commercial, management and more.
The platform is built on a federated blockchain environment powered by Hyperledger blockchain fabric, with its root nodes deployed on a custom-built cloud platform powered by Microsoft Azure. The Hyperledger implementation does not require a tokenized environment nor miners to be involved in its transactions. Instead, Hyperledger utilises endorsement policies by organisations and peers participating in the transaction. Hyperledger endorsement policies are fully customizable, and the platform implements different policies based on different types of transactions. This is in line with the objective of enabling various types of institutions to use blockchain as a service to enhance Shariah compliance.
The ISRA-SYSCODE blockchain platform acts as a trust agent in transactions between parties. Each environment is deployed with specific assets and smart contracts that govern how an asset is created and transacted. It focuses on developing transaction environments for Islamic financing areas which require a certain level of security, authentication and traceability. The first implementation of ISRA-SYSCODE blockchain platform is aimed at zakat and charitable transactions in a transaction environment aptly named ‘ZakatTech’.
ZakatTech Blockchain will enable funds to be tracked throughout the whole process lifecycle, from the point of donation to distribution of funds. Transactions are recorded via a custom asset structure which enables tracing and tracking of donated funds at an unprecedented level. With such levels of transparency and traceability, the confidence of the general public can be enhanced to donate zakat through verified channels. Accordingly the total collection of zakat and its distribution to the needy is expected to be increased, and upscaling of the societal socio-economy can be effectively implemented.
ISRA is known in the Shariah and Islamic finance industry to provide quality research, development and innovation in Islamic finance and banking worldwide and has produced numerous publications, research papers, proceedings and journals to further advance the industry. Collaborating with SysCode for this platform further proves ISRA’s relevance in the advancement of the industry as a whole.
For more information about ISRA and Syscode, please visit www.isra.my and www.syscode.asia. For more information about the project, please contact Dr Moutaz Abojeib at [email protected] and Mr Reza Ismail at [email protected]
The International Shar’iah Research Academy for Islamic Finance (ISRA) was launched in 2008 by Bank Negara Malaysia in an effort to harmonise the academic and industry need for applied research in the area of Shari'ah and Islamic finance. With more than 200 conference presentations and over 100 research papers published, along with published materials distributed to more than 40 countries worldwide, ISRA has been voted the “Best Islamic Research Firm” for the fifth consecutive year by the IFN Service Providers Poll. ISRA is an award-winning academy that aims to be the world’s premier Shari’ah research centre in Islamic Finance.
For more information, please visit www.isra.my.
SysCode is a cloud software development company based in Kuala Lumpur, Malaysia, and an associate company of Systech Bhd, a publicly listed company in the ACE Market of Bursa Malaysia.
SysCode provides solutions built on proprietary multi-tenanted cloud architecture enabling the deployment of powerful solutions that are able to handle high transaction loads and data volume.
SysCode specialises in applying blockchain technology for real-world industry solutions by utilizing smart contracts and decentralized application architecture. It is able to develop solutions on any blockchain technology including Hyperledger, Ethereum Virtual Machine and other Turing and non-Turing blockchain platforms.