Wednesday Academic Dialogue (19-1439)

Do We Need to Review our Starting ?

CBX System

Commodity Base eXchange Solution

Mr. Hisham Abdallah Shata

Jeddah, Saudi Arabia

Wednesday 24-01-2018 (07-05-1439H)

Abstract

The CBX Project is designed based on the “ancient barter system” that was practiced by prophet Mohammed (PBUH), we simply digitized and customized it using a hybrid technology of centralized and decentralized systems, such as the blockchain protocol, to make it easier to implement and legally acceptable so it can work within the existing financial system with ease and without adding new regulations. The new modified model of the CBX Project will allow every single CBX Unit user to generate profit by default once his/her units are still in circulation. This within itself will simultaneously position CBX Unit as a global payment method and an investment vehicle, whilst facilitating a %100 interest free environment in full compliance with the Islamic finance principles and sustainable green finance.We firmly believe that our proposed model will escalate the Islamic FinTech industry to another level and will attract capital inflows for any country that starts to adapt it.