As conventional banking system has been flawed for decades, HADA DBank has set out to advocate fair and transparent ideals within the sector. The company aims to become the first digital bank to fuse Islamic banking modules with the innovative features of blockchain technology.
Despite the seeming similarity of operations on the surface, Islamic banking is distinguished from traditional banking by two major principles. Under the first principle lays the sharing of profit and loss, under the second one – the prohibition of interest by both lenders and investors, which discards all interest-bearing models that have already proven to be unsustainable and complicit in the failures of global banking.
With much stricter principle in regards to certain requirements on capital and deposits, Islamic Banking is well known for carrying less risk and providing greater results in a more resilient operation than its conventional counterparts. Depositors in these banks are entitled to be fully informed about how their funds are being utilized. Such level of transparency allows depositors to have a say in where their money is invested.
All HADA DBank’s users will have access to a full-feature personal banking service. First of all, it will offer free encrypted account and e-wallet, accessible via smartphone and non-smart mobiles. Depositors will also be able to create their savings accounts at a probable 5% per annum, with no withdrawal fee.
Another special feature is the HADA Exchange, which features zero-fee on cryptocurrency exchanges, as well as on major crytpo-fiat currency exchanges. Furthermore, HADA DBank’s users will benefit from 0% loan interest with a probable 10% investment return, and will be able to use their physical and virtual debit cards with cashback and discount programs with affiliate partners and merchants.
Moreover, all depositors will also have access to BOT HUDA, a management bot helping users to manage and balance their spending income and financial goals. It takes advantage of a sophisticated artificial intelligence (AI) in the form of a personal financial advisor (HADI).
Because of Islamic Financial Laws prohibiting risky ventures, HADA DBank will have a maximum Liability to Asset ratio of 1:3. All savings will be backed by valuable assets, such as precious metals, and be fully insured according to Islamic banking principles.
To raise the funds necessary for the full development of the world’s first blockchain based Islamic bank, HADA DBank will host a crowdfunding campaign for the HADACoin token generation event.
Being the native token and digital asset of the platform, HADACoin will enable users to conduct basic and daily banking transactions, convertible to and from fiat and cryptocurrency within the HADA DBank platform and Debit card. Based on the Ethereum platform, HADACoin benefits from the transparency of a public blockchain and security of smart contracts.
With the recent strategic partners, including BPRB, HADA DBank has decided to extend its pre-sale to February 28th, 2018 to take advantage of the enhanced market penetration.
HADA DBank is also proud to announce its partnership with Bitcoin PR Buzz as its strategic media partner. As the world’s first cryptocurrency and blockchain PR agency, it benefits from its intimacy and reputation with various information distribution platforms such as CryptoCoinsNews, The Merkle, Coinspeaker, CoinIdol and many other international Blockchain news sites. In addition, its network extends to several hundred online news outlets.