Algotrain Academy aims to be a center of excellence in developing solutions for the smart economy using Algorand technology. A flagship not-for-profit initiative of the IBF Group, it aims to contribute to knowledge-driven economic transformation in economies through facilitating active participation of stakeholders who may contribute to the rise of digital and technology-enabled innovations fueled by public, private and alternative finance.
Its action plan aims to stimulate innovation, enhance efficiency in all sectors of the economy through sustainable and inclusive interventions backed by technology. Additionally, it aims to strengthen linkages between financial and real components of the economy, and realize the benefits of a truly ethical economy, focusing on the South Asian and South East Asian regions.
The action plan of the Academy has four major components:
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One of the key objectives of the AlgoTrain Academy is to create, sustain and develop an Algorand blockchain community. With this in mind, IBF Net has launched the GCSABT Awards to give an opportunity to deserving full stack software engineers to up their game and make an impact with Algorand. This is a unique opportunity for aspiring blockchain enthusiasts. Apply now to qualify for this award that gets the winners a full fee waiver for six weeks of instructor-led intensive learning in online format, ending with a capstone project leading to Certification in Algorand Blockchain Technology (CeABT).
This is a flagship course under AlgoTrain Academy. It aims to provide students with a comprehensive understanding of blockchain technology with a specific focus on the Algorand protocol. It familiarizes the student with the wide ecosystem of Algorand blockchain technology. It enables the student to write and deploy smart contracts for a wide spectrum of development possibilities available on Algorand. It focuses on developing key technical skills through instructor-led hands-on experience. It culminates with the students applying their knowledge and skills by implementing a capstone project as well as conducting techno-economic analysis of real-life projects from a range of Algorand use cases.To join the CeABT program, you must be a full-stack software engineer with good knowledge in algorithm and data structures and should have experience in developing applications using Node.js, understanding API design and development, and basic database concepts.
While technology is proving to be a major disruptor of the global business and economy, Islamic business and finance is not untouched by this development. Countries that have embarked on a strategy that would ensure a growing share of the financial pie for Islamic business and financial service providers, are keen to create an enabling environment for technology applications in the halal ecosystem including the Islamic financial services sector. The introduction of cutting-edge technology brings in its own Shariah issues and challenges that need to be resolved.
This course aims to provide the participants with a comprehensive understanding of the digital economy landscape across the globe, focusing on the predominantly Muslim societies. It seeks to introduce block chain and other cutting-edge technologies in a non-technical manner as also the basic building blocks of IBFTech, such as, platforms, crypto assets, tokens and digital identities. It discusses various use cases of IBFTech in the halal supply chain as well as in the for-profit and not-for-profit segments of Islamic finance. It highlights the key Shariah issues and regulatory concerns and undertakes a discussion of sample IBFTech regulations that capture these concerns.
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IBF Education & Charitable Trust
Project Algotrain aims to build a community of professionals well-versed in blockchain and other emerging technologies in SE Asia with a sharp focus on the Algorand protocol, train software professionals, full-stack developers in Algorand protocol and offer short-term certification programs; and conduct webinars, workshops on a regular basis.
Xcellence is currently under development as a use case of the Benevolence initiative and to demonstrate the use of emerging technologies – blockchain, AI etc. – for all-round child development and foster care.
In phase one, it involves developing a platform to cater to the needs of orphanages and foster care homes in Indonesia and demonstrate the use technology to link such institutions as part of a network to other actors, such as, donors, vendors, service providers and to improve and automate specific processes for enhancing efficiency and impact .
Deliverance is under development as a use case of the Benevolence initiative that aims to rejuvenate the Islamic endowment (Waqf) sector in countries, such as, India and Indonesia.
It undertakes a process of verification and validation of the existing data on waqf assets through voluntary action by members of the community and preserves the validated database on blockchain. Deliverance in the next phase would host a dedicated crowdfund for “selected” waqf development projects.
This product currently under development combines a blockchain based platform with RFID tagging (designed to be both tamper and theft-proof) to ensure provenance of the sacrificial animals for the annual festival of Eid al-Adha.
The product also includes a Qurbani-Linked-Sukuk (QLS) token for raising funds from investors and waqf contributors worldwide to scale up and widen the portfolio of livestock that undergo the process of augmenting value. The QLS tokens of two types involve smart contracts based on fixed-term mudharabah muqayyadah (restricted mudarabah) and temporary waqf respectively.
Provenance of livestock via a digital system also opens the door to develop new use cases enabling farmers to unlock the value of their livestock for insurance and collateralizable loans.
Project Benevolence seeks to mainstream and institutionalize charitable and benevolent action (Sadaqah) – contribution of Efforts (SE) and of Assets (SA) – through its objective measurement and conversion into tokens of value or social cryptos called IBFs
Recurrence is a blockchain-based platform under development for Relationship-Based Transactions (RBT) in the Islamic framework based on original in-house research at IBF Net.
IBFx is being designed to be the crypto currency of the virtual Islamic Business and Finance Network. During the process of building up the virtual network, IBFx serves as a closed-loop virtual currency used for payment in intra-network transactions.
IBF Net is currently implementing a range of programs and activities that will facilitate exchange of values in addition to ideas, views and throughts among members, This is expected to lead to a steady increase in volume of transactions, and enhancement in the “intrinsic value” of the currency. Given the closed-loop nature, the currency will contrinue to be unregulated.
At a cut-off level of fundamental value, expected to materialize in 2022-23, IBFx would be converted to a regulated open crypto.