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Akbar: The World's First Shariah-Friendly Cryptocurrency that Solves Medical Problems

Akbar will reward users who solve medical problems on their computers with Akbar, a shariah-friendly and tradable cryptocurrency.

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Explain your project idea (2,000 characters)

It is creative as it present a suitable alternative for Muslims to engage in cryptocurrency without violating their religious faith – the Quran mentioned that no currency can be used to speculate with, can be earned through interest, and can be inflationary. Fiat currencies and most cryptocurrencies are not shariah-compliant. Akbar, however, rewards users for helping mankind; “work units” are sent by a program to online computers, which then work on them, simulating protein folding. Misfolding proteins actually cause cancers and illnesses, which increases the need for computers to discover the solutions to misfolding. Much electricity right now is wasted in attempts to mine Bitcoin and other currencies; mining Akbar is a much better use of electricity. Akbar helps the world to fulfill Sustainable Development Goal 3: Good Health and Wellbeing; therefore, it is shariah-friendly. Also, most cryptocurrencies are not widely adopted as they have “hard appeal” (good technology and fast transaction speeds) but do not have “soft appeal” (a human-based identity or culture). We are branding our cryptocurrency with a religious identity to appeal to the religious who wants to help humanity through their faith. We plan to concoct similar cryptocurrencies for other religions in the future. We believe that Akbar presents a viable way for Muslims who wish to dissociate themselves from the un-Muslim acts of Islamic State and terrorists to act positively for humankind and dissolve the unfavorable reputation foisted upon them by media. Since cryptocurency has created so much buzz recently amongst youth and adults alike, we can utilize it as an avenue for making positive change everywhere, since it can be entirely online and no geographic constraints. Many religious organizations may work with us as it presents an avenue to advertise their religious credentials. Noted by Muslims is that the Quran is also very scientific in approaches to discover truths about the world.

Who are the beneficiaries? (1,000 characters)

Technologically-savvy Muslims age 18 - 65 in our three target countries and across the world. We believe that Akbar presents a viable way for Muslims who wish to dissociate themselves from the un-Muslim acts of Islamic State and terrorists to act positively for humankind and dissolve the unfavorable reputation foisted upon them by media. Through Akbar, they can work for medicine and science. Since cryptocurrency has created so much buzz recently amongst youth and adults alike, we can utilize it as an avenue for making positive change everywhere, since it can be entirely online and no geographic constraints. Many religious organizations may work with us as it presents an avenue to advertise their religious credentials. Noted by Muslims is that the Quran is also very scientific in approaches to discover truths about the world; thus, Akbar is compatible with Islam.

How is your idea unique? (1,000 characters)

First, cryptocurrencies (and most modern fiat currencies) are frowned upon in Islam as they have no intrinsic value and are not tied to the value of precious metals. This makes them "haram", or forbidden, to Muslims. They are also used to speculate with, and they earn interest, all forbidden in Islam. OneGram in Dubai has created a gold-backed cryptocurrency but it does not perform any good for mankind except to tie a cryptocurrency to the value of one gram of gold metal. HalalChain is a cryptocurrency blockchain solution that tracks the source of halal food, but does not create a solution to medical problems mankind is facing today.

Idea Proposal Stage (choose one)

  • Initial Design: I am exploring the idea, gathering the inspiration and information I need to test it with real users.

Tell us more about your organization/company (1 sentence and website URL)

We are a team across the world. I am a financial adviser based in Singapore and very interested in blockchain. Farhan is a project manager with J.P. Morgan. William is based in HK and is a financer and accountant. Imane and Manal are two entrepreneurs and experts in project management.

Expertise in sector

  • 1-2 years

Organization Filing Status

  • No, but we plan to register in the future.

In 3-4 sentences, tell us the inspiration or story that encouraged you to start this project.

I was reading about world religions and their relationship to the modern economy. I found out that Islam has rules on Muslims regulating the exchange of goods and services using money. Since I am interested in cryptocurrency, I synthesized a new idea for Muslims to engage with the cryptocurrency market, even though I am not Muslim!

Please explain how your selected topic areas are influenced, in the local context of your project (1,000 characters).

For my idea, Akbar, bridging Peace, Prosperity and Planet: Peace is influenced by religious tensions in South East Asia and across the world by Islamic Radicals, but Muslims who engage with Akbar can improve Islam's reputation as a peaceful religion. Prosperity has been impacted by the central bank's control of money, but cryptocurrencies can return money creation back to the people and permit cross-border transactions for goods without limits. Planet has been impacted by the use of electricity for bitcoin generation, which produces no use for humankind except greenhouse gases, and human illnesses which impact global productivity and longevity. AKBAR SOLVES ALL THESE PROBLEMS!

Who will work alongside your organization in the project idea? (1,000 characters)

We will work with Muslims organizations across Singapore, Malaysia and Indonesia. Muslim communities across these three countries will be especially pleased to hear of our idea. I have worked to host the Hari Raya Aidilfitri Muslim celebrations in my local constituency and I have also been awarded the 6 Degrees Junior Fellowship 2017 by 6 Degrees in Canada, and it recognize me for my work in promoting religious harmony nd critical thinking in Singapore

Please share some of the top strengths identified in the community which your project will serve (500 characters)

They are Muslims and they are very united in their religion. They also have a lot of young people who wish to engage with the cryptocurrency space but cannot religiously do so due to their religion. We wish to harness that. They also want to do something for the world but there are no avenues to do so.

Geographic Focus

The Muslim communities of Malaysia, Singapore, and Indonesia in the first 24 months.

How many months are required for the project idea? (500 characters)

24 months.

Did you submit this idea to our 2017 BridgeBuilder Challenge? (Y/N)

  • No

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