BANKING. AS IT SHOULD BE. Here at Hada DBank, we aim to be different from conventional banking. In fact, we are the First Digital Bank to fuse Islamic Banking Module with Blockchain Technology. Islamic Banking is not just for Muslims. It’s for everyone. It represents something – Transparency and Risk sharing.
Web presence & Social Media
HADA DBANK – your Caring and Personal Banking partners. We aim to be your financial partners, rather than just a financial institution that you use for transactions. Our whitepaper will explain how HADA DBANK is different, and the steps we will take towards our goals.
We are the first Digital Bank to fuse Islamic Banking Module with Blockchain Technology, to create an ethical and responsible banking ecosystem. We are troubled with the current mistreatment by banks and financial institutions towards their customers. Existing players create money out of thin air from debt and interest. This is why the global economy has collapsed time after time, evidently since the 1st century. The lack of responsibilities bore by banks is simply audacious. This is why we chose to be a part of the current financial revolution through establishing a Bank, a caring and personal bank.
Caring and Personal: these are our core values, shaping and influencing our services, transactions, interactions and running of our businesses. These words will guide our conduct internally within our organization, and externally with our customer and the community. We aspire to be the bank that actually cares to improve people’s lives, rather than just to profit from it. Personalization will also be the main focus in our services. Different customers have different needs, and require different services and attention. HADA DBANK’s customers will have tailored services because we believe, not everyone can wear the same pair of pants.
Provide ethical and responsible banking services to everyone, especially the current “unbanked” population
To be the Leading Global Blockchain & Digital Bank that exphasizes ethical and responsibility through islamic banking principles and services
Why Islamic Banking
Our reason is simple. We aspire to be a ‘just’ organization in the financial industry. The financial crisis of 2007-2008 serves as a grim reminder how several irresponsible players can capsize an entire industry, putting millions in financial ruins. Islamic banking, due to its transparency, profit and loss sharing concept, will minimize market manipulation and eliminate another domino crash.
Islamic Banks are less risky and more resilient than their counterparts, due to the aspects of their bank capital requirements and mobilisation of deposits. As opposed to Conventional Banking, depositors to Islamic Banks are entitled to be informed about what the bank does with their money. They also have a say in where their money should be invested. Islamic banks also strive to avoid interest at all levels of financial transactions and promote risk-sharing between the lender and borrower.
There are two basic principles in Islamic banking. One is the sharing of profit and loss; and two, significantly, the prohibition of the collection and payment of interest by lenders and investors. Collecting interest or “Riba” is not permitted under Islamic law. In the case of profit, both the bank and its customer share in a pre-agreed proportion. In the case of a loss, all financial losses will then be borne by the lender. In addition to this, Islamic bank cannot create debt without goods and services to back it (i.e. physical assets including machinery, equipment, and inventory). Hence savings, deposits and investments with our DBank will be backed by physical assets such as precious metals and gemstones.
You might think that Islamic banking is only for Muslims. It is not. In June 2014, Britain became the first non-Muslim country to issue Sukuk; the Islamic equivalent of a bond (the word itself is the plural of Sakk, which means contract or deed). In September 2014, the governments of Luxembourg and South Africa as well as the Hong Kong Monetary Authority made issuances. But Sukuk is not limited to sovereigns: in September 2014, Goldman Sachs issued a USD500 Million Sukuk and Bank of Tokyo-Mitsubishi Malaysia raised its 1st USD50 from its USD500 Million issuance. All of these entities want in on the USD2 Trillion Islamic financial market.
Free Encrypted Account & e-Wallet
a. Smartphone – Banking App
b. Non-smart Mobile phone – SMS / USSD Code
Saving & Withdrawal
a. Minimum 5% Savings Return per annum
b. No withdrawal fee
Transfer, Remittance & Exchange
a. Free Transfer / Remittance of funds (FIAT & Cryptocurrency) between personal savings accounts and e-wallets
b. 0% fee on exchange transactions via HADA Exchange (between cryptocurrencies). No charges on major FIAT currencies during FIAT <> Crypto exchanges.
c. Connect with partners or open APIs for better rate for other currencies
Loan & Investment
a. 0% Loan Interest
b. 10% minimum investment return
Real-Time Payment using HADACoin and other Cryptocurrencies / Tokens through our Debit Card
BOT HADA – Financial Management Bot/Personal Financial Assistant (HUDA)
Manages everyday expenses within the limits set by you or via the balance of your account. Notifies & automates payments and bills through a prioritized schedule. Assisted planning for Long term & Short Term financial goals.
Cashbacks & Discounts
a. Cashbacks & Discounts are rewarded when using Hada’s physical and/or virtual Debit Cards (1st year of signing / opening of account)
b. Additional Cashbacks & Discounts when paying using HADACoin, indefinitely.
c. Additional Discounts from Partners & Affiliates
HADACoin & your Savings are backed by valuable assets such as Precious Metals & insured according to Islamic Banking Principles for your peace of mind.
We strongly recommend everyone to read their whitepaper as we found it really interesting. The whitepaper is visually stunning and loaded with relevant content giving out the business background very clearly with the help of statistics. We must mention that such kind of informative whitepaper is rare to see. Also it is impossible to capture the span of such a whitepaper and business analysis within a single review. We are impressed here!
The Hada Bank team also consist of 12 advisory members from the related fields. We have check each and every profile carefully and found some big names are associated with Hada DBank as advisors. We encourage to visit the website of the ICO project to see the list of all 12 advisory members who certainly adds a lot of value in the project.
A total of 500 million HADACoins will be issued. 295 million coins will be offered for sale. Out of 295 million coins, 20 million will be allocated for private investors and institutional buyers. 50 million of the 295 million coins will be released during pre-ICO and the remaining 225 million coins will be released during ICO. 10 million coins will be distributed through bounty.
Restricted countries: Malaysia, US & China
What we think about HADA DBank
Branding: (1 out of 1)
The HADA DBank project is a gem of branding. Visually stunning and loaded with real content including business cases and statistics. We have already mentioned that we are impressed after seeing the whitepaper as it clearly informs us about the business and the roadmap of this project. We think the branding is excellent and hence awarding 1 out of 1 in this parameter.
Office address & registration: (1.5 out of 2)
The register office address of Hada DBank is,
7-2-1, Jalan Medan Putra, Medan Putra Business Center, Bandar Manjalara, Kepong, 52200,W.P. Kuala Lumpur, MALAYSIA
However, the address is not available in their website for some unknown reason. I have received this address from one of their founder members over email. The parent company of Hada DBank is AL ZAHABI ISLAMIC CAPITAL SDN. BHD. They are a registered entity in Malaysia and the registration number is 1163871-P. We have checked the company registration directory of Malaysia and found that information is true. However, expected these information to be posted in their ICO website as well, but it is not there.
Working product: (0 out of 1)
Working product is not available for HADA DBank yet. However, we understand that they are trying to set up a decentralized banking system based on Islamic banking principles, so the platform will be very complex in nature and not very easy to develop. Hence we are allocating only 1 point in this parameter and not awarding anything here. This rating will be changed once the MVP is released.
LinkedIn profiles: (1.6 out of 2)
Hada DBank team consists of 5 core team members and 12 advisory members. We have personally check all LinkedIn profiles and found that majority of them are pretty old profiles with 500+ connections. Also majority of the advisors have mentioned about their associations with Hada DBank in their profile. After thorough analysis of the LinkedIn profiles, we are awarding 1.6 in this parameter.
Business feasibility: (2 out of 2)
Hada DBank is essentially creating a decentralized bank based on the islamic banking principles. We see immense business possibility in this particular segment because we haven’t seen any such business plan in this ICO market. Islamic banking has a number of factors that made them one of the safest banking principles to follow and when a company is based on the same principle, it looks lot less riskier in long term. Hence full mark in the parameter!
Our rating: (1.9 out of 2)
Hada DBank looks like a very professional ICO project to us. The final outcome of their project is very interesting and has a lot of possibilities to prosper especially when they are trying to focus on the unbanked segment. The growth rate can be even higher that they have envisaged. Hence we are awarding 1.9 in this parameter.
After thorough research and analysis, Best ICO team decided to award 8 out of 10.