IsDBI's pioneering Smart Voucher system receives patent from U.S. Patent and Trademark Office
The Smart Voucher System is a blockchain-based solution designed to allow regulatory authorities to authorize selected service providers (e.g., privatized enterprises, schools, and hospitals) to provide goods or services to eligible beneficiaries.
The voucher system is funded through sales tax proceeds to provide such goods and services to disadvantaged individuals, which makes the system serve as a tax-credit receipt and, subsequently, to support social impact financial instruments.
The System integrates three critical functions:
Financial inclusion: Enhancing access to financial tools for underserved people.
Tax incentives: Facilitating tax obligations and promoting compliance through the use of vouchers.
Resource mobilization: Securely allocating token-backed vouchers to support financial accessibility.
The innovative integration of these key functions is unique to the Smart Voucher System. The System was originally designed and developed in 2018, based on which it was granted fintech patent number 10201908262Y by the Intellectual Property Office of Singapore (IPOS) in 2021. Both IPOS and USPTO are consistently ranked among the world's foremost intellectual property offices.
In his comment on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said: 'The issuance of this patent by the United States Patent and Trademark Office underscores the commitment of the Institute to creating pioneering fintech applications that drive inclusive social and economic development. We are working closely with our partners to capitalize on this and other patents to offer comprehensive development solutions to our Member Countries.'
For more information about the Smart Voucher System, please contact Dr. Hilal Houssain (hhoussain@isdb.org).
About the Islamic Development Bank Institute
The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on https://isdbinstitute.org/
Social media handles:
X (Twitter): https://twitter.com/isdbinstitute
Facebook: https://www.facebook.com/isdbinstitute
LinkedIn: https://www.linkedin.com/company/isdbinstitute-isdbi/
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
a day ago
- Al Etihad
Ministry of Education announces full readiness for academic year 2025-2026, removes centralised tests at end of second semester
19 Aug 2025 18:54 ABU DHABI (WAM) The Ministry of Education (MoE), in cooperation with the UAE Government Media Office, held a media briefing in the presence of Sarah Al Amiri, Minister of Education, to outline its key preparations and development plans for the academic year 2025–2026, in line with national briefing was also attended by Mohammed Al Qassim, Under-Secretary of MoE; Sulaiman Al Kaabi, Assistant Under-Secretary for the Professional Development Sector; and Amna Al Saleh, Acting Assistant Under-Secretary for the Curriculum and Assessment Sector, along with representatives of local media Amiri confirmed that since January, the MoE has been developing proactive plans to ensure public schools' readiness for the academic year 2025–2026, covering all aspects from facilities to advanced curricula. She noted that this year will introduce qualitative updates to boost the competitiveness of national education, including fundamental changes to the assessment tests at the end of the second semester have been removed and replaced with school-based summative assessments, with centralised tests remaining only in the first and third semesters. The new system optimises school days, diversifies student performance assessment tools, enhances learning quality and teaching methods, promotes student wellbeing and adjusts semester weights in line with the updated Amiri highlighted the approval of the second phase of the project-based learning and assessment (PBLA) system, now covering all Cycle 2 students in public and private schools applying the MoE follows the success of phase one, which engaged 127,500 students across 350 also noted the development of the national testing system through a new standardised proficiency test to measure Arabic, English and mathematics skills for grades 4–11 in public schools, with the first phase expected to include 26,000 Amiri reiterated the Ministry's focus on strengthening national identity through Arabic language and Islamic education as the foundation of student character. The new plan increases teaching time for both subjects in kindergarten and dedicates daily hours for Cycle-1 students to reinforce Arabic reading and writing, achieved by redistributing class periods without extending school Arabic baseline assessment will also be introduced in Grade 1 across 100 public and private schools to establish standard levels, enabling tailored support programmes to enhance linguistic skills and steadily raise proficiency, reflecting the Ministry's commitment to placing national identity at the core of operational readiness, Al Amiri announced the opening of nine new schools across several emirates, which will welcome over 25,000 students, supported by more than 800 new teachers. More than 460 schools have been maintained and equipped, 5,500 buses allocated, more than 10 million textbooks printed, and 47,000 laptops Qasim highlighted the Ministry's efforts to enhance students' quality of life through the new Physical Education, Sports and Health Programme in public schools. The first phase of the initiative promotes a healthy, sustainable lifestyle by improving school health environments, organising sports tournaments, restructuring PE classes, and introducing healthy Qasim reiterated the Ministry's continued commitment to partnership with parents and educational cadres, emphasising their important role in shaping the national education system. This year, a participatory educational vision was developed to enhance their involvement in part of this, Ta'aleem Councils are being restructured: the School Leadership Council will have 14 members, the Teachers Council 14 members, and the Young Teachers Council seven members. Additionally, 520 Parents' Councils, representing 6,140 members nationwide, will be activated to contribute to MoE decisions and announced the MoE's educational campaign, 'From Skill to Leadership,' engaging educators, parents and the community. The campaign aims to develop students' skills and transform them into achievements through three pillars: exploration, creating inspiring school environments to discover talent; development, enhancing skills via strategic partnerships and advanced training; and excellence, encouraging participation in local and international programmes will launch in the first month: 'My Inspiring Family' involving parents, and 'Inspiring People in the Field,' both designed to motivate students on their educational MoE confirmed that the coming academic year will see the introduction of its nationally developed Artificial Intelligence (AI) curriculum – the first of its kind in the UAE – providing lessons from both local and international communities on integrating AI into education. Approximately 1,000 teachers will implement the curriculum across all grades, aiming to prepare students to use AI responsibly and effectively in daily and future initiative will offer practical insights on harnessing AI in education, helping to shape local educational policies and contribute to the global discussion on the future of Ministry of Education continues to enhance the capabilities of its educational cadres through advanced training programmes. More than 23,000 educators participated in a specialised training week, totalling around 170 hours across 40 workshops for leaders and teachers and 20 workshops for support positions. In the next academic year, the Educational Competency Assessment Project will target more than 12,000 cadres across kindergarten and Cycle 1 levels and 11,000 cadres across Cycle 2 and Cycle 3 in order to define clear career paths and empower staff in line with national education system requirements.
Zawya
a day ago
- Zawya
Indonesia raises $554mln from Islamic bond auction
Indonesia raised 9 trillion rupiah ($554 million) on Tuesday in an Islamic bond auction, matching the indicative target, its finance ministry said. Total incoming bids were 33.11 trillion rupiah, lower than the 43 trillion rupiah in the previous auction on August 5. ($1 = 16,235.0000 rupiah) (Reporting by Stanley Widianto Editing by Mark Potter)
Web Release
2 days ago
- Web Release
O Gold Receives Shariah Certification for Gold and Silver Investments and Wakalah Gold Earnings
O Gold, the UAE's first Emirati fractional gold and silver ownership app, has been awarded a Shariah Compliance Certification from the Center of Islamic Banking and Economics. This certification marks a significant milestone and reaffirms the company's commitment to Islamic finance principles. O Gold offers insured and secure gold and silver buying and selling, along with Wakalah Gold Earnings, all fully compliant with Shariah principles. Wakalah Gold Earnings provides returns in gold, ensuring profits remain asset-based and interest-free. Every transaction is transparent, backed by high-purity gold and silver, with clear asset identification and no speculative practices. 'Receiving this certification is an honour and a crucial step in our mission to redefine gold ownership,' said Bandar Alothman, Founder of O Gold. 'It validates our dedication to transparency and ethical practices and demonstrates our commitment to providing a platform that is not only accessible and secure, but also completely aligned with the values of our community.' 'We are pleased to certify O Gold's gold and silver trading and investment offerings as fully compliant with AAOIFI Shariah standards,' said Mr. Muhammad Zubair, CEO of AlHuda CIBE. 'This certification reflects O Gold's commitment to ethical, transparent, and asset-backed precious metals solutions that meet the highest standards of Islamic finance. We believe this initiative will not only provide investors with Shariah-compliant opportunities but will also contribute to the global growth of Halal investment products.' O Gold stands apart as the first Emirati platform enabling customers to own fractional amounts of gold and silver starting from just AED 1. This innovation opens doors for everyday investors, allowing them to benefit from precious metal ownership without the need to purchase large, costly quantities. The platform offers a complete ecosystem that empowers users to buy, sell, or lease gold with just a few taps, enjoy competitive market prices, and have their gold securely delivered to their doorstep. With this certification, O Gold sets a new standard for gold investment in the Middle East, paving the way for a future where financial growth aligns seamlessly with faith-based principles.
