Empowering the Underprivileged: The Impactful Journey of Sidra Bank in Providing Financial Inclusion for All
Sidra Bank is a revolutionary new banking platform that aims to provide Muslims with an alternative to traditional banking systems. Our mission is to create a free market for Islamic finance, something that has not been possible in the past. With the advent of decentralization, Sidra Bank operates on a global scale, independent of any central bank or local economic policies.
Start Mining Sidra Coin Here
One of the main challenges we faced when starting our journey was the implementation of mobile mining for our Sidra Coin. Many people questioned the need for mobile mining and did not see the value in it. However, we believe that the main value is in giving access to the financial system to users and people living in poverty. Through mobile mining, we are able to provide a way for these individuals to earn and use Sidra Coins, giving them access to financial services that they previously did not have.
Sidra Bank Founder
Another challenge we faced was a lack of technology experts and the high cost of ongoing salaries. Additionally, our team was not aligned and we faced internal issues in aligning our team and managing deadlines. Despite these challenges, we have been able to build a dedicated team that is committed to our mission and is working hard to overcome these obstacles.
Regulations also proved to be a major issue as we work with blockchain and cryptocurrencies. Obtaining licenses and staying compliant with regulations is a difficult task, and it can be hard to navigate the legal landscape. However, we are committed to compliance and are working closely with regulatory bodies to ensure that we are operating within the law.
We also faced challenges with KYC and sanctions lists, as many countries have a large number of blacklisted individuals. The cost of user verification was also high, and we have been targeted by hackers trying to create fake users and gain referral system points. Despite these challenges, we have implemented strict verification processes to ensure the security and integrity of our platform.
Despite these challenges, we have made progress in our journey. We currently have over 3 million users globally, with 110 million user coins and 275 million main faucet coins. Our top countries for users include Nigeria, China, India, the US, Vietnam, Indonesia, Bangladesh, Pakistan, and Benin.
We understand that as a startup, there will be challenges and obstacles along the way. We are committed to overcoming these challenges and achieving our mission of financial inclusion for all. We believe that by documenting our journey, whether it be through success or failure, we can help others understand the challenges and opportunities that come with implementing an Islamic economic financial system in the technology era.
As a side note, this project also serves as my doctoral research at the ISM-Paris School, and I hope to contribute to the advancement of Islamic finance through this endeavor.
As an Islamic open bank, we have faced a number of challenges and obstacles on our journey, but we are committed to overcoming them and creating a revolutionary platform for financial inclusion. Our goal is to provide access to the financial system to users and people living in poverty, and we are always looking for volunteers who can help us achieve our goals. We appreciate your understanding and support as we continue on our journey.
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