Regulatory Landscape
Silsilat’s success depends on collaboration and trust across a broad financial and regulatory ecosystem. Each stakeholder — from regulators to auditors, custodians, and investors — plays a vital role in ensuring that the tokenized Ar-Rahnu system remains compliant, transparent, and aligned with Islamic finance principles.
🏦 Persona 1: Central Bank Regulator (Bank Negara Malaysia)
Profile
Details
Institution
Bank Negara Malaysia (BNM)
Mandate
Regulate financial institutions, ensure monetary stability, and supervise Islamic finance compliance
Department Involved
Financial Surveillance, Islamic Banking & Takaful, Fintech & Innovation Office
Stakeholder Type
Regulator & policy authority
Pain Points
Limited visibility into decentralized or hybrid financing systems.
Manual, delayed audit submissions from pawnshops and cooperatives.
Difficulty in verifying end-to-end Shariah and AML/KYC compliance.
How Silsilat Helps
Regulatory Node Access: BNM connects directly to Hedera HCS for real-time monitoring.
Live Compliance Dashboard: Streams AML, LTV, and policy adherence data.
Immutable Traceability: Every AI valuation and liquidity transaction is auditable.
Shariah Policy Anchoring: BNM can review and certify Shariah rule packs.
“For the first time, we can supervise Ar-Rahnu and micro-finance markets in real time — with full traceability.”
Persona 2: Shariah Advisory Council
Profile
Details
Institution
National Shariah Advisory Council (SAC), Islamic scholars, Amanie Advisors, ISRA
Role
Certify compliance with Shariah contracts and financial principles
Stakeholder Type
Ethical oversight & certification authority
Pain Points
Manual certification cycles and inconsistent interpretation across institutions.
Lack of visibility into real-time loan data and contract structure.
Difficulty tracing whether fees (ujrah) and returns (mudarabah) comply with Shariah limits.
How Silsilat Helps
Digitized Shariah Rule Packs: Each policy encoded into machine-readable JSON with version control.
Audit Dashboard: Live feed of transactions under specific Shariah policies.
Automated Screening: Smart nodes flag any riba or gharar-based violations.
Immutable Certification: Approved rule packs anchored to HCS with SAC signature hash.
“Shariah supervision moves from manual paperwork to real-time digital oversight.”
Persona 3: Auditor / Compliance Reviewer
Profile
Details
Institution
Approved Shariah & financial audit firms (PwC, Amanie Advisors, IIUM Audit Unit)
Mandate
Validate financial integrity and compliance to BNM and Shariah standards
Frequency
Quarterly or annual reviews
Pain Points
Manual sampling and reconciliation delays.
Limited access to real-time data from decentralized systems.
Inconsistent record formats across operators.
How Silsilat Helps
IPFS Artifacts: Auditors access verified datasets via content hashes.
Unified Schema: Standardized data from every node for faster verification.
Automated Trace Reports: Arize Phoenix + HCS generate pre-audit summaries.
Proof-of-Integrity: SHA256 hashes validate that data has not been altered.
“With Silsilat, audits become data-driven, transparent, and verifiable on-chain.”
Persona 4: Licensed Digital Asset Custodian (DAC)
Profile
Details
Institution
Licenced DAC eg Gambit Digital Custody
Mandate
Safekeep tokenized assets under regulatory oversight
Stakeholder Type
Custody, insurance, and asset management
Pain Points
High operational cost for KYC reconciliation with multiple pawnshops.
Fragmented reporting and lack of digital custody standards in pawn markets.
Limited cross-integration between custodians and liquidity providers.
How Silsilat Helps
Integrated Custody Layer: Direct connection via Silsilat API & HCS Custody Topic.
Proof-of-Custody Hashes: Each asset stored with timestamp and insurance reference.
Federated Access Model: Supports co-custody between institutions and regulators.
Unified Reporting: Auto-generated insurance and proof-of-balance records.
“We can now custody tokenized gold and loan assets transparently, with instant audit access.”
Persona 5: Institutional Investor / ESG Fund
Profile
Details
Institution
Islamic banks, ESG impact funds, waqf foundations
Motivation
Ethical yield with measurable social impact
Typical Investment Size
RM 500k – RM 10 million per pool
Asset Type
LQT or fSAG tokens
Pain Points
Lack of trust in small operators and opaque fund flows.
Difficulty verifying real asset backing for tokenized instruments.
Limited tools for impact measurement and ESG reporting.
How Silsilat Helps
Proof-of-Impact Dashboards: Combine MRV data from Ecosphere Prime with financial trace logs.
Fractional Investment Access: Invest directly in verified gold-backed assets.
Real-Time Portfolio View: See yield, risk score, and Shariah status per pool.
Regulated Custody: Funds held under DACP with full insurance coverage.
“We can finally fund real inclusion projects — where data and impact are verifiable.”
Persona 6: Government Development Agency
Profile
Details
Institution
Bank Pembangunan Malaysia, SME Corp, MRANTI, MTDC
Mandate
Support digital transformation and financial inclusion
Stakeholder Type
Policy catalyst & funder
Pain Points
Fragmented access to real impact metrics.
Difficulty tracing how liquidity translates into inclusive growth.
Need to justify grants or guarantees through measurable outcomes.
How Silsilat Helps
Impact Analytics Engine: Correlates loans issued with micro-enterprise growth metrics.
Sustainable Finance Integration: Links funding to carbon and ESG data from Ecosphere Prime.
Liquidity Co-Funding Model: Co-invest in Silsilat pools to multiply private capital.
Transparent Traceability: Every ringgit disbursed can be traced to its socio-economic outcome.
“We now have a transparent, measurable channel to deliver sustainable micro-finance at scale.”
🧭 Stakeholder Summary Table
Stakeholder
Pain Point
Silsilat Value Proposition
Central Bank (BNM)
Fragmented compliance & delayed data
Real-time HCS monitoring & dashboards
Shariah Advisory Council
Manual audits, inconsistent rulings
Digital rule packs & live oversight
Auditors
Paper records, slow sampling
Immutable IPFS artifacts & pre-verified traces
Custodians (DACP)
Lack of token custody standards
Integrated custody layer & insured proof logs
Investors / ESG Funds
Opaque impact verification
Transparent yield + impact dashboards
Government Agencies
Hard to track social outcomes
Traceable, data-backed microfinance flows
Summary
The Regulator & Stakeholder Network surrounding Silsilat ensures that every transaction — from a pawnshop’s gold appraisal to an investor’s yield — operates within a trusted, verifiable, and compliant framework.
Regulators see real-time transparency.
Shariah boards supervise compliance at the protocol level.
Custodians secure and insure digital assets.
Investors and agencies see measurable impact and traceable liquidity.
Last updated