Index Asset Token & Smart Contract

Shariah-Compliant Utility Token Ecosystem

Section 1

Executive Summary

This document describes the perpetual Index Asset Token (IAT) eco-system, a regulator-centric and Shariah-compliant utility token structure designed for perpetual operation without interest, leverage, or peer-to-peer trading. Each IAT represents a proportional ownership share (hissah) in an identifiable pool of real-world assets — including the HAL AI Service, its associated intellectual property, revenue streams, and linked media and collectible assets — structured as a digital title deed (sakk milkiyyah) under Shariah principles. The IAT framework separates governance, economic execution, and liability tracking across clearly defined actors and contracts. All obligations are transparent, auditable, and deterministically enforced through smart contracts and bearer contracts.

Section 2

Glossary of Terms

This section provides standardized definitions for all technical, legal, Shariah, and operational terms used in the IAT eco-system. The glossary ensures consistent interpretation by regulators, auditors, developers, and Shariah scholars across the entire document.

Term	Category	Detailed Definition
Asset Pool	Asset Reference	The identifiable collection of real-world assets to which each IAT is proportionally linked, comprising: (i) the HAL AI Service intellectual property and revenue streams for the relevant market, (ii) media assets including photos, videos, and digital collectibles associated with the market, and (iii) any additional tangible or intangible assets contractually assigned to the token pool. The Asset Pool is auditable and its composition is disclosed to all participants.
Audit Trail/Event	Governance	An immutable, end-to-end record of all on-chain and off-chain actions, suitable for regulatory, financial, and Shariah audits.
Bearer Contract	Legal Instrument	The Bearer Contract operates in parallel with, but independently from, the IAT smart contract logic, ensuring that ownership, transfer, inheritance, and settlement rights attached to the IAT are enforceable both on-chain and in law, while faithfully reflecting the predefined economic outcomes of the IAT.
Blockchain	Technology Infrastructure	A distributed, append-only ledger used to record IAT lifecycle events, ownership changes, pricing declarations, and liability movements in a tamper-resistant manner.
Counterparty	Risk Control	All actors are explicitly defined counterparties within the IAT ecosystem, with clearly defined economic and governance responsibilities.
Customer	Actor	A user who is permitted to buy, sell, hold and transfer IATs directly with the relevant LP but not with other customers, ensuring no peer-to-peer speculation or secondary debt creation.
Economic Outcome	Financial Concept	An economic outcome is the value of a token, derived from the actual performance and revenue generation of the underlying Asset Pool — including HAL AI service income performance and media/collectible asset — net of applicable service fees. Economic outcomes are not determined by index movement alone but by genuine asset performance.
Final Settlement Price (FSP)	Pricing	The authoritative price derived from the Net Asset Value (NAV) of the underlying Asset Pool, declared by the market at market settlement, used for liability closure, customer redemption, accounting finality, and Shariah validation.
Governance Framework	Oversight	A structured system of policies, controls, disclosures, and approvals governing system behavior, pricing controls, and settlement integrity.
Gharar	Shariah Principle	Excessive uncertainty or deceit in a contract regarding the subject matter or price, which can lead to disputes. Within the IAT system, Gharar is mitigated through structural controls including per-unit non-fractional tokens, NAV-anchored pricing, prohibition of partial fills, and predefined on-chain lifecycle rules that ensure all participants have continuous visibility into pricing logic, settlement mechanics, and exit conditions.
HAL AI Service	Mandatory Service	An AI-powered real-world service that is proportionally owned by IAT holders and serves as a primary component of the IAT Asset Pool. Each IAT grants the holder access to market-specific HAL AI analytical services and a proportional claim on HAL AI–generated revenue streams including licensing fees, service charges, and performance-based income. HAL AI access is differentiated by market, ensuring that each market’s IAT provides distinct utility.
Hissah	Shariah Classification	An individual’s specific share or portion of ownership in a jointly held asset or company. Each IAT represents a proportional ownership share (hissah) in the underlying Asset Pool, granting the holder genuine, enforceable economic rights over the pooled real-world assets.
Haqq Mali	Shariah Classification	A recognised proprietary economic right under Shariah that may be owned, transferred, inherited, and compensated; IATs qualify as Haqq Mali as they represent lawful economic entitlement grounded in genuine proportional ownership of the Asset Pool rather than debt.
Immutable	Governance	A record that cannot be altered, reversed, or deleted once confirmed.
Index	Reference Asset	An index is a valuation benchmark (mi’yar) used to measure and display the fair market value of the underlying asset pool based on objective performance data. The index serves as a reference signal for price discovery and does not determine or dictate token value. Token value derives from the performance of the underlying real-world assets.
Index Asset Token (IAT)	Core Instrument	An Index Asset Token is a Shariah-compliant utility token representing a proportional ownership share (hissah) in an identifiable pool of real-world assets. Each IAT carries genuine, enforceable economic rights — including proportional ownership of the HAL AI Service and its associated intellectual property, revenue streams, and linked media/collectible assets — and grants the holder access to market-specific AI engine services. The IAT functions as a digital title deed (sakk milkiyyah) qualifying as mal mutaqawwam (tradable property with usufruct) under Shariah.
IAT Token Minting	Token Supply	The controlled creation of IAT units, recorded on-chain through the smart contract, where minting is finite and strictly limited to each individual market, ensuring no additional tokens can be created beyond the predefined market issuance.
IAT Token Non Participating	Token Supply	Marking IAT tokens as non-participating upon market settlement, ensuring liability closure and supply integrity.
Issuer	Actor	The entity that creates and issues IAT units to Subscribers under predefined and immutable rules.
Issuance Fee	Fee	A fee charged to the Subscriber at IAT token subscription, representing platform service cost.
Last Traded Price	Pricing	The price at which the most recent transaction (a customer and the relevant LP transacting) for a specific IAT occurred. It is continually updated while the index is open reflecting real-time market value.
Liquidity	Risk / Market Capacity	The ability of the Liquidity Provider (LP), provided on a best-effort basis (wa’d), to meet IAT buy and sell obligations arising from its own subscription, including repurchasing customer-held IATs at the LP Buy Price, so that trading remains orderly and all running market liabilities are settled.
Liquidity Provider (LP)	Actor	The Liquidity Provider (LP) undertakes, on a best-effort basis (wa’d), to supply both buy and sell offers for every Index Asset Token (IAT) unit listed on a given index during the period in which the market is operational. The LP acts as a market maker (not a guarantor) bearing genuine inventory risk (dhaman), with its commitment framed as a service undertaking subject to market conditions rather than an absolute contractual guarantee.
LP Buy Price	Pricing	The market-derived price, anchored to the Asset Pool NAV, at which the Liquidity Provider offers to repurchase customer IATs.
LP Buy (Customer Sell-Back)	Pricing	A voluntary spot repurchase by the Liquidity Provider (LP) of customer-held IAT units, offered on a best-effort basis (wa’d) at the prevailing LP Buy Price upon customer sell-back request. The LP undertakes to provide liquidity as a matter of commercial practice subject to market conditions, without constituting a binding guarantee of exit.
LP Sell Price	Pricing	The market-derived price, anchored to the Asset Pool NAV, at which LP offers to sell IATs to customers.
LP Sell (Customer Buy)	Pricing	Customers buy IAT units from LP at the prevailing LP Sell Price.
Market	Lifecycle	A fixed operational period defined by a clearly stated market open and market close.
Market End/Close	Lifecycle	The definitive conclusion of a market cycle, after which settlement must occur and liabilities must be discharged.
Market Open/Active	Lifecycle	The point at which IAT units become eligible for trading under predefined rules and participation status.
Market Re-Enablement	Lifecycle	The activation of a new market cycle for the same perpetual IAT using a new smart contract and pricing parameters.
Mal Mutaqawwam	Shariah Classification	Wealth or property that has commercial value and is legally permissible (halal) for Muslims to use or trade. IATs qualify as mal mutaqawwam because they represent genuine proportional ownership in an identifiable pool of real-world assets with usufruct, rather than speculative or prohibited instruments.
Market Settlement	Settlement Mechanism	A contracted reconciliation process executed at market close at NAV-derived market or settlement prices which is recorded in smart contract and Asset Pool values in accordance with predefined and agreed rules.
Maysir	Shariah Principle	Any form of gambling or games of chance where wealth is acquired through luck rather than productive effort. The IAT system controls Maysir by design through the prohibition of peer-to-peer trading, leverage, margin, and wagering mechanics, ensuring all activity consists of buy and sell transactions of genuine asset ownership stakes.
Media / Collectible Assets	Asset Reference	Media / Collectible Assets are identifiable digital or tangible content assets contractually assigned to the IAT Asset Pool for a specific market. These may include photographs, video footage, licensed media rights, digital collectibles and memorabilia-linked content
Net Asset Value (NAV)	Pricing	Net Asset Value (NAV) represents the aggregate fair market value of all identifiable assets within the IAT Asset Pool at a specific point in time.
No Interest (Riba-Free)	Shariah Principle	The system is designed to strictly avoid Riba, including interest, guaranteed returns, compounding, and time-based profit, ensuring that all value arises from lawful trade, ownership, and market-determined outcomes in accordance with Shariah-compliant principles.
No Leverage	Risk Control	A design rule prohibiting margin, borrowing, or leveraged exposure at any stage of the IAT lifecycle.
No Partial Fills	Execution Rule	A strict execution rule where IAT trades must be executed in full units only, preventing fractional exposure or partial contractual obligations.
Mi’yar	Shariah Classification	A standardised criterion, benchmark, or regulatory measure used to ensure consistency and Shariah compliance. Within the IAT ecosystem, the index serves as a mi’yar — a valuation benchmark used to measure and display the fair market value of the underlying asset pool based on objective performance data.
Minimal Value	Pricing	The minimum value assigned to each IAT unit linked to the Asset Pool it represents ownership in.
On-Chain	Technology / Governance	Actions, states, and records executed and immutably recorded on the blockchain, forming the authoritative audit and enforcement layer of the IAT system.
Oracle Data	Pricing	External reference data provided by approved sources and used by the IAT system to validate LP offer prices and track index movement.
Ownership Registry	Legal / Technology	The authoritative on-chain mapping of each IAT unit to its lawful holder.
Perpetual Token	IAT Token Design	An IAT token with no expiry date and limited issuance where economic continuity is maintained through recurring market settlement without interest, rollover cost, or leverage.
Platform Fee	Fee	A transaction fee (e.g., 5%) applied on all customer sell actions, representing service access rather than financing cost.
Price Boundary	Pricing Control	A predefined minimum and maximum price enforced by the smart contract to prevent price manipulation or disorderly markets.
IAT Issuance	Issuance	The initial release of IAT units into the system.
Real World Asset (RWA)	Asset Reference	A real-world asset is a tangible or measurable economic asset that exists outside the blockchain and has identifiable value, performance, or utility in the real economy. Within the IAT ecosystem, RWAs include: (a) the HAL AI Service and its intellectual property, (b) media assets such as photos, videos, and digital collectibles, and (c) any additional assets contractually assigned to the IAT Asset Pool. Each RWA must be identifiable by a specific ID from assetPoolIDs referenced in token metadata.
Sakk Milkiyyah	Shariah Instrument	A formal title deed or legal instrument that serves as official proof of property ownership. Each IAT functions as a digital sakk milkiyyah, granting the holder genuine, enforceable economic rights over a proportional share of the Asset Pool, recorded immutably on the blockchain.
Running Liability	Risk & Accounting	A continuously updated accounting measure representing the LP’s aggregate outstanding repurchase exposure to IAT holders at prevailing IAT Buy Prices, calculated on a best-effort (wa’d) liquidity basis. It reflects the total value of customer-held IAT units that the LP has undertaken to repurchase subject to market conditions, inclusive of all bought but unsettled IATs, without constituting a binding guarantee of exit or capital protection.
Secondary Market	Trading	A defined trading environment in which IATs can be traded between the designated Liquidity Provider (LP) and customer.
Settlement Execution	Pricing Control	The facilitation of IAT transfers at NAV-derived market or settlement prices, on a best-effort basis. Settlement execution is undertaken by the Liquidity Provider as a voluntary undertaking (wa’d) in terms of price honouring, but does not constitute a guarantee of any economic outcome, capital return, or value.
Shariah Annotation	Compliance	A transaction-level compliance mapping within the smart contract to ensure adherence to Shariah principles.
Smart Contract (SSC)	On-Chain Logic	A deterministic blockchain contract responsible for governing IAT lifecycle states, enforcing participation and pricing rules by coordinating with the bearer contract, tracking LP running liability, and recording immutable audit events and Shariah annotations.
Spot Transaction	Transaction Type	An immediate exchange of ownership and consideration at a disclosed price, with no deferment, credit, or time-linked obligation.
Subscriber	Actor	An entity that acquires IAT units directly from the Issuer through a capital subscription at issuance.
Subscription	Issuance	A transaction whereby a Subscriber acquires IAT units directly from the Issuer via the Subscriber’s capital subscription.
Ujrah	Shariah Instrument	The payment, fee, or rent exchanged for the use of a service or the usufruct of an asset. All blockchain-recorded fees within the IAT system (such as issuance fees or platform fees) are structured as ujrah — fixed, disclosed service charges that are not linked to time, capital usage, or outstanding balances.
Unit	Token Structure	Each IAT token constitutes one indivisible contractual claim, directly linked to a proportional share in the Asset Pool.
Utility Token	Token Classification	A digital token that grants the holder specific, enforceable rights including: (a) proportional ownership in an identifiable real-world asset pool, (b) access to platform-specific services including the HAL AI engine for the relevant market, and (c) rights to participate in revenue outcomes generated by the underlying assets. The IAT is classified as a utility token rather than a security, deposit, or derivative.
Wa’d (Unilateral Promise)	Shariah Instrument	A voluntary, non-binding unilateral undertaking by the Liquidity Provider to provide liquidity on a best-effort basis. The wa’d is not a condition of the sale contract and does not constitute a binding contractual guarantee of buyback. Structured in accordance with AAOIFI Shariah Standard No. 49 on Unilateral and Bilateral Promise.
Zero-Debt Architecture	System Design	A structural design in which no participant owes principal plus increment to another participant at any time.

Section 3

Introduction: IAT Token and Contract Framework

The Index Asset Token (IAT) is a perpetual, per-unit utility token representing proportional ownership in an identifiable pool of real-world assets. Each IAT constitutes a digital title deed (sakk milkiyyah) granting the holder genuine, enforceable economic rights in the HAL AI Service, associated media and collectible assets, and linked revenue streams for a specific market. The IAT framework is Shariah-compliant by design, operating without debt, interest, leverage, or derivative obligations. Each IAT represents a single, indivisible contractual unit whose lifecycle is governed by a combination of a smart contract (governance layer) and a bearer contract (economic execution layer).

The IAT ecosystem is structured to clearly separate definition, ownership, governance, economic execution, and liability management. IATs are created through a one-time batch mining process with a fixed and immutable supply. Following issuance by the Issuer, IATs are subscribed by Subscribers. Liquidity Providers (LPs) then acquire IATs from Subscribers, after which the tokens are enabled for trading in the secondary market with customers. All economic interactions in the secondary market occur exclusively between customers and contracted Liquidity Providers. Customers do not trade with one another and do not negotiate prices.

The smart contract functions as a non-custodial control layer. It defines token identity, market linkage, pricing boundaries, participation status, and fee parameters. It records all lifecycle events in an immutable and auditable manner and maintains the running liability of each LP. The smart contract does not hold funds or execute trades.

The bearer contract functions as the economic execution layer. It records ownership of each IAT unit, executes subscriber to LP, LP-to-customer and customer-to-LP transfers, recording IAT pricing, and deterministically updates the LP’s running liability. All financial exposure changes occur at this layer, strictly in accordance with predefined rules.

Economic continuity is maintained through recurring market settlement events. At market settlement, the Liquidity Provider undertakes on a best-effort basis (wa’d) to publish executable settlement prices — derived from the Net Asset Value (NAV) of the underlying Asset Pool — for all outstanding IAT units and to facilitate executions at those prices, in accordance with the settlement methodology. Settlement occurs through price execution based on asset valuation rather than index-dictated redemption. No fixed, minimum, or capital-protected settlement value is promised or implied. At the same time the issuer is responsible for all payments dues associated with the attached Asset Pool.

For the avoidance of doubt, IAT settlement does not constitute a guarantee of capital, principal protection, par redemption, or repayment of subscription price. All settlement values are derived from Asset Pool NAV and may be higher or lower than the original acquisition price.

Liquidity Providers operate subject to predefined prudential constraints including minimum capital adequacy requirements. The smart contract continuously tracks LP Running Liability and compares it against predefined exposure thresholds and capital adequacy ratios. If LP Running Liability breaches configured limits, the system automatically restricts new customer purchases while the LP continues to offer sell-back on a best-effort basis at published NAV-referenced prices, ensuring orderly risk reduction rather than sudden illiquidity. Supervisory intervention is limited to trading pause mechanisms and does not alter ownership rights, settlement mechanics, or token supply.

Section 4

Shariah Compliance Overview

The IAT structure is designed to comply with Shariah principles by construction, rather than through post-hoc adjustment, with all core rules embedded directly into on-chain smart contracts with blockchain transactions.

No Debt

First, the system does not create debt. IATs are not loans, deposits, or promises of repayment with increment. Customers acquire IATs through on-chain spot transactions at a disclosed price and sell them back to the Liquidity Provider (LP) at prevailing market prices or at market settlement, without any guaranteed return.

Riba-Free

Second, Riba (interest) is fully avoided. There is no time-based yield, compounding, discounting, rollover cost, or interest-linked pricing. All blockchain-recorded fees within the system (such as issuance fees or platform fees) are fixed, disclosed service charges (ujrah) and are not linked to time, capital usage, or outstanding balances.

Gharar Controlled

Third, Gharar (excessive uncertainty) is mitigated through strict structural controls. IATs are per-unit and non-fractional, prices are informed by the index as a valuation benchmark reflecting underlying asset NAV, partial fills are not permitted, and all lifecycle rules are predefined, auditable, and executed on-chain. Participants have continuous visibility into pricing logic, settlement mechanics, and exit conditions.

Maysir Blocked

Fourth, Maysir (speculation and gambling) is controlled by design. The system prohibits peer-to-peer trading, leverage, margin, and wagering mechanics. All activity consists of buy and sell transactions of genuine asset ownership stakes recorded on the blockchain. Settlement ensures closure of open market exposure and transfer of ownership at an asset-performance-derived price, without creating zero-sum wagering on index movement, without deferral, rollover, or creation of debt.

Transparent Ownership

Finally, ownership and liability are transparent and accountable. Each IAT represents genuine proportional ownership (hissah) in the underlying Asset Pool, qualifying as mal mutaqawwam (tradable property with usufruct). IATs are owned, transferable, compensable, and inheritable, with ownership recorded on-chain and each token’s metadata explicitly referencing specific asset identifiers. The LP’s running liability is continuously tracked through blockchain records and fully discharged at market settlement, preventing the accumulation, concealment, or rollover of obligations resembling debt.

Through these structural features, the IAT framework provides participation in genuine asset performance via transparent, auditable, on-chain transactions, consistent with Shariah principles of fairness, clarity, asset-backed ownership, and the prohibition of interest and speculative excess.

Section 5

HAL AI Service

HAL AI is a proprietary artificial intelligence engine designed to analyse asset indices and market data. It operates as an off-chain, real-world service and is proportionally owned by IAT holders through the Asset Pool structure.

Within the IAT ecosystem, HAL AI serves as the primary real-world asset to which Index Asset Tokens are linked. Each IAT represents a proportional ownership share (hissah) in the HAL AI Service — including its intellectual property, analytical capabilities, and revenue-generating capacity — for a specific market. This ownership stake constitutes genuine mal mutaqawwam (tradable property with usufruct) rather than a nominal or non-exclusive entitlement.

HAL AI access is market-specific: each market’s IAT grants the holder access to HAL AI analytical services tailored to that market’s asset class, ensuring differentiation and distinct utility across the token ecosystem.

Each IAT carries enforceable economic rights linked to the HAL AI Service, exercisable within the platform. These rights include:

Proportional ownership of HAL AI intellectual property and service infrastructure for the relevant market

A defined claim on HAL AI–generated revenue streams including licensing fees, service charges, and performance-based income, distributed proportionally to token holders

Access to market-specific HAL AI analytical outputs, index calculations, and performance metrics

Participation in value outcomes derived from linked media and collectible assets (photos, videos, digital collectibles) associated with the market

Through this structure, HAL AI and associated assets are genuinely owned by IAT holders in a controlled, auditable, and Shariah-compliant manner, enabling real-world value participation grounded in actual asset ownership rather than synthetic index exposure.

Section 6

Asset Pool Composition and Governance

Each IAT is linked to a defined Asset Pool comprising multiple layers of real-world assets. The Asset Pool is market-specific and its composition is transparently disclosed and auditable.

Layer 1 — HAL AI Service (Primary Asset)

The HAL AI engine and its associated intellectual property, analytical capabilities, and revenue streams for the relevant market. Token holders have proportional ownership of HAL AI’s market-specific operations and a defined claim on revenue generated through licensing fees, service charges, and performance-based income.

Layer 2 — Media and Collectible Assets

Photos, videos, digital collectibles, and other media assets associated with the market. These assets have intrinsic value and generate revenue independent of index movement through licensing, advertising, and distribution channels.

Layer 3 — Additional Contracted Assets

Any additional tangible or intangible assets contractually assigned to the Asset Pool by the Issuer, subject to Shariah board approval.

NAV Calculation

The Net Asset Value (NAV) of the Asset Pool is calculated based on the aggregate fair market value of all assets in the pool. The index serves as a valuation benchmark (mi’yar) reflecting the NAV, but does not dictate or determine token price independently of asset performance. NAV is calculated as:

NAV per IAT = (Total Asset Pool Value) / (Total IAT Supply)

Revenue Distribution

Revenue generated by the Asset Pool is distributed proportionally to IAT holders through the Bearer Contract. The distribution follows the compliant formula:

Return = Initial_Capital + (Asset_Performance_Yield − Service_Fees)

This replaces any index-delta-based return calculation, ensuring that returns derive from genuine economic activity rather than index movement.

Section 7

System Actors, Roles, and Governance Boundaries

This section defines all system participants and clearly delineates their roles, permissions, and prohibitions. Each actor operates within strict governance boundaries to prevent conflicts of interest, market manipulation, or Shariah-non-compliant behaviour.

Section 8

Token Mining and Supply Governance (Perpetual Model)

This section explains how IAT supply is created and governed under a fixed, one-time batch mining model. Token supply is immutable, non-fractional, and perpetual, with no burn or re-issuance mechanisms. Mining itself has no economic effect and does not create liability; all exposure arises only from LP subscription and customer trade.

Supply Governance Matrix

Dimension	Definition / Rule	Operational Description	Governance Controls	Regulatory Significance
Token	Index Asset Token (IAT)	Each IAT is a perpetual utility token representing proportional ownership in the Asset Pool — comprising HAL AI Service rights, media/collectible assets, and associated revenue streams — for a specific market. Each token carries genuine, enforceable economic rights qualifying as mal mutaqawwam.	Token characteristics immutable post-definition	Prevents misclassification as security, deposit, or derivative. Structured under Haqq Mali principles.
Mining Method	One-time batch minting	All IAT units are created in a single, discrete issuance event	Minting function disabled permanently after execution	Enables fixed-supply disclosure and audit certainty
Total Supply	Fixed and immutable	Example: 1,000,000 IAT units minted at inception	No additional minting or dilution permitted	Allows maximum exposure modeling and stress testing
Perpetual Nature	No expiry or maturity	Tokens remain valid indefinitely unless voluntarily sold by holder	No expiry or maturity logic tied to time	Avoids maturity cliffs and forced liquidation risk
Divisibility	Non-fractional	IAT units cannot be split or partially transferred	Enforced at bearer contract level	Simplifies custody, audit, and ownership tracking
Initial Ownership	Issuer → Subscriber	Issuer mints tokens and transfers them to Subscriber via subscription	Subscription recorded and auditable	Establishes clean chain of custody
Post-Mining Supply Control	Disabled	No mint, burn, or clawback allowed	Supply parameters locked in smart contract	Prevents arbitrary issuer intervention
Burning Policy	Not permitted	Tokens are never destroyed as part of lifecycle	Burn functions explicitly absent	Ensures perpetual continuity
Supply Visibility	Fully transparent	Total supply and unit identifiers publicly observable	On-chain events and logs	Enables regulator and auditor verification
Economic Neutrality of Mining	No value creation	Mining itself creates no profit, yield, or entitlement	No pricing applied at mint stage	Confirms mining is not an investment event
Link to Liability	Indirect only	Mining does not create LP Running Liability	Liability arises only upon subscription or customer trades	Separates issuance from risk exposure
Audit Artifacts	Mandatory	Mint event logs, supply manifest, ownership snapshot	Retained for life of system	Meets regulatory record-keeping standards

Meets regulatory record-keeping standards

Section 9

Smart Contract Governance Layer (Perpetual IAT)

This section outlines the smart contract's role as a governance and coordination layer rather than an economic execution engine. The smart contract defines lifecycle states, enforces permissions, links to the bearer contract, and records audit events. It does not custody funds, execute trades, or settle obligations.

#	IAT Stage	Contract Status	Actor	Smart Contract Actions	Smart Contract Transaction Function	Bearer Contract Reference	Event Logs	IAT Ownership	Notes	LP Running Liability
1	IAT Definition	Not Deployed	Issuer	Define IAT for asset (e.g., Arsenal EPL Index), issuer policies, LP policies, min/max price, shariah annotations, asset pool composition	`defineIAT(IATTokenID, IssuerID, AssetPoolID, AssetIdentifiers[], MinPrice, MaxPrice, ShariahAnnotations, HALAIServiceRights, MediaAssetRights, MarketID)`	N/A	`IATDefined`	Issuer	Token parameters set before deployment; asset pool composition registered	0
1.1	IAT Token Mining (Batch Mint)	Not Deployed (Pre-Mint) / Pending Deployment	Issuer	Batch mint N IAT units (e.g., 100,000) to Issuer treasury wallet; Assign IATTokenID range/serials; Hash and publish mint manifest for audit; Assign minimal value	`mintBatchIATUnits(...) assign(nominalvalue)`	N/A	`IATUnitsMinted`	Issuer	Creates per-unit tokens before market activation; no trading; regulator/audit trace starts here	0
2	IAT Deployment	Participating	Issuer/LP	Deploy smart contract per IAT token; Link to designated bearer contract; Mint 1 IAT to Issuer; Set subscription prices anchored to NAV price	`deployIAT(IATTokenID, MarketID, IssuerID, LPID, BearerContractID, SubscriptionPrice)`	Points to designated bearer contract	`IATDeployed`	Issuer	Subscription prices fixed; IATs ready for subscription	0
3	IAT Subscription	Participating	Issuer & Subscriber	Subscriber pays issuance fee to subscribe IAT	`subscribe(IATTokenID, MarketID, IssuerID, SubscriberID, IssuanceFee, SmartContractReference)`	Already linked	`IATSubscribedToSubscriber`	Subscriber	Subscriber becomes owner; spot subscription	0
4	LP IAT Acquisition	Participating	Subscriber & LP	LP Buy all subscribed IAT units from the subscriber at the subscription price	`acquireLP(IATTokenID, MarketID, IssuerID, SubscriberID, SubscriptionPrice, SmartContractReference)`	Already linked	`IATAcquiredBYLP`	LP	LP become the owner	+(AcquiredUnits × SubscriptionPrice) → initial liability baseline
5	Secondary Market Ready	Participating	LP	LP Offer Buy/Sell Price; Enable IATs for trade; Enforce LP policies (min/max resale)	`tradeEnableIAT(IATTokenID, LPID, SmartContractReference)`	Already linked	`IATSecondaryReady`	LP	Token ready for customer buy	Same as liability at LP IAT Acquisition
6	Customer Ownership Validation	Participating	Smart Contract	Validate LP → Customer transfer rules via bearer contract	`validateOwnership(IATTokenID, LPID, CustomerID, SmartContractReference)`	Already linked	`OwnershipRulesApplied`	LP / Customer via bearer contract	Smart contract enforces rules; token movement handled by bearer contract	Repriced with LPBuyPrice/LPSellPrice rules; liability = subscribedCustomerUnits × LPBuyPrice
7	MarketEnd — Non-Participating	Non-Participating	LP	Mark IAT as non-participating	`markNonParticipating(IATTokenID, MarketID, LPID)`	Already linked	`IATNon-Participating`	LP	IAT Tokens cannot be sold until the next market opening	Non-Participating; liability remains subscribedCustomerUnits × last-valid LPBuyPrice
8	Market Settlement	Non-Participating	LP/Issuer	Record final settlement price derived from Asset Pool NAV; LP facilitates settlement of customer-held IATs at NAV-derived prices (wa’d); Issuer settle all IATs from LP at minimal value; Settle smart contract; Asset Pool rights revert to Issuer for reallocation	`settleMarket(IATTokenID, MarketID, LPID, FinalSettlementPrice)`	Already linked	`MarketSettled`	LP	Immutable final settlement; token lifecycle completed	Set to subscribedCustomerUnits × FinalSettlementPrice; then → 0 on buyback completion
9	Next Market Re-Enablement	Participating (New Market)	Subscriber & Issuer	Deploy new IAT contract for next Market; Assign Asset Pool rights; Assign new market; Require eg:5% Issuer Ujrah to enable trading	`reEnableNextMarket(IATTokenID, NewMarketID, SmartContractReference, BearerContractID) mintBatchIATUnits(...)`	Already linked	`MarketReenabled`	Subscriber	Old MarketIAT remain non-participating	0 for prior market; new market liability starts at new subscription

Step 1Not Deployed

IAT Definition

Actor

Issuer

Actions

Define IAT for asset (e.g., Arsenal EPL Index), issuer policies, LP policies, min/max price, shariah annotations, asset pool composition

Transaction Function

defineIAT(IATTokenID, IssuerID, AssetPoolID, AssetIdentifiers[], MinPrice, MaxPrice, ShariahAnnotations, HALAIServiceRights, MediaAssetRights, MarketID)

Event

IATDefined

Ownership

Issuer

Bearer Ref

N/A

Notes

Token parameters set before deployment; asset pool composition registered

LP Liability

Step 1.1Not Deployed (Pre-Mint) / Pending Deployment

IAT Token Mining (Batch Mint)

Actor

Issuer

Actions

Batch mint N IAT units (e.g., 100,000) to Issuer treasury wallet; Assign IATTokenID range/serials; Hash and publish mint manifest for audit; Assign minimal value

Transaction Function

mintBatchIATUnits(...) assign(nominalvalue)

Event

IATUnitsMinted

Ownership

Issuer

Bearer Ref

N/A

Notes

Creates per-unit tokens before market activation; no trading; regulator/audit trace starts here

LP Liability

Step 2Participating

IAT Deployment

Actor

Issuer/LP

Actions

Deploy smart contract per IAT token; Link to designated bearer contract; Mint 1 IAT to Issuer; Set subscription prices anchored to NAV price

Transaction Function

deployIAT(IATTokenID, MarketID, IssuerID, LPID, BearerContractID, SubscriptionPrice)

Event

IATDeployed

Ownership

Issuer

Bearer Ref

Points to designated bearer contract

Notes

Subscription prices fixed; IATs ready for subscription

LP Liability

Step 3Participating

IAT Subscription

Actor

Issuer & Subscriber

Actions

Subscriber pays issuance fee to subscribe IAT

Transaction Function

subscribe(IATTokenID, MarketID, IssuerID, SubscriberID, IssuanceFee, SmartContractReference)

Event

IATSubscribedToSubscriber

Ownership

Subscriber

Bearer Ref

Already linked

Notes

Subscriber becomes owner; spot subscription

LP Liability

Step 4Participating

LP IAT Acquisition

Actor

Subscriber & LP

Actions

LP Buy all subscribed IAT units from the subscriber at the subscription price

Transaction Function

acquireLP(IATTokenID, MarketID, IssuerID, SubscriberID, SubscriptionPrice, SmartContractReference)

Event

IATAcquiredBYLP

Ownership

Bearer Ref

Already linked

Notes

LP become the owner

LP Liability

+(AcquiredUnits × SubscriptionPrice) → initial liability baseline

Step 5Participating

Secondary Market Ready

Actor

Actions

LP Offer Buy/Sell Price; Enable IATs for trade; Enforce LP policies (min/max resale)

Transaction Function

tradeEnableIAT(IATTokenID, LPID, SmartContractReference)

Event

IATSecondaryReady

Ownership

Bearer Ref

Already linked

Notes

Token ready for customer buy

LP Liability

Same as liability at LP IAT Acquisition

Step 6Participating

Customer Ownership Validation

Actor

Smart Contract

Actions

Validate LP → Customer transfer rules via bearer contract

Transaction Function

validateOwnership(IATTokenID, LPID, CustomerID, SmartContractReference)

Event

OwnershipRulesApplied

Ownership

LP / Customer via bearer contract

Bearer Ref

Already linked

Notes

Smart contract enforces rules; token movement handled by bearer contract

LP Liability

Repriced with LPBuyPrice/LPSellPrice rules; liability = subscribedCustomerUnits × LPBuyPrice

Step 7Non-Participating

MarketEnd — Non-Participating

Actor

Actions

Mark IAT as non-participating

Transaction Function

markNonParticipating(IATTokenID, MarketID, LPID)

Event

IATNon-Participating

Ownership

Bearer Ref

Already linked

Notes

IAT Tokens cannot be sold until the next market opening

LP Liability

Non-Participating; liability remains subscribedCustomerUnits × last-valid LPBuyPrice

Step 8Non-Participating

Market Settlement

Actor

LP/Issuer

Actions

Record final settlement price derived from Asset Pool NAV; LP facilitates settlement of customer-held IATs at NAV-derived prices (wa’d); Issuer settle all IATs from LP at minimal value; Settle smart contract; Asset Pool rights revert to Issuer for reallocation

Transaction Function

settleMarket(IATTokenID, MarketID, LPID, FinalSettlementPrice)

Event

MarketSettled

Ownership

Bearer Ref

Already linked

Notes

Immutable final settlement; token lifecycle completed

LP Liability

Set to subscribedCustomerUnits × FinalSettlementPrice; then → 0 on buyback completion

Step 9Participating (New Market)

Next Market Re-Enablement

Actor

Subscriber & Issuer

Actions

Deploy new IAT contract for next Market; Assign Asset Pool rights; Assign new market; Require eg:5% Issuer Ujrah to enable trading

Transaction Function

reEnableNextMarket(IATTokenID, NewMarketID, SmartContractReference, BearerContractID) mintBatchIATUnits(...)

Event

MarketReenabled

Ownership

Subscriber

Bearer Ref

Already linked

Notes

Old MarketIAT remain non-participating

LP Liability

0 for prior market; new market liability starts at new subscription

Section 10

Smart Contract Structure

The Smart Contract structure defines the governance, lifecycle, and control parameters of each IAT unit. It establishes token identity, market linkage, pricing boundaries, fee parameters, and participation status, while linking each IAT to its corresponding bearer contract. The smart contract does not custody funds or execute trades; its purpose is to enforce rules, record state transitions, and provide an immutable audit trail across markets.

Field / Function	Type	Purpose	Notes
`IATTokenID`	`string`	Unique token/unit ID	Identifies each IAT unit individually
`AssetID`	`string`	Underlying asset (e.g., Arsenal EPL Index)	Links token to the asset
`AssetPoolID`	`string`	Reference to the identifiable Asset Pool	Links IAT to specific real-world assets
`AssetIdentifiers`	`string[]`	Array of specific asset IDs in the Asset Pool	Enables hawalah (transfer of rights) for identified subject matter
`MarketID`	`string`	Market identifier	Each market has a unique ID
`IssuerID`	`string`	Issuer unique ID	Owner/creator of token
`SubscriberID`	`string`	Subscriber unique ID	First subscriber of IAT
`LPID`	`string`	LP ID	IAT owner and counterparty of customer in secondary market
`BearerContractID`	`string`	Reference to associated bearer contract	Used for secondary market and AI service linkage
`Minimal Value`	`uint256`	Initial minimal value of IAT	The initial value set for IAT, linked to Asset Pool NAV
`SubscriptionPrice`	`uint256`	Price LP pays for IAT units	Fixed at deployment
`LPRunningLiability`	`uint256`	Tracks LP’s aggregate repurchase obligation for outstanding customer-held IAT units	Updated on customer buy/sell-back and market settlement; audit-ready liability trail
`MinPrice`	`uint256`	Minimum allowed price	Enforces price boundaries
`MaxPrice`	`uint256`	Maximum allowed price	Enforces price boundaries
`IssuanceFee`	`uint8`	Issuer fee	Shariah-compliant fee for issuance
`Participating`	`bool`	Token can be traded	True = active/participating; False = non-participating
`ResaleEnabled`	`bool`	Secondary market allowed	True = LP → Customer allowed
`ribaFree`	`bool`	Shariah Annotation	Shariah-compliant
`ghararControlled`	`bool`	Shariah Annotation	Shariah-compliant
`maysirBlocked`	`bool`	Shariah Annotation	Shariah-compliant
`spotOnly`	`bool`	Shariah Annotation	Shariah-compliant
`assetBacked`	`bool`	Shariah Annotation	Confirms token is backed by genuine proportional ownership in an identifiable Asset Pool
`HALAIServiceRights`	`string`	Reference to HAL AI service proportionally owned by IAT holders	The primary real-world asset in the Asset Pool, with market-specific access rights
`MediaAssetRights`	`string`	Reference to linked media/collectible assets	Additional tangible asset layer
`SubscriptionDate`	`uint256`	Subscription timestamp	Subscriber subscribe IAT
`SecondaryMarketDate`	`uint256`	LP assignment timestamp	When LP started trading IAT
`ContractStartDate`	`uint256`	Deployment timestamp	Start of token lifecycle
`ContractEndDate`	`uint256`	End of market	Token lifecycle end
`MarketSettleDate`	`uint256`	Date LP settled all customer held IATs	Used in final settlement
`FinalSettlementPrice`	`uint256`	Final settlement price at market settlement derived from Asset Pool NAV	Used in final settlement

IATTokenIDstring

Unique token/unit ID

Identifies each IAT unit individually

AssetIDstring

Underlying asset (e.g., Arsenal EPL Index)

Links token to the asset

AssetPoolIDstring

Reference to the identifiable Asset Pool

Links IAT to specific real-world assets

AssetIdentifiersstring[]

Array of specific asset IDs in the Asset Pool

Enables hawalah (transfer of rights) for identified subject matter

MarketIDstring

Market identifier

Each market has a unique ID

IssuerIDstring

Issuer unique ID

Owner/creator of token

SubscriberIDstring

Subscriber unique ID

First subscriber of IAT

LPIDstring

LP ID

IAT owner and counterparty of customer in secondary market

BearerContractIDstring

Reference to associated bearer contract

Used for secondary market and AI service linkage

Minimal Valueuint256

Initial minimal value of IAT

The initial value set for IAT, linked to Asset Pool NAV

SubscriptionPriceuint256

Price LP pays for IAT units

Fixed at deployment

LPRunningLiabilityuint256

Tracks LP’s aggregate repurchase obligation for outstanding customer-held IAT units

Updated on customer buy/sell-back and market settlement; audit-ready liability trail

MinPriceuint256

Minimum allowed price

Enforces price boundaries

MaxPriceuint256

Maximum allowed price

Enforces price boundaries

IssuanceFeeuint8

Issuer fee

Shariah-compliant fee for issuance

Participatingbool

Token can be traded

True = active/participating; False = non-participating

ResaleEnabledbool

Secondary market allowed

True = LP → Customer allowed

ribaFreebool

Shariah Annotation

Shariah-compliant

ghararControlledbool

Shariah Annotation

Shariah-compliant

maysirBlockedbool

Shariah Annotation

Shariah-compliant

spotOnlybool

Shariah Annotation

Shariah-compliant

assetBackedbool

Shariah Annotation

Confirms token is backed by genuine proportional ownership in an identifiable Asset Pool

HALAIServiceRightsstring

Reference to HAL AI service proportionally owned by IAT holders

The primary real-world asset in the Asset Pool, with market-specific access rights

MediaAssetRightsstring

Reference to linked media/collectible assets

Additional tangible asset layer

SubscriptionDateuint256

Subscription timestamp

Subscriber subscribe IAT

SecondaryMarketDateuint256

LP assignment timestamp

When LP started trading IAT

ContractStartDateuint256

Deployment timestamp

Start of token lifecycle

ContractEndDateuint256

End of market

Token lifecycle end

MarketSettleDateuint256

Date LP settled all customer held IATs

Used in final settlement

FinalSettlementPriceuint256

Final settlement price at market settlement derived from Asset Pool NAV

Used in final settlement

Section 11

Bearer Contract Economic Execution Layer

This section describes the bearer contract as the layer where economic ownership transfers occur. All Issuer-to-Subscriber, Subscriber-to-LP, LP-to-customer and customer-to-LP transactions are executed here, and LP running liability is updated deterministically. The bearer contract monitors pricing rules, market participation status, and Asset Pool linkage without discretionary behaviour.

#	IAT Stage	Contract Status	Actor	Bearer Contract Actions	Bearer Contract Transaction Function	Event Logs	IAT Units Tracked	Notes	LP Running Liability
0	Bearer Contract Initiate	Pre-Activation	Initiate	N/A	N/A	N/A	0 (bearer contract not active yet)	Bearer contract begins tracking LP secondary market activation	0
1	Link IAT Smart Contract	Participating	Issuer	Reference IAT smart contract; Initialize ledger for secondary transactions	`linkIATSmartContract(IATTokenID, SmartContractReference, MarketID, BearerContractID, IssuerID)`	`BearerLinked`	0	Ledger tracks transfers of IAT unit	0
2	Subscription	Participating	Issuer/Subscriber	Subscribers subscribe IAT from issuer at issuance fee	`subscribe(IATTokenID, SmartContractReference, MarketID, BearerContractID, IssuerID, SubscriberID)`	`BearerLinked`	All	Ledger tracks transfers of IAT unit	0
3	LP Acquisition	Participating	Subscriber/LP	LP acquire IATs from subscriber at subscription price	`acquire(IATTokenID, SmartContractReference, MarketID, BearerContractID, IssuerID, SubscriberID, LPID)`	`BearerLinked`	All	Ledger tracks transfers of IAT unit	0
4	Market Sets Secondary Price	Participating	LP	Publish LP Sell Price and LP Buy Price per IAT; Ensure price within min/max bounds; Prices anchored to Asset Pool NAV	`setSecondaryPrices(IATTokenID, MarketID, LPID, BearerContractID, LPSellPrice, LPBuyPrice)`	`PricePublished`	All LP-held IATs	Price visible to customers; compliance enforced; NAV-anchored	0
5	Customer Buy	Participating	LP & Customer	Execute LP → Customer IAT transfer; Transfer proportional Asset Pool rights (hawalah); Record transaction immutably (no platform fee)	`buyFromLP(IATTokenID, MarketID, LPID, CustomerID, BearerContractID, Price)`	`TransactionRecorded`	IAT unit ID	Spot transfer of proportional asset ownership; Shariah-compliant; token-per-unit; includes transfer of Asset Pool rights (hawalah)	+(UnitsSoldToCustomer × LPBuyPrice)
6	Customer Sell-Back	Participating	LP & Customer	Execute Customer → LP IAT transfer; Deduct 5% platform fee from customer; Record transaction immutably	`sellBackToLP(IATTokenID, MarketID, CustomerID, LPID, BearerContractID, Price, PlatformFee)`	`TransactionRecorded`	IAT unit ID	LP always counterparty; transparency ensured	−(UnitsBoughtBack × LPBuyPrice)
7	Market End — Non-Participating	Non-Participating	LP	Mark all IATs non-participating	`closeMarket(IATTokenID, MarketID, LPID, BearerContractID)`	`MarketClosed`	All IATs	Tokens marked non-participating until the new market opening	Non-participating (no change)
8	Market Settlement	Non-Participating	LP	LP facilitates settlement at NAV-derived prices (wa’d); Issuer settle all IATs from LP at minimal value; Asset Pool rights transferred back to Issuer; Record final settlement price from Asset Pool NAV; Execute proportional revenue distribution; Close ledger for market	`settleMarket(IATTokenID, MarketID, LPID, BearerContractID, FinalSettlementPrice)`	`MarketSettled`	All IATs	Immutable final settlement; ensures complete Shariah-compliant closure	Rebased to FinalSettlementPrice × subscribedCustomerUnits; then −(BuybackPayments)
9	Next Market Re-Enablement	Participating	LP & Issuer	New bearer contract for new market; Track new IAT smart contracts	`reEnableNextMarket(IATTokenID, NewMarketID, SubscriberID, BearerContractID, SmartContractReference)`	`MarketReenabled`	New IAT units	Previous Market IAT remain non-participating	0 for closed market

Step 0Pre-Activation

Bearer Contract Initiate

Actor

Initiate

Actions

N/A

Units Tracked

0 (bearer contract not active yet)

Notes

Bearer contract begins tracking LP secondary market activation

LP Liability

Step 1Participating

Link IAT Smart Contract

Actor

Issuer

Actions

Reference IAT smart contract; Initialize ledger for secondary transactions

Transaction Function

linkIATSmartContract(IATTokenID, SmartContractReference, MarketID, BearerContractID, IssuerID)

Event

BearerLinked

Units Tracked

Notes

Ledger tracks transfers of IAT unit

LP Liability

Step 2Participating

Subscription

Actor

Issuer/Subscriber

Actions

Subscribers subscribe IAT from issuer at issuance fee

Transaction Function

subscribe(IATTokenID, SmartContractReference, MarketID, BearerContractID, IssuerID, SubscriberID)

Event

BearerLinked

Units Tracked

All

Notes

Ledger tracks transfers of IAT unit

LP Liability

Step 3Participating

LP Acquisition

Actor

Subscriber/LP

Actions

LP acquire IATs from subscriber at subscription price

Transaction Function

acquire(IATTokenID, SmartContractReference, MarketID, BearerContractID, IssuerID, SubscriberID, LPID)

Event

BearerLinked

Units Tracked

All

Notes

Ledger tracks transfers of IAT unit

LP Liability

Step 4Participating

Market Sets Secondary Price

Actor

Actions

Publish LP Sell Price and LP Buy Price per IAT; Ensure price within min/max bounds; Prices anchored to Asset Pool NAV

Transaction Function

setSecondaryPrices(IATTokenID, MarketID, LPID, BearerContractID, LPSellPrice, LPBuyPrice)

Event

PricePublished

Units Tracked

All LP-held IATs

Notes

Price visible to customers; compliance enforced; NAV-anchored

LP Liability

Step 5Participating

Customer Buy

Actor

LP & Customer

Actions

Execute LP → Customer IAT transfer; Transfer proportional Asset Pool rights (hawalah); Record transaction immutably (no platform fee)

Transaction Function

buyFromLP(IATTokenID, MarketID, LPID, CustomerID, BearerContractID, Price)

Event

TransactionRecorded

Units Tracked

IAT unit ID

Notes

Spot transfer of proportional asset ownership; Shariah-compliant; token-per-unit; includes transfer of Asset Pool rights (hawalah)

LP Liability

+(UnitsSoldToCustomer × LPBuyPrice)

Step 6Participating

Customer Sell-Back

Actor

LP & Customer

Actions

Execute Customer → LP IAT transfer; Deduct 5% platform fee from customer; Record transaction immutably

Transaction Function

sellBackToLP(IATTokenID, MarketID, CustomerID, LPID, BearerContractID, Price, PlatformFee)

Event

TransactionRecorded

Units Tracked

IAT unit ID

Notes

LP always counterparty; transparency ensured

LP Liability

−(UnitsBoughtBack × LPBuyPrice)

Step 7Non-Participating

Market End — Non-Participating

Actor

Actions

Mark all IATs non-participating

Transaction Function

closeMarket(IATTokenID, MarketID, LPID, BearerContractID)

Event

MarketClosed

Units Tracked

All IATs

Notes

Tokens marked non-participating until the new market opening

LP Liability

Non-participating (no change)

Step 8Non-Participating

Market Settlement

Actor

Actions

LP facilitates settlement at NAV-derived prices (wa’d); Issuer settle all IATs from LP at minimal value; Asset Pool rights transferred back to Issuer; Record final settlement price from Asset Pool NAV; Execute proportional revenue distribution; Close ledger for market

Transaction Function

settleMarket(IATTokenID, MarketID, LPID, BearerContractID, FinalSettlementPrice)

Event

MarketSettled

Units Tracked

All IATs

Notes

Immutable final settlement; ensures complete Shariah-compliant closure

LP Liability

Rebased to FinalSettlementPrice × subscribedCustomerUnits; then −(BuybackPayments)

Step 9Participating

Next Market Re-Enablement

Actor

LP & Issuer

Actions

New bearer contract for new market; Track new IAT smart contracts

Transaction Function

reEnableNextMarket(IATTokenID, NewMarketID, SubscriberID, BearerContractID, SmartContractReference)

Event

MarketReenabled

Units Tracked

New IAT units

Notes

Previous Market IAT remain non-participating

LP Liability

0 for closed market

Section 12

Bearer Contract Structure

The Bearer Contract structure governs the economic execution and ownership registry of IAT units. It tracks per-unit ownership, applies LP buy and sell prices based on Asset Pool NAV, updates LP running liability, and records all LP-customer transfers and market settlements. The bearer contract operates deterministically within the limits set by the smart contract and is the only layer where economic exposure changes occur.

Field / Function	Type	Purpose	Notes
`BearerContractID`	`string`	Unique bearer contract ID	Links to IAT smart contract
`IATTokenID`	`string`	Reference to smart contract token	Ensures correct token mapping
`MarketID`	`string`	Market identifier	Tracks which market this transaction belongs to
`SmartContractReference`	`string`	Link to IAT smart contract	Ensures rules and policies are enforced
`IssuerID`	`string`	Issuer unique ID	Token originator
`SubscriberID`	`string`	Subscriber unique ID	First subscriber of IAT
`LPID`	`string`	LP unique ID	Token owner and counterparty in secondary market
`IATUnitOwner`	`mapping(string ⇒ address)`	Tracks ownership of each IAT unit	Maps IAT token ID → current owner (LP or Customer)
`IATUnitPrice`	`mapping(string ⇒ uint256)`	Tracks last traded price per token	Maintains transaction history
`SubscriptionPrice`	`mapping(string ⇒ uint256)`	Initial agreed market price	Maintains transaction history
`LPSellPrice`	`uint256`	Offered LP sell price	Guides secondary market pricing; NAV-anchored
`LPBuyPrice`	`uint256`	Offered LP buy price	Guides secondary market pricing; NAV-anchored
`LPRunningLiability`	`uint256`	Aggregate repurchase liability owed by LP for subscribed customer-held IAT units	Updated deterministically on each bearer transfer and sell-back; rebased at market settle to FinalSettlementPrice
`AssetPoolOwnership`	`mapping(string ⇒ string)`	Maps each IAT unit to its proportional share in the Asset Pool	Ensures genuine ownership tracking at the execution layer
`RevenueDistribution`	`uint256`	Proportional revenue pass-through from Asset Pool to holders	Implements ijarah rental or mudarabah profit distribution
`Participating`	`bool`	Token can be traded	True = active/participating; False = non-participating
`SecondaryMarketEnabled`	`bool`	Enables LP ↔ Customer trades	True = trades allowed

BearerContractIDstring

Unique bearer contract ID

Links to IAT smart contract

IATTokenIDstring

Reference to smart contract token

Ensures correct token mapping

MarketIDstring

Market identifier

Tracks which market this transaction belongs to

SmartContractReferencestring

Link to IAT smart contract

Ensures rules and policies are enforced

IssuerIDstring

Issuer unique ID

Token originator

SubscriberIDstring

Subscriber unique ID

First subscriber of IAT

LPIDstring

LP unique ID

Token owner and counterparty in secondary market

IATUnitOwnermapping(string ⇒ address)

Tracks ownership of each IAT unit

Maps IAT token ID → current owner (LP or Customer)

IATUnitPricemapping(string ⇒ uint256)

Tracks last traded price per token

Maintains transaction history

SubscriptionPricemapping(string ⇒ uint256)

Initial agreed market price

Maintains transaction history

LPSellPriceuint256

Offered LP sell price

Guides secondary market pricing; NAV-anchored

LPBuyPriceuint256

Offered LP buy price

Guides secondary market pricing; NAV-anchored

LPRunningLiabilityuint256

Aggregate repurchase liability owed by LP for subscribed customer-held IAT units

Updated deterministically on each bearer transfer and sell-back; rebased at market settle to FinalSettlementPrice

AssetPoolOwnershipmapping(string ⇒ string)

Maps each IAT unit to its proportional share in the Asset Pool

Ensures genuine ownership tracking at the execution layer

RevenueDistributionuint256

Proportional revenue pass-through from Asset Pool to holders

Implements ijarah rental or mudarabah profit distribution

Participatingbool

Token can be traded

True = active/participating; False = non-participating

SecondaryMarketEnabledbool

Enables LP ↔ Customer trades

True = trades allowed

Section 13

Shariah Governance Framework

The IAT ecosystem operates under ongoing independent Shariah governance in accordance with AAOIFI Governance Standard No. 1.

Shariah Board

An independent, qualified Shariah board provides oversight of all IAT structural and operational decisions. The Shariah board issues formal opinions (fatwa) on the permissibility of the IAT structure and reviews any material changes.

Ongoing Compliance

Quarterly Shariah audits of smart contract behaviour and economic outcomes
Annual comprehensive Shariah board review
Continuous monitoring through on-chain Shariah annotations (ribaFree, ghararControlled, maysirBlocked, spotOnly, assetBacked)
Dedicated Shariah compliance officer serving as liaison between technical team and Shariah board

Zakat Disclosure

The platform provides zakat calculation guidance for IAT holders based on the NAV of their holdings, in accordance with applicable Shariah standards for mal (wealth) meeting the nisab threshold.

Index Asset Token & Smart Contract

Executive Summary

Glossary of Terms

Introduction: IAT Token and Contract Framework

Shariah Compliance Overview

No Debt

Riba-Free

Gharar Controlled

Maysir Blocked

Transparent Ownership

HAL AI Service

Asset Pool Composition and Governance

Layer 1 — HAL AI Service (Primary Asset)

Layer 2 — Media and Collectible Assets

Layer 3 — Additional Contracted Assets

NAV Calculation

Revenue Distribution

System Actors, Roles, and Governance Boundaries

Issuer

Subscriber

Liquidity Provider (LP)

Customer

Smart Contract

Bearer Contract

Regulator / Supervisor

Token Mining and Supply Governance (Perpetual Model)

Supply Governance Matrix

Supply Governance Matrix

Token

Mining Method

Total Supply

Perpetual Nature

Divisibility

Initial Ownership

Post-Mining Supply Control

Burning Policy

Supply Visibility

Economic Neutrality of Mining

Link to Liability

Audit Artifacts

Smart Contract Governance Layer (Perpetual IAT)

IAT Definition

IAT Token Mining (Batch Mint)

IAT Deployment

IAT Subscription

LP IAT Acquisition

Secondary Market Ready

Customer Ownership Validation

MarketEnd — Non-Participating

Market Settlement

Next Market Re-Enablement

Smart Contract Structure

Bearer Contract Economic Execution Layer

Bearer Contract Initiate

Link IAT Smart Contract

Subscription

LP Acquisition

Market Sets Secondary Price

Customer Buy

Customer Sell-Back

Market End — Non-Participating

Market Settlement

Next Market Re-Enablement

Bearer Contract Structure

Shariah Governance Framework

Shariah Board

Ongoing Compliance

Zakat Disclosure