GulfBase Live Support
The research arm of the Islamic Development Bank [ISDBA.UL] plans to use blockchain technology to develop sharia-compliant products, aiming to support financial inclusion efforts across its member countries.
The Jeddah-based Islamic Research and Training Institute said it had signed an agreement with local firm Ateon and Belgium-based SettleMint, with the first stage to focus on a technical feasibility study.
The agreement is the latest effort to combine blockchain technology to tap demand from Muslim investors, with firms from Indonesia to Canada having already received sharia-compliant certification for their products.
Involvement of the IDB, a multilateral development institution, could also encourage other fintech firms to incorporate Islamic finance to tap markets across the Middle East, Asia and Africa.
Islamic finance follows religious principles such as a ban on gambling and outright speculation, but until now the sector has focussed on traditional retail banking services.
Blockchain involves a shared electronic ledger that allows all parties to track information through a secure network, removing the need for third-party verification.
The IDB said such features would allow for instantaneous clearing and settlement of transactions and asset exchanges, while helping eliminate counterparty risk.
The Arab Strategy Forum (ASF), taking place under the patronage of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Monday announced the deta
Retail sales across four Gulf countries are projected to increase by more than US$24 billion over the next five years, with Oman’s retail industry expected to rise 9.3 per cent during that period, ac
Times of Oman
The Central Bank of Oman (CBO) has confirmed that it has become a full member of the Islamic Financial Services Board (IFSB), an international organisation that promotes sound Islamic banking and set
Times of Oman
In line with the national logistics strategy to position the Sultanate as a leading trade and logistics hub, Oman Post is organising the first edition of the Oman Post Forum 2018 at the Sultan Qaboos
Oman Daily Observer
Saudi Arabia is reviewing its policy of imposing fees on expatriate workers after rising costs inflicted economic pain and contributed to an exodus of foreigners, according to four people familiar wi