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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 decision this year of the International Maritime Organization (IMO), a specialized agency of the United Nations, to introduce new rules aimed at reducing the cap on the sulfur content of marine f
Faced with a financial crisis at home, Pakistan Prime Minister Imran Khan’s first visit to Saudi Arabia could provide a much needed boost to the country’s political and economic confidence, experts s
Oman’s central bank raised OMR30.40 million by way of allotting treasury bills on Tuesday.
The treasury bills are for a maturity period of 28 days, from Wednesday until October 17, 2018.
Times of Oman
The Abu Dhabi Executive Council’s Executive Committee has revealed the details of the business and investment encouragement tenet as part of the Abu Dhabi Government Accelerators Programme “Ghadan 21
The United Arab Emirates has achieved a new accomplishment in ICT global competitiveness by achieving advanced ranks in the Global Competitiveness Index, according to the results published recently b
The Gulf Today