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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 asset value of 48 banks operating in the UAE amounted to around Dh2.3 trillion (US$720 billion) by the end of September, according to UAE Central Bank statistics.
This proves that the
Dubai Municipality has begun exploratory work for a deep tunnel sewerage project that will cover key catchment areas of Deira and Bur Dubai.
The Dubai Strategic Sewer Tunnel Project, which
Electricity and water generation projects in Dubai will improve efficiency and generate cumulative savings of up to Dh70 billion ($19 billion) and reduce carbon emissions by 235 million tonnes by 203
Oman’s Islamic banks and window operations have shown a robust year-on-year growth of 31.82 per cent (OMR700 million) in financing at OMR2.9 billion by the end of September 2017, as against OMR2.2 bi
Times of Oman
Qatar Chamber yesterday hosted a delegation of businessmen from South Africa to discuss the prospects of enhancing joint cooperation in sectors including industry and agriculture. The South African d