IDB to develop Shariah-compliant blockchain

Updated 21 October 2017
0

IDB to develop Shariah-compliant blockchain

LONDON: The research arm of the Islamic Development Bank plans to use blockchain technology to develop Shariah-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 Shariah-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 focused 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.
— REUTERS


Saudi Arabia offers one million sim cards and internet access to Hajj pilgrims

Updated 1 min 6 sec ago
0

Saudi Arabia offers one million sim cards and internet access to Hajj pilgrims

  • The move aims to serve pilgrims who are keen to communicate with their dearest ones back home

MAKKAH: One million sim cards and free internet will be offered as gifts to pilgrims performing Hajj this year upon arriving at the King Abdulaziz International Airport in Saudi Arabia.

The initiative is part of a program aimed at serving pilgrims who are keen to communicate with their nearest and dearest back home.

A field team will be working 24 hours during the Hajj season to offer this service to the arriving pilgrims so that they can share their experience with their families.

The project comes as part of  efforts by the Kingdom to serve pilgrims under directions by King Salman and the Crown Prince to allow pilgrims to perform their rituals with ease.