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


Vietnam arrests 2 former ministers suspected of mismanagement

Updated 24 min 29 sec ago
0

Vietnam arrests 2 former ministers suspected of mismanagement

  • Vietnamese authorities toughen their crackdown on corruption
  • The People’s Supreme Procuracy approved prosecution orders against Truong Minh Tuan and his predecessor Nguyen Bac Son

HANOI, Vietnam: Vietnamese officials said Saturday that they have arrested two former information ministers suspected of mismanaging state investment capital, as the authorities toughen their crackdown on corruption.
The Ministry of Public Security said on its website that the People’s Supreme Procuracy approved prosecution orders against Truong Minh Tuan, former minister of information and communications, and his predecessor Nguyen Bac Son for “violating regulations on management and use of state investment capital causing serious consequences,” and that police were speeding up their investigation into the case. The offense carries a jail sentence of up to 20 years.
Son was information minister from 2011 to 2016 and Tuan held the post from 2016 until last year, when he was fired for mismanagement at state-owned Mobifone, one of Vietnam’s biggest mobile phone operators.
The ruling Communist Party’s Inspection Committee said earlier that it found Mobifone had overpaid to buy 95 percent of the shares of loss-making pay TV provider Audio Visual Global Joint Stock Company, in a deal worth nearly 8.9 trillion dong ($380 million).
Around 10 senior officials at the ministry and senior executives at Mobifone have been arrested for their alleged involvement in the case.
A former Politburo member and many other former or current officials have been jailed for corruption or economic-related crimes in the past few years.