IDB to develop Shariah-compliant blockchain

Updated 21 October 2017

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


UK police arrest man after stabbing at London Central Mosque

Updated 13 min 7 sec ago

UK police arrest man after stabbing at London Central Mosque

  • Victim was treated by paramedics before being taken to hospital
  • Man who was attacked in his 70s and stabbed multiple times

LONDON: A man attacked the elderly muezzin at one of London’s main mosques on Thursday, stabbing him in the neck before being arrested.

Metropolitan Police said they were called to London Central Mosque in Regent’s Park after reports of a stabbing.

Police were called to London Central Mosque, also known as Regent's Park mosque, on the city's Park Road to reports of a stabbing. (James Stringer/Flickr)

The attack targeted the muezzin, who performs the mosque’s call to prayer, the Muslim hate crime monitor TellMAMA, said. 

The man who was attacked is in his 70s and was stabbed multiple times, Sky News reported.

He was treated by paramedics before being taken to hospital. His injuries are thought to be non-life threatening.

Police said a man was arrested at the scene on suspicion of attempted murder and a crime scene was put in place.

Video showed police subduing a man inside the mosque before leading him away in handcuffs. He was wearing a red hooded top and no shoes.