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


UAE extends national sterilization program in precautionary measure against coronavirus

Updated 36 min 24 sec ago

UAE extends national sterilization program in precautionary measure against coronavirus

  • Local authorities in each emirate will develop sterilization plans and implement them across the cities
  • The program will continue to be scheduled from 8 p.m. until 6 a.m. on a daily basis

DUBAI: The UAE’s National Sterilization Program will be extended as part of the country’s precautionary measures to combat the spread of coronavirus, state news agency  WAM reported on Saturday.

The Ministry of Health and Prevention and the Ministry of Interior said local authorities in each emirate will develop sterilization plans and implement them across the cities.

The program will continue to be scheduled from 8 p.m. until 6 a.m. on a daily basis. People are allowed to leave their homes during daytime. No further details were given on the extension of the program.

The UAE confirmed 240 new cases of coronavirus on Friday, bringing the total number of cases in the country to 1,264.

The health ministry also reported the death of a 51-year-old Asian man who had underlying health problems, bringing the total number of deaths from the virus to nine.

The ministry added that 12 patients had recovered from the virus, bringing the total number of cases who have recovered to 108.