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Dilip Rao: Ripple can help Islamic banks transform their systems and extend the reach

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Blockchain technology of Ripple has been seen as an innovation with lots of prospects in it. It has also been recognized as a boost to Islamic Finance lately. The fact is, more Islamic financial institutions around the world today are considering blockchain technology in general (not just Ripple’s) as the way forward. These institutions are considering it as a sharia-tool that can help to foster cross-border payments, financial inclusions, reduce fees, and help in the administration of Sharia certifications.

Islamic start-ups seem not to be content with the traditional banking systems, and hence, they are looking for better ways to grow with innovative technologies.

Backing innovations

Blockchain tech such as Ripple‘s is seamlessly offering better changes in the finance industry today, and it has become a cue to Islam to support innovations. The acting general manager at the Shariyah Review Bureau, and acting general manager at the Shariyah Review Bureau, Mansoor Munir, stated:

When we speak about innovation in technology or economics, for example, then Islam strongly recommends coming up with solutions to help solve the problems that mankind faces.”

It is important to note that the Islamic Finance industry lacks lots of prospects and it faces problems which probably can only be solved by blockchain technology. These problems include solving sharia-compliant contract and validation. However, lots of experts in the industry are pleased about the addition of blockchain technologies, such as Ripple.

Subsequently, lots of Islamic banks and financial institutions are aiming to use blockchain technology and one financial company trailing on this is the Al Rajhi Bank – one of the most prominent Islamic banks in the world today. Al Rajhi Bank is known to be the first Islamic bank in Saudi Arabia to make use of blockchain technology, and it executes thousands of transactions daily.

The bank stated through one of its spokespeople:

Al Rajhi Bank is betting big on technology. Blockchain is just one initiative that falls under our digital growth strategy.” Al Rajhi has gone global ever since its first success with the use of blockchain technology last year.

To foster its cross-border transactions, Al Rajhi partnered with Ripple and has benefitted from Ripple’s blockchain tech. Meanwhile, Ripple’s global head of infrastructure innovation, Dilip Rao, stated that,

“Distributed ledger technology offers a more collaborative and democratic platform that can reduce costs and extend the reach of financial services into both the banked and unbanked sectors of the global economy.”

The usage of blockchain technology in the Middle East is a big drive and can help the financial sector of the region – due to the level of remittance payments that go in and out of the region.

According to a survey by the First Abu Dhabi Bank, the total remittance outlays in 2016 was more than $100 billion, and since then, the total costs of these payments have remained extremely exorbitant. Relevant to it, Rao stated that banks in the Middle East could make use of Ripple’s technology to foster their transactions and remittance payments with low cost.

Ripple and other blockchain technologies will not only foster remittance payments, but will also solve the problem of validity, and Munir (Shariyah Review Bureau general manager) has explained that blockchain technology will be used to solve the problem of forged fatwas and other Sharia certificates.

There are no doubts that blockchain will boost the financial systems of Islamic banks and other financial institutions. Ripple as the forefront technology to play this role will help reduce the hassles of cross-border transactions in Islamic finance.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Ripple Insights

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Altcoins

IOTA (MIOTA) Pending Update Might Bring Huge Gains in Days to Come

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IOTA
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The crypto space is erupting once again, and if popular predictions are correct — the growth is only starting. However, in the vast sea of altcoins that hold the massive potential to go big in the future, we would like to set IOTA aside as one of the coins that might blow up quite soon.

As always, there are no guarantees of this, as the crypto space still lacks regulations, and remains highly volatile. To see proof of this, all you need to do is look at Bitcoin, which goes up by $1,000 within a day, only to slowly drop by $700 in the following week, and then repeat the process. In other words, there is still a lot of uncertainty regarding any project, and that includes IOTA.

However, even with all of that in mind, many are quite optimistic about this particular project, especially after a recent announcement. The announcement in question indicates that IOTA is about to see a massive upgrade. In most cases, this would be more than enough of a reason to expect the coin to start performing better. But, in IOTA’s case, this is nearly a guarantee that it will.

The update is believed to carry a lot of fixes for a lot of problems that traders and investors have been reporting for a while. No crypto is perfect, and since IOTA is…

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