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.
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.
I live in Saudi. The number of workers here from neighboring countries is staggering. They are here for one reason only, to send money back home! This is your market sir! Best of luck…
— Ben Chambers (@bassben411) November 2, 2018
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.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
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
Why Bitcoin Price Remains Stable Before the Expected Hike
The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.
The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.
Why this week’s closing price matters
Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.
If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…
Blockchain-Focused ETF Arrives on London Stock Exchange
The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…
Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?
Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.
However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.
Bitcoin as a divorce tool?
In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.
However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…
The Highly Acclaimed PayDex, an Advanced Blockchain Payment Platform
Top 3 Cryptos to Serve as an Alternative to Bitcoin
Why HODLing XRP, BAT, and EOS is a Smart Idea
Blogs2 weeks ago
BTC/ETH/XRP — What to Expect in March 2019
Hot Updates2 weeks ago
Aaron System in Thailand enters into Mongolian Cryptocurrency Exchange market with UBWAVE in Mongolia
Altcoins1 week ago
Verge (XVG) Unexpectedly Surges by 11% After Code Malfunction
Hot Updates2 weeks ago
BTC ETF Approval will Boost the Crypto Market ?- Bexplus BTC Investment Tips 2019
Bitcoin1 week ago
Stanford Lecturer praises XRP over Bitcoin
Altcoins2 weeks ago
CoinFlip ATMs Present a Compelling Opportunity for Crypto Traders
Altcoins2 weeks ago
MGO Token Could Surge After New Payment API Release
Blogs1 week ago
Three Biggest Things To Know Come Cryptocurrency Tax Season