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Dilip Rao: Ripple can help Islamic banks transform their systems and extend the reach
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.
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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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Image courtesy of Ripple Insights
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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