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

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Ripple

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.

https://twitter.com/bassben411/status/1058283403206950912

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

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Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly

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The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.

However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.

He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.

Users should store their private keys

The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.

That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.

Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.

After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Partnership Between Bridge Mutual & AllianceBlock Announced

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Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage. 

“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”

In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets. 

By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…

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