Magazine article Global Finance

Islamic Banking Warms to Blockchain, but Slowly

Magazine article Global Finance

Islamic Banking Warms to Blockchain, but Slowly

Article excerpt

Saudi Arabia's Islamic Development Bank (IDB) signed an investment agreement in November with i-RnTech Solutions, a Tunisia-based advisory firm, to create a series of shariah-compliant tools to help Islamic banks with liquidity management issues. The first product announced is i-Trade, a blockchain-based, real-time transactional platform that helps conventional and Islamic banks transact with each other.

Blockchain technology is still a controversial topic in Islamic finance. …

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