Saudi Arabia’s IDB Plans Blockchain Financial Project
Saudi IDB creating new sharia-compliant Blockchain technology options
Institutional-level adoption cases for Blockchain technology are cropping up everywhere. The most recent announcement comes from Saudi Arabia, where the Islamic Development Bank will use Blockchain-based financial platforms to reach out to Muslim customers.
The Islamic Research and Training Institute is seeking to create platforms that are sharia-compliant via partnerships with Ateon and Belgium-based SettleMint. According to the announcement:
“Involvement of the IDB, a multilateral development institution, could also encourage other fintech firms to incorporate Islamic finance to tap markets across the Middle East, Asia and Africa. Islamic finance follows religious principles such as a ban on gambling and outright speculation, but until now the sector has focused on traditional retail banking services.”
Global adoption growing
Recent announcements from other governments have indicated that Blockchain technology is making inroads into a variety of national and institutional arenas. The recent release of MasterCard’s B2B Blockchain technology-based payment platform indicates a widespread beginning for the adoption of Blockchain technology into various aspects of the financial sector.