2018-10-25 11:10 |
An Indonesian microfinance firm is looking to put Sharia compliant bonds called sukuks on the blockchain to fund social projects.
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Globally, there are almost 2 billion of Muslims from the 7. 6 billion people in the world. Due to religious reasons, this enormous market of Muslims consciously seeks trusted, halal certified sources for their food, cosmetics, home care, pharmaceuticals, daily products and Shariah complied products to invest in.
An agreement has been signed between iFinTech Solutions, a Tunis-based fintech firm, and the Islamic Corporation for the Development of Private Sector (ICD), the private sector arm of Islamic Development Bank Group (IsDB), according to its press release.
Abu Dhabi-based Al Hilal Bank has carried out a blockchain-based transaction for an Islamic bond worth $500 million.
Within the last one year, the was a burst of cryptocurrencies which led to bitcoin bubble when a known Islamic scholar, said that cryptocurrency is halal and not haram. This attracted more than 1.
Exposing more consumers, corporations, and investors to the cryptocurrency industry can be done in multiple ways. One area often overlooked is Islamic finance, even though it can play a major role of importance.