Blockchain & Islamic Banking

Blockchain offers an ideal solution for Islamic bankers because it reduces costs involved in transactions and processes.

Using blockchain technology, smart contracts are capable of essentially automating the whole contractual process for Islamic institutions, including enforcing the terms of the contract. This is the main reason why Saudi Arabia’s Islamic Development Bank (IDB) started working with crypto firms in Oct.

As early as 2016, major Islamic banks such as ICICI Bank and Emirates NBD began researching blockchain’s capabilities to reduce transactional costs, according to Coindesk.

Via Forbes: Blockchain And Islamic Banking Are Working Together, And Everyone Stands To Benefit

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