The Muslim Development Bank's research branch, the Muslim Research and Training Institute, aims to utilise blockchain technology to create sharia-compliant financial products. The Institute has agreed to work with digital solutions firm Ateon and blockchain minting firm SettleMint, with the first stage of the project being a technical feasibility study. The bank hopes to meet Islamic investors' demand for blockchain-based products with sharia certification, as competition develops across the world. The move could also encourage fintech firms to include Muslim finance in their considerations across the Middle East, Africa and Asia.
The Islamic Development Bank's research branch, the Islamic Research and Training Institute, aims to utilise blockchain technology to create sharia-compliant financial products. The Institute has agreed to work with digital solutions firm Ateon and blockchain minting firm SettleMint, with the first stage of the project being a technical feasibility study. The bank hopes to meet Muslim investors' demand for blockchain-based products with sharia certification, as competition develops across the world. The move could also encourage fintech firms to include Islamic finance in their considerations across the Middle East, Africa and Asia.