#Islamic finance News

Samsung-Backed Blocko Partners IsDB to Offer Sharia Compliant Blockchain Lending

June 17, 2020 by Anthonia Isichei at Blockchain

The Islamic Development Bank’s (IsDB) research division has collaborated with Blocko, a blockchain technology company, to build a blockchain-powered credit system. Sharia-compliant Blockchain Lending According to a report by Construction Business News on Tuesday (June 16, 2020) IsDB’s Islamic Research and Training Institute (IRTI) together with Blocko, is developing a...

Al Hilal Islamic Bank Completes Sukuk Transaction with Blockchain Technology

November 27, 2018 by Ogwu Osaemezu Emmanuel at Altcoins, Blockchain, News, Platform, Tech

Al Hilal Bank, a progressive Islamic Bank headquartered in Abu Dhabi has announced the successful completion of an Islamic Sukuk transaction via distributed ledger technology, making it the first Islamic bank to achieve such a feat, according to a local news source, Abu Dhabi City Guide on November 26, 2018....

Swiss Cryptocurrency Firm X8 Bags Islamic Finance Certification

November 13, 2018 by Aisshwarya Tiwari at Adoption, Altcoins, Blockchain, News, Platform

X8 AG, a Swiss financial technology firm has successfully obtained Islamic scholars certification for its fiat and gold-backed cryptocurrency from Shariyah Review Bureau (SRB), an Islamic advisory firm licensed by the central bank of Bahrain, Reuters reports, November 12, 2018. Plans to Expand into the Middle East Seeing the burgeoning...

Dark Web Powers the World’s First Jihadi Cryptocurrency Crowdsourcing Effort

August 31, 2018 by Cindy Huynh at Bitcoin, Crime, Finance, News

Benjamin Strick, a specialist in open-source investigations in international crime, terrorism, and human rights abuses, recently discovered a crowdsourced mujahideen platform that allows anyone in the world to fund Jihadist projects anonymously. Any funds on the Sadaqa Platform can be donated via a variety of cryptocurrencies including Bitcoin, Monero, and...

Islamic Finance and the Blockchain are Getting Closer

UK Mosque Plans to Accept Bitcoin and Ethereum for Alms and Zakat this Ramadan

May 22, 2018 by Ogwu Osaemezu Emmanuel at Bitcoin, Commentary, Ethereum, Finance, News

While Islam frowns at high-interest rate lending, currencies not backed by commodities or assets, and Ponzi schemes, the Shacklewell Lane mosque in London has caught the bitcoin bug and has made it possible for Muslims in the area to give alms and make donations to the mosque with cryptocurrencies. Bitcoin...

Agency Declares Cryptocurrencies as ‘Halal,’ Permits Muslims to Invest in Bitcoin and Cryptos

April 13, 2018 by contributor at Bitcoin, Blockchain, Business, Commentary, Finance, News

Amongst the neverending chaos surrounding it, one question that stands out is bitcoin’s compliance with the religious ‘Shariah’ law. To answer that, Blossom Finance, a microfinance firm based in Indonesia, published a detailed 22-page paper this week which inferred “Bitcoin qualifies as Islamic money, except where it is banned by...

How Bullion is Playing a Role in Attracting Islamic Investors to Cryptocurrencies

April 9, 2018 by contributor at Altcoins, Bitcoin, Blockchain, Business, Finance, News

While the world argues over bitcoin’s legality and blockchain use-cases, another type of conundrum is brewing in Islamic countries - their religion essentially prohibits speculative investments. Yet, Dubai and other cities seem to have found a way around this, such that their citizens can invest in cryptocurrencies keeping in mind...

Bitcoin and Sharia Compliance: How Halal is Bitcoin?

February 28, 2017 by Alex Lielacher at Bitcoin, Commentary, News, Regulation

As global bitcoin adoption is rising and bitcoin usage is expanding into markets such as the Middle East, Indonesia, Malaysia and other predominantly Muslim regions, the question of whether the cryptocurrency is compliant with the pillars of Islamic finance becomes more and more topical. Sharia-compliant Finance Sharia law requires a...