Ripple is now regarded as a promising innovation with Blockchain technology for Islamic Banking. Ripple has been taking firm steps towards becoming a dominant choice in the Islamic finance system recently.
Ripple Is A Relative Of The Islamic Finance Industry…
Many Islamic financial institutions in the world tend to prefer Blockchain technology in general (not just Ripple). These institutions are considered to be an Islamic instrument that can help promote international payments, financial support, reduce fees, and promote Shariah certification principles.
Islamic enterprises are no longer satisfied with traditional banking systems. This is why they are looking for new ways to grow in the financial sector with innovative technologies.
Innovative Support To Islamic Banking…
Blockchain technology, such as Ripple, today offers professional changes in the financial industry. This has become an inspiring clue to the support and spread of innovations in Islam. Director General of Shariyah Review Office acting director general director Mansoor Munir noted::
“Islam strongly recommends that easy solutions be produced at all times in order to help solve the problems facing humanity in terms of technological or economic innovations.”
See Ripple: last minute!!! Ripple’s New Route Is Clear…
It can be said that the Islamic finance industry lacks many alternatives and probably only has problems that can be solved with Blockchain technology. These issues include the resolution of the approval problem in Shariah-based contracts. However, many experts in the Islamic sector are very pleased with the addition of Blockchain technologies such as Ripple.
“I live in Arabia. There are more workers coming from neighboring countries to the country. These workers are here for one reason. Sending money to their families in their country!”
– I chambers (bassben411) 2 November 2018
Many Islamic banks and financial institutions have decided to add Blockchain technology to their agenda for the future. The most serious work on this initiative is the finance company Al Rajhi Bank, one of the world’s leading Islamic banks. Al Rajhi Bank is the first Islamic Bank to utilize Blockchain technology in Saudi Arabia. It carries out thousands of transactions per day.
One of the bank’s spokesmen says::
“Al Rajhi has collaborated with Ripple to strengthen international operations and as an Islamic Bank, we are now using Ripple’s Blockchain technique.”
The fact that blockchain technology has been introduced in the Middle East is a driving force in the Islamic banking sector. In this way, the financial sector of the region has made tremendous contributions to the region due to money transfer payments.
Islamic Banking Lives In The Golden Age…
According to a survey by Abu Dhabi Bank, total wire transfer spending was over $ 100 billion in 2016. Since then, the total cost of these payments has increased remarkably. Rao noted that banks in the Middle East want to use Ripple technology to promote low costs of transactions and wire transfer payments.
Ripple and other Blockchain technologies will not only promote wire transfer payments. It will also solve the validity problem. This is exactly where Munir, General Manager of Shariah Review Bureau, states that Blockchain technology is almost cut out for Islamic banking, so that problems with fake fatwas and other Shariah certificates can be solved.
There is no doubt that blockchain and Ripple will support financial systems of Islamic banks and other financial institutions. In the light of the above-mentioned statements, I express with open heart that Ripple as the most important technology to undertake this role will be a tremendous breakthrough in reducing the difficulties of international transactions in Islamic banking.