IslamicFinance.de

The Islamic Development Bank (IDB) is using blockchain to develop new sharia-complaint financial products. The bank's Islamic Research and Training Institute has struck an agreement with two startups, Ateon and SettleMint, to perform technical feasibility studies. IDB said that it was interested in asset exchanges that can settle in near-instant time. According to the statement by SettleMint, blockchain smart contracts can help automate the contractual processes for Islamic institutions. At the same time, they can also alleviate the additional administrative and legal complexities as well as redundancies associated with Sharia-compliant financial products. SettleMint's CEO Matthew Van Niekerk said he was excited to contribute to this project, thus to the financial inclusion and development of the 57 member countries of the IDB.