Is XRP Compliant With The Islamic Law? Ripple's Middle East Expansion - Ripple (XRP) News. Sunday, November 4th
Is XRP compliant with the Islamic law?
It all comes to tokenizing assets with integrity
A major representative of blockchain payment firm Ripple has commented that many of the technological solutions his company offers are well compatible with the Sharia, or Islamic law. Global head for Infrastructure Innovation at Ripple, Dilip Rao, was very confident on this statement when he spoke at the Global Islamic Economic Summit, held in Dubai.
According to him, the XRP (the cryptocurrency created by Ripple) could be well adopted by countries of the Middle East, especially since the United Arab Emirates government stated that by 2020, about half of all government transactions will be carried out on distributed ledger technology (DLT). “[The UAE statement] is a fantastic way to encourage innovation, to bring Fintechs to your market and then to then build the capability locally to iterate on those solutions that the Fintechs bring to you,” Rao said.
Furthermore, he is sure that the digital asset his company use and promotes along with its portfolio of products and services is well compliant with Sharia law. He explains that as long as it is done with integrity, tokenizing and asset that could be worth a million dollars can also open the doors for having “a million people share in that asset” instead of just one guy possessing it, so those who are currently unbanked will be no more. “We think therefore aligns well with all of the Islamic finance principles.”
Diligences for promoting mass adoption of Ripple’s products and the XRP in the Middle East have reported positive results. In September, the National Commercial Bank of Saudi Arabia revealed it would be joining the RippleNet, and enabling payment corridors for its customers with other financial entities located in North America and Asia.
The disposition of the UAE and the Middle East in general to embrace DLTs represents a great opportunity for the crypto industry to enter the Islamic market and expand the use of cryptocurrencies in these territories. As such, Rao also announced that Ripple will be opening an office in Dubai before the end-of-year.
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