Informed sources say that the Islamic Development Bank (IDB) of Saudi Arabia's research uses Balukshin technology to develop new Shariah-compliant financial products. According to Reuters, the Islamic Research and Training Institute has entered into an agreement with two emerging companies - Ateon and SettleMint, the company's last headquarters in Belgium - to conduct technical feasibility studies before further research and development. SettleMint also reported the deal on its official blog earlier this week.
On the other hand, Shariah-compliant financing generally prohibits interest collection on loans, as well as speculative investments. While it is not yet clear which types of products may eventually be considered widespread, the group stated that it is interested in the exchange of assets that can be implemented simultaneously at the same time. Matthew van Neckerk, Chief Executive Officer and Founder of SettleMint, said in a statement:
"We are very excited to be able to contribute to this project. As long as one of the key values of SettleMint is to change the world for the better, using Balucchin technology to enhance the financial inclusion and development of 57 countries, this fits into our ambitions in this message. "
According to the SettleMint statement, smart contracts based on PLCs can help automate the contractual processes of Islamic institutions while "mitigating additional and redundant administrative and legal complications is also linked to Shariah-compliant financial products."
Informed sources say that the Islamic Development Bank (IDB) of Saudi Arabia's research uses Balukshin technology to develop new Shariah-compliant financial products. According to Reuters, the Islamic Research and Training Institute has entered into an agreement with two emerging companies - Ateon and SettleMint, the company's last headquarters in Belgium - to conduct technical feasibility studies before further research and development. SettleMint also reported the deal on its official blog earlier this week.
On the other hand, Shariah-compliant financing generally prohibits interest collection on loans, as well as speculative investments. While it is not yet clear which types of products may eventually be considered widespread, the group stated that it is interested in the exchange of assets that can be implemented simultaneously at the same time. Matthew van Neckerk, Chief Executive Officer and Founder of SettleMint, said in a statement:
"We are very excited to be able to contribute to this project. As long as one of the key values of SettleMint is to change the world for the better, using Balucchin technology to enhance the financial inclusion and development of 57 countries, this fits into our ambitions in this message. "
According to the SettleMint statement, smart contracts based on PLCs can help automate the contractual processes of Islamic institutions while "mitigating additional and redundant administrative and legal complications is also linked to Shariah-compliant financial products."
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