Is XRP compliant with Islamic law?
All this serves to tokenize goods with integrity
An important representative of the blockchain payment company Ripple commented that many of the technological solutions offered by his company are well compatible with the Sharia or Islamic law. Ripple's Global Head for Infrastructure Innovation, Dilip Rao, was very confident about this when he spoke at the Global Islamic Economic Summit in Dubai.
According to him, the XRP (the cryptocurrency created by Ripple) could well be adopted by the countries of the Middle East, especially since the United Arab Emirates government has declared that by 2020 about half of all government transactions will be carried out on distributed ledger technology (DLT). "[The UAE statement] It's a great way to encourage innovation, to bring Fintechs to your market and then to build local skills to iterate over the solutions that Fintechs bring you, "Rao said.
Moreover, it is certain that the digital assets that your company uses and promotes together with its portfolio of products and services is well compliant with Sharia law. Explain that as long as it is done with integrity, tokenizing, and assets that could be worth a million dollars, they can also open doors for "one million people sharing that good" instead of just one man who owns it, so those who are not currently assigned there will be no more. "We therefore believe that it aligns well with all the principles of Islamic finance".
The stagecoaches to promote the mass adoption of Ripple products and XRP in the Middle East have reported positive results. In September, Saudi Arabia's National Commercial Bank revealed that it would become part of RippleNet and that it would allow its customers payment corridors with other financial entities located in North America and Asia.
The disposition of the United Arab Emirates and the Middle East in general to embrace the DLT 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 open an office in Dubai before the end of the year.
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