Blockchain in Islamic banking – opportunities aplenty

One of the key principles of Islamic Banking is based on having enforceable contracts which are fair, transparent and agreeable between the parties that engage in a banking transaction. Due to this, ethical banking methods are sought after as the end-consumer is well protected and gains full clarity about the undertaking, prior to the execution of a transaction. From a process stand-point, often this is considered to be cumbersome in terms of hefty paperwork, extended turn-around-times etc. As we all know, banking methods and systems have drastically changed over the decades, especially in the last few years due to the raging digital revolution. Read more: thefintechtimes.com