Ripple has introduced a major Islamic bank to their blockchain team. Kuwait Finance House (KFH), one of the largest Islamic finance institutions, has claimed that it is teaming up with blockchain based platform Ripple. It has become the first bank in Kuwait to join RippleNet to offer instant services to the clients.
Kuwait Finance House (KFH) recently announced that it is partnering with the real-time payments system Ripple. KFH is one of the largest Islamic banks in the world and the first bank in Kuwait to join RippleNet. It will be taking advantage of the high speed, easy and secured payments system that Ripple offers.
By teaming up with RippleNet, the bank is joining the worldwide blockchain network that comprises of more than 100 financial institutions including banks and various payment providers. Ripple connects payment providers, bank, corporates and digital asset exchanges via RippleNet to provide fastest experience for international payments.
It is not yet clear whether the bank will use Ripple’s xCurrent, blockchain software that enables settlements in fiat currency or xRapid, which provides real-time liquidity by using Ripple’s token cryptocurrency, XRP, for all the international transactions.
However, the approval of the Kuwait Central Bank is still awaited before the Ripple enabled service platform is completely launched. KFH is positive about the approval and so the approval seems a mere formality in the execution of the project. The partnership will benefit KFH customers too. The resultant partnership will lead to fast payments, secured transactions, increased efficiency and transparency which blockchain enabled service provides. Not only this, the customers will enjoy lower fees for international transactions.
UAE based National Bank of Ras Al-Khaimah (RAK Bank) is also a member of RippleNet. Saudi Arabia’s Central Bank, The Saudi Arabian Monetary Authority (SAMA), has also partnered with Ripple and was the first Central Bank in the world to join RippleNet. Ripple is by all forms one of the most adopted cryptocurrencies in the World.
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