Jun 25 / 2019
Latest News / Blockchain news/ Crypto
katy micallef
Posted by: Katy Micallef

[WATCH] Dubai have harnessed the power of blockchain – H.E. Khurram Shroff

The Malta A.I. and Blockchain Summit sat down with H.E. Khurram Shroff to hear his expert insight on Islamic finance

“There’s a big interest in the Muslim world for Islamic finance. I really believe in the power of Islamic finance because it will be easier for the Muslim population to adopt if it’s Sharia compliant.”

Khurram believes that when it comes to crypto in the Islamic world the Dubai government is doing great things and that there is a strong appetite for Sharia-compliant technology from the Muslim diaspora. He says that Dubai has “harnessed the power of blockchain and is planning to implement it across all the different government sectors in the next few years. The vision of leadership is to implement blockchain via its efficiencies and immutability. They’re also planning to start their own cryptocurrency.”

As he explains, there is a need to get regular business in place, ‘in the same sort of pool’ in order for mass adoption to happen, whilst also taking advantage of the immense opportunities that will become available by enabling cryptocurrencies to become Sharia-compliant.

“I think we need to integrate with regular society for us to have mass adoption of crypto. If we can get our cryptocurrencies Sharia-compliant it opens things up to one fifth of the world’s population which invest in a particular investment opportunity such as Sharia.

So this is something I’m really focused on this year, looking at ways Islamic finance can harness the power of blockchain.”

In addition to Dubai, SiGMA Group will be opening an office in several other locations this year, such as Hong Kong and Manila.

Watch the full interview below: 

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