Kuwait Finance House, a global leader in Islamic Banking, has joined RippleNet to use the latter’s blockchain technology to perform cross-border fund transfer. The use of Ripple’s blockchain is expected to further bolster the bank’s Sharia compliant products. Kuwait Finance House is the first financial institution in Kuwait to use RippleNet’s real-time gross settlement system based on blockchain technology.
Clients of Kuwait Finance House will be able to make international payments with extremely low transfer fees.
Kuwait Finance House operates in seven regions, has 485 branches, 1,000 ATM’s and more than 15,000 employees. Notably, the UAE stockexchange, and Central bank of Saudi Arabia are prominent middle-east based institutions, which have joined the RippleNet in the recent past.
KFH is the First Bank in Kuwait to Join RippleNet for cross-boarder Instant Payments utilizing blockchain technology
— Kuwait Finance House (@KFHGroup) May 26, 2018
Ripple, however, is yet to clarify whether Kuwait Finance house will use xRapid or xCurrent system for payment transfers.
Ripple has stated
“This is great news for the Kuwait Finance House, as it continues to add solid foundations to the major banking partnerships. The fact that KFH is the first bank in Kuwait to operate in this way will pave the way for more customers to access services through the RIBL network”