Boubyan Bank is a Kuwaiti bank that was established in 2004 to practice all banking, financial and commercial activities in compliance with the provisions of the Noble Islamic Sharia.
According to a press release on July 17th, Boubyan Bank has partnered with Ripple to:
“Provide higher levels of technical services related to remittances to ensure greater speed and security and data integrity of the bank.”
As Abdullah Al Tuwaijri, Executive Vice President of the bank mentioned:
“We have signed the agreement with one of the world’s largest known cross-border remittance companies to give customers greater access to fast and easy remittance services. The idea is to provide round the clock access to money transferring services to the bank’s customers through various means of technology. Additionally, it will provide the service of instant transfers to limited countries, adding more along the line. The focus would be on countries that are involved in a high number of transfers from the bank’s customers”
The new agreement is currently awaiting the approval of the Central Bank of Kuwait.
Credit to XRP Research Center (@XrpCenter) for the find