An Indonesian financial firm is looking to put Sharia compliant bonds called sukuks on the blockchain to fund social projects.

Blossom Finance, a microfinancing platform for social causes using Sharia models, is planning to issue a blockchain-based sukuk in coming months, according to a Reuters report Wednesday.

While the size of the initial issuance may not be large, the use of blockchain tech is expected to lower issuance costs and attract more retail investors, chief strategy officer Khalid Howladar said at a recent Islamic accounting event, according to the report.

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