Islamic Development Bank Group Partners with Tunisian Company for Interbank Blockchain Tools

The Islamic Corporation for the Development of Private Sector (ICD), the private sector arm of Islamic Development Bank Group (IsDB) has signed an investment agreement with I-FinTech Solutions (IFTS) company in Tunisia to collaborate in developing FinTech solutions and implement these technologies in the Islamic Banks worldwide.

The partnership between ICD and IFTS involves a pipeline of Fintech products that will be developed and implemented to mainly solve the Liquidity management issues. The first product in the pipeline is a real time transactional platform which facilitates transacting of a real commodities (serving as a commodity market) and to solve the inter-banking issues between conventional and Islamic banks in a shari’ah compliant way. The use of blockchain in this (ALM) product will reduce both the overall execution time and cost of the financial and commercial transaction. It also addresses the issues and challenges related to transparency and traceability of the financial transactions.

Ayman Sejiny, CEO of ICD commented: “IT will always play an important role for the financial system. We will consistently pursue our strategy of service orientation and help our partners with innovative Sharia compliant FinTech solutions.”