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The Saudi media have reported that the Islamic Corporation for Private Sector Development (ICD) is planning to develop a sharia-compliant blockchain product. The ICD plan to roll out blockchain-based financial products is to allow Islamic banks to manage their liquidity needs.
With the proposed plan for the development of blockchain solutions for an Islamic bank, ICD has already incorporated an agreement with I-FinTech Solutions (IFTS), a company based in Tunis. The ICD is a branch of the Islamic Development Bank group which states that the product signed with IFTS is designed exclusively to attempt liquidity management problems.
The first blockchain product in a row looks like Ripple Lab Inc.'s RippleNet solution, however, the report further defined it as a "real-time platform". In addition, it aims to streamline transactions in real time, eradicating any type of inter-bank problems between banks and making it compliant with Sharia laws. Using disruptive technology, the product can better perform financial activities while keeping everything transparent and traceable.
However, ICD states that this product is built to condense the total transaction times while ensuring less cost of financial and commercial transactions.
Ayman Sejiny, CEO of ICD, states that;
"L & # 39; IT will always play an important role in the financial system," he continues, "we will consistently pursue our service-oriented strategy and help our partners with the innovative Fintech-compliant Sharia solution."
In addition, IFTS CEO-founder, Mohamed Anouar Gadhoum is happy with his company's contribution to the global adoption of blockchain technology. This link is likely to help ICDs provide faster banking solutions to end users or customers.
Sharia, bitcoin and blockchain are often a conflicting topic and, after the year 2017, there are various companies and fintech plans to launch their own blockchain-based projects that make it a project compliant with sharia law. Likewise, Al Hilal Bank of the United Arab Emirates was the first Islamic bank to launch blockchain solutions.
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Item name
ICD Bank of Saudi Arabia announces isotonic blockchain banking solutions
Description
Islamic media have reported that the Islamic Corporation for Private Sector Development (ICD) is planning to develop a sharia-compliant blockchain product. The ICD plan related to the launch of a financial product based on the blockchain is to allow Islamic banks to manage their liquidity needs.
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tabassum
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Coingape
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