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The Islamic Development Bank Group (IsDB), a development company of Saudi Arabia, has collaborated with a blockchain startup from Tunisia to explore ways to install interbank blockchain tools.
According to a press release, IsDB, a development company of Saudi Arabia, will carry out the development of the project through its Islamic Corporation for the development of the private sector (ICD), which acts as a subsidiary of the private sector of IsDB. The version states:
"The partnership between ICD and IFTS provides a pipeline of Fintech products that will be developed and implemented mainly to solve the problems of liquidity management.The first product in the program is a real-time transactional platform that facilitates the transaction of a real asset (which serves as a commodity market) and to resolve inter-bank issues between conventional and Islamic banks in a Shari-compliant manner & # 39; ah. The use of blockchain in this product (ALM) will reduce both (i) the total execution time and (ii) the cost of the financial and commercial transaction, and also addresses the problems and challenges related to the transparency and traceability of financial transactions.
The CEO of the Saudi company Ayman Sejiny added:
"L & # 39; IT will always play an important role in the financial system: we will constantly follow our service orientation strategy and help our partners with innovative FinTech compliant Sharia solutions."
Saudi Arabia has not been a key country in the development of blockchains or in the adoption of cryptocurrencies and has taken a risk-free approach to the concept of digital offerings. In July of this year, we reported that Stellar has acquired a Shari certification – by enabling token technology to be implemented in Sharia compliant products in Middle Eastern countries such as Saudi Arabia, Qatar and Bahrain.
On the contrary, Abu Dhabi and Dubai have a more adoptive view of technology and have been delighting with developments in technology. If Saudi Arabia and other stringent countries can begin to explore technology, cryptocurrency may be a little closer to international use.
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