Categories: Bitcoin Business

Saudi Arabia’s ICD Bank Announces Blockchain Powered Islamic Banking Solutions

Click here to view original web page at coingape.com

Saudi Arabia’s ICD Bank Announces Blockchain Powered Islamic Banking Solutions

ICD Saudi Bank

The Saudi media reported that the Islamic Corporation for the Development of the Private Sector (ICD) is planning to develop sharia-compliant blockchain product. ICD’s plan of rolling financial products powered by blockchain is to enable Islamic banks to manage their liquidity needs.

With the proposed plan for developing blockchain solutions for an Islamic bank, ICD has already incorporated an agreement with I-FinTech Solutions (IFTS), a Tunis-based company. ICD is a branch of Islamic Development Bank Group which claim that the product penned with IFTS is solely designed to attempt liquidity management issues.

The first blockchain product in a row seems like RippleNet solutions by Ripple Lab Inc., however, the report further called it a ’real-time platform’. On top of all, it aims at streamlining the real-time transactions, eradicating any kind of inter-banking issues between banks and making it in-compliance with Sharia laws. By employing the disruptive technology, the product can better perform financial activities whilst keeping everything transparent and traceable.

Nevertheless, ICD claims that this product is built to condense the total transaction times while assuring less cost of financial and commercial transactions at the same time.

Ayman Sejiny, ICD CEO says that;

“IT will always play an important role in the financial system,” continuing, “We will consistently pursue our strategy of service orientation and help our partners with innovative Sharia-compliant fintech solution.”

Also, CEO-Founder of IFTS, Mr. Mohamed Anouar Gadhoum is glad about his firm’s contribution to global adoption of blockchain technology. This tie-up is likely to help ICD provide faster banking solutions to end users or clients.

Sharia law, bitcoin, and blockchain is often a conflicting topic and following the year 2017, there are various firms and fintech plans to launch their own projects based on blockchain making it a sharia law complying projects. Similarly, Al Hilal Bank from UAE became the first ever Islamic bank to debut blockchain solutions.

ICD Saudi Bank The Saudi media reported that the Islamic Corporation for the Development of the Private Sector (ICD) […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Bitcoin Is Up Against An Extremely Important And Powerful Resistance Zone On The Monthly Chart: The Kijun-Sen (Base Line)

We can identify the price action causes of why price is finding it difficult to move higher by analyzing longer… Read More

5 hours ago

BTC ATM goes missing and no one notices

When you think of thieves stealing an ATM, the mind jumps to the idea of an exciting crime. Maybe there’s… Read More

5 hours ago

Major Swedish Bank Orders Negative Interest Rate on Euro Deposits

Sub-zero interest rates have become the norm in some countries, especially in Europe. Nordic nations such as Sweden and Denmark… Read More

5 hours ago

Researchers Concur Current Bitcoin Market Cycle is Only Just Beginning

Bitcoin price cycles can be influenced by a number of factors, FOMO and public sentiment is one, and mining profitability… Read More

5 hours ago

Hopes for Bitcoin as China’s Renminbi Drops to 11-Year Low

A recent plunge in the bitcoin price is looking to negate some of its losses as China’s currency weakens to… Read More

5 hours ago

Why Bitcoin Rules in the ‘Insane’ World of Negative Interest Rates

Central banks around the world are on a negative rate binge to further a compelling case for bitcoin.. | Source:… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More