The Islamic Development Bank Group (IsDB) is partnering with a Tunisian startup to develop a range of interbank tools based on blockchain technology.
IsDB, which will carry out the project through its subsidiary, the Islamic Corporation for the Development of the Private Sector (ICD), aims to make cooperation between conventional and Islamic banks quick and efficient, while complying with Shariah norms.
The Institute has signed an agreement with Tunisian iFinTech Solutions, an investment advisory company focused on alternative financial solutions based on Islamic principles. The cooperation is intended to solve the problem of the relative lack of Islamic banks on the world stage and the limited capacity of financing institutions provided by international central banks.
The use of blockchain technology will create a platform that will make cross-border payments fast, cheap and transparent.
Saudi Arabia has traditionally copied many other Islamic jurisdictions in maintaining a risk-averse official stance towards cryptocurrencies while championing innovative blockchain technology.
The debate over the industry's compatibility with Islam is still ongoing, and some countries adhere to a conservative position, which is becoming less and less popular. Saudi Arabia plans to launch its own cryptocurrency, which is being developed jointly with the UAE.
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