The Islamic Corporation for the Development of Private Sector (ICD) has entered into collaboration with an investment firm I-FinTech Solutions (IFTS) to develop DLT-based solutions and implement these products in the Islamic Banks worldwide, Irish Tech reports.
It is reported that the partnership between ICD and IFTS includes a list of fintech products, which will be developed and implemented to solve liquidity management issues.
As it states, the first product of the agreement is a real-time transactional service that facilitates the transaction of real goods and resolves interbank problems between traditional and Islamic financial institutions in accordance with Sharia.
Using DLT-based tech will decrease both the total execution time and the fee of a financial operation. It also addresses issues and concerns related to transparency and traceability of financial transactions.
The CEO of ICD, Ayman Segina, said IT would always play a key role for the financial system.
“We will consistently pursue our service orientation strategy and assist our partners in innovative Sharia-compatible fintech solutions,” Segina added.
Earlier, United Arab Emirates-based ADAB Solutions palmed off with promises to launch the First Islamic Crypto Exchange (FICE). According to their website, the company has completed 6 out of 13 steps on their roadmap to becoming a fully operational ‘Halal’ Crypto Exchange. It’s expected that the exchange would be 100% Halal.
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