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PunishmentOfLuxury

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

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

I'm not sure what it all means, but RippleNet may well be involved:

Quote

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.

Thanks to @Psychodance for finding it.

Edited by PunishmentOfLuxury

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Other coverage of the agreement, but no mention of Ripple:

https://satoshinakamotoblog.com/signing-of-agreement-between-islamic-corporation-for-the-development-of-private-sector-icd-and-i-fintech-solutions-ifts-to-implement-new-technology-solutions

But we should remember this:

Saudi Arabia's central bank signs blockchain deal with Ripple

Quote

DUBAI (Reuters) - Saudi Arabia’s central bank has signed a deal with U.S.-based Ripple to help banks in the kingdom settle payments using blockchain software, as Gulf regulators begin to explore new forms of financial technology.

 

Edited by PunishmentOfLuxury

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