SIGNING OF AGREEMENT BETWEEN ICD AND IFTS TO IMPLEMENT NEW TECHNOLOGY SOLUTIONS
Tunis on the 29th of November 2018, The Islamic Corporation for the Development of Private Sector (ICD), the private sector arm of Islamic Development Bank Group (IsDB) has signed an investment agreement with I-FinTech Solutions (IFTS) company in Tunisia to collaborate in developing FinTech solutions and implement these technologies in the Islamic Banks worldwide.
The partnership between ICD and IFTS involves a pipeline of Fintech products that will be developed and implemented to mainly solve the Liquidity management issues. The first product in the pipeline is a real time transactional platform which facilitates transacting of a real commodities (serving as a commodity market) and to solve the inter-banking issues between conventional and Islamic banks in a shari’ah compliant way. The use of blockchain in this (ALM) product will reduce both (i) the overall execution time and (ii) cost of the financial and commercial transaction. It also addresses the issues and challenges related to transparency and traceability of the financial transactions.
Mr Ayman Sejiny, CEO of ICD commented: “IT will always play an important role for the financial system. We will consistently pursue our strategy of service orientation and help our partners with innovative Sharia compliant FinTech solutions.”
Mr Mohamed Anouar Gadhoum, CEO-Founder of IFTS added: “we are keen to work with ICD in the Fintech industry to promote the << i-Trade Platform >> and help the banking sector through providing innovative solution to operate and supply better services for the final user and clients”.
About the signing parties:
A member of the Islamic Development Bank (IsDB) Group, the ICD supports economic development and promotes the development of the private sector in its member countries through providing Shariah-compliant finance facilities and/or investments.
ICD also provides advice to governments and private organizations to encourage the establishment, expansion and modernization of private enterprises.
For more information, please visit www.icd-ps.org
I-FinTech Solutions is a bespoke Tunisian- based Advisory firm that provides alternative financial solutions. The main objective of IFTS is to empower and support the development and growth of the Islamic finance industry (mainly in Africa) by assisting financial institutions (conventional & Islamic) in the establishment of innovative financing instruments based on technology.
IFTS provides a variety of services namely, (i) consultancy & advisory in Islamic finance and financial technology, and (ii) Executive Training in the aforementioned sectors in collaboration with its sister company IIFTI (The International Islamic Finance Training Institute).
For more information, please visit www.ifts.com.tn