Signature of a partnership agreement between ICD and IFTS for the implementation of new technological solutions

The Islamic Society for Private Sector Development (ICD), a private sector branch of the Islamic Development Bank (IDB) Group, has signed an investment agreement with I-FinTech Solutions (IFTS) in Tunisia. The signing ceremony took place this afternoon in a hotel in Tunis, attended by Zied Laadhari, Minister of Development.

This agreement consists of collaboration in the development of FinTech solutions (innovative technology in the financial sector) and the implementation of this technology for the benefit of Islamic banks around the world.

The partnership between ICD and IFTS includes a portfolio of Fintech products to develop and implement. The first product under development is the "I-Trade" platform, which is a financial and trading platform based on blockchain technology and dedicated to banks. This platform is transactional in real time and is intended to facilitate transactions in real property and act as a liquidity management platform (ALM).

"I-Trade" will thus represent a solution for the interbank problems between conventional and Islamic banks, on the one hand, and the problems and challenges faced by Islamic banks when carrying out financing operations (such as Murabaha ) with his customers, on the other hand.

The "I-Trade Platform" Solution Enables Bank Clients, Both Islamic and Traditional, to Obtain Liquidity Through Real and Non-Fictitious Commercial Transactions Involving a Supplier and a Wholesaler in the Goods Market standards.

In the solution proposed by IFTS, all stakeholders are connected online to the platform that allows the finalization of the exchange of goods transaction. Automating the online platform reduces overall Murabahah transaction execution time and cost. This can only benefit platform customers who are no longer forced to go through the traditional channel for Murabahah transactions (on paper). In addition, the adoption of blockchain technology will solve the problems and challenges related to transparency and traceability of transactions between the various stakeholders of Operation Murabahah.

Mr. Ayman Sejiny, Chief Executive Officer of ICD, said: "Information technology still plays an important role in the financial system. We will systematically pursue our service-oriented strategy and support our partners with innovative, Sharia compliant FinTech solutions. "

Mr. Mohamed Anouar Gadhoum, Managing Director – Founder of IFTS added: "We are very interested to work with ICD in the FinTech sector and to promote the platform" I-trade "which will help the banking sector to have an innovative solution, through which customers and end users will benefit from better services.