The Islamic Development Bank Group (IsDB) of Saudi Arabia has partnered with iFinTech Solutions, a Tunisian startup. Together they will develop interbank blockchain tools.

IsDB will carry out the project through its subsidiary, the Islamic Corporation for the Development of Private Sector (ICD). The move aims to enhance liquidity management and improve efficiency of Islamic financial institutions.

Ayman Sejiny, CEO of ICD, has stated that IT will always play a key role in the financial system. He has added that the institution will pursue its strategy of service orientation and help the partners with new Sharia-compliant FinTech solutions.