The latest blockchain news show that the Islamic Development Bank and its research organization recently partnered with the Samsung-backed startup Blocko. As it stands, Blocko will build a blockchain based credit management system for one bank in UAE.
Details on the partnership with Samsung show that the research arm of Saudi Arabia’s Islamic Development Bank Group is aiming to develop the blockchain-based smart credit management system. In order to achieve this, the Islamic Research and Training Institute (IRTI) has partnered with the Samsung-backed blockchain provider Blocko.
This partnership comes on the heels of latest news that the E24P regional consortium launched by Blocko across the Middle East, Africa, and South East Asia in April 2020. As the finance industry in the Islamic countries is predicted to grow from $2 trillion to $3.78 trillion by 2022, Blocko will build a blockchain to support this growth.
However, the general director at IRTI, Dr. Sami Al Suwailem recently said that there are still some various technical and economic challenges that “prevent the industry from truly flourishing.”
Unlike the traditional financial organizations, Islamic banks do not charge any interest on loans or penalize the loan defaulters. We mentioned this in the cryptocurrency news before – talking about how they rather charge a late fee that is purportedly donated to charity.
Blocko will build a blockchain credit management system which is said to help both Islamic banks and other financial institutions in conducting credit assessments in a more secure and transparent manner, without any compromise on the privacy of the involved parties. The CEO of E24P, Phil Zamani, recently noted that the system will help banks “deliver a truly unique solution which has the potential to have a significant impact on the world of Islamic finance.”
This may further reduce the costs and operation difficulties by including otherwise restricted financing functions such as credit reporting, credit rating, credit history as well as credit insurance.
All of this shows that blockchain is a big thing even in UAE and Islamic countries. The recent initiative shows that Blocko will build a decent infrastructure which can later be supported and adopted by many other banks, as the blockchain news in UAE now show.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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