Islamic Research and Training Institute Partners with Samsung-backed Blocko’s E24P to Launch Blockchain-based Smart Credit Management Platform to Boost Islamic Finance Sector
حالیہ دنوں میں اسلامک فائنانس سیکٹر میں مجموعی طور پر 11 فی صد سے زیادہ شرح نمو دیکھی گئی ہے۔ اسلامک ریسرچ اینڈ ٹریننگ انسٹیٹیوٹ اسلاک ڈیویلپمنٹ بینک گروپ کا ممبر ادارہ ہے۔
(IRTI Partners with Blockchain-based Smart Credit Management Platform) JEDDAH, Saudi Arabia, June 15, 2020 /PRNewswire/ — The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has partnered with the Samsung-backed blockchain technology firm Blocko to build a blockchain-based innovative credit enhancement system. The patented Smart Credit Management System minimizes the risks associated with credit financing to businesses and consumers through the use of new economic incentive models and advanced implementations of hybrid blockchain technology
“The Islamic finance market is growing rapidly, with projections of a rise from around $2 trillion to an impressive $3.78 trillion by 2022. Yet certain technical and economic challenges have prevented the industry from truly flourishing,” said Dr. Sami Al-Suwailem, Acting Director General of IRTI, on the new partnership. “Our new partnership with E24P aims to address this need by providing the infrastructure needed for the Islamic financial industry to deliver critical services to both the developed and developing world.”
The partnership aims to leverage the E24P blockchain teams’ deep expertise in deploying blockchain systems to further the IsDB’s mission of enabling greater financial inclusion, alleviating poverty, and accelerating the development of the Islamic financial industry.
The new system being developed by IRTI and implemented jointly by IRTI and E24P will solve these problems through a novel incentive mechanism that encourages early repayment and contributes fees to an insurance pool that covers involuntary credit defaults. Such a system is not feasible through conventional arrangements but is facilitated through the use of high-performance blockchain technology.