Islamic Development Bank to create a blockchain smart credit platform with Samsung’s Blocko

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 partnership aims to leverage the E24P blockchain team’s 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 implementation of blockchain systems in complex processes like credit and insurance has long been sought after by financial institutions around the world. Forward-thinking Gulf Cooperation Council (GCC) countries, such as the United Arab Emirates (UAE) and Saudi Arabia, have been especially progressive, implementing blockchain projects to accelerate their digital transformation agendas and smart city innovation strategies,’ said E24P CEO, Phil Zamani.