The Jeddah-based Islamic Research and Training Institute (IRTI), the research unit of the Islamic Development Bank (IDB), has signed an agreement with Ateon to develop shariah-compliant financial products based on blockchain technology to support financial inclusion across member countries.
Ateon, a member of Alhamrani Group Holding in Saudi Arabia, is a specialized consultancy in financial technology (FinTech), will be working on this project with SettleMint, a Belgium-based software company, Ateon said in a statement.
Blockchain involves a shared electronic ledger that allows all parties to track information through a secure network, removing the need for third-party verification.
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