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Saudi group to invest in blockchain product for Islamic banks

The Islamic Corp. for the Development of the Private Sector, the private-sector arm of the Islamic Development Bank Group, plans to launch a blockchain-based product that will aid Islamic banks' asset and liability management, Reuters reported.

The Saudi Arabia-based multilateral body said the first product will be a commodity-based interbank market that will enable Islamic banks to transact with conventional lenders.

Islamic Development Bank Group's private-sector unit signed an agreement with Tunis-based I-FinTech Solutions to build several financial technology tools.