IRTI Partners With Ateon And Settlemint To Develop Blockchain-based Products For Financial Inclusion

Image Below - From left to right: Kashif Younus (Ateon, Technical Sales Manager), Matthew Van Niekerk (SettleMint, Founder & CEO), Abdulaziz Alhamrani (Alhamrani Group Holding, CEO), Syed Aqa (IDB, Acting President and IsDB Vice President), Dr. Mohamed Jouini (IsDB, Vice President), Dr. Husam Yaghi (Ateon, President), Dr. Sami AlSuwailem (IRTI, IsDB, Head of Financial Product Development Center), Dr. Hilal Houssain (IRTI, IsDB, Senior Financial Product Development Specialist - Fintech)

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The Islamic Research and Training Institute, the research arm of the Islamic Development Bank Group, signed an agreement with Ateon to build a Blockchain-based financial product that can potentially be used to support development and financial inclusion in IsDB 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 with rich experience in developing Blockchain applications for financial institutions.

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The three parties will be working on the first of its kind use case using Blockchain’s smart contracts to create Sharia compliant financial products to support the development in IsDB member countries.

From an Islamic perspective, money should be transparent, stable, and trustworthy. Blockchain technologies are able, in principle, to serve these objectives in a robust and cost-effective manner.

Blockchain smart contracts enable the automation of the entire contractual process for Islamic institutions, alleviating the additional administrative and legal complexities and redundancies associated with Sharia compliant financial products.  Not only that, smart contracts are easy to verify, immutable and secure.

The International Fiqh Academy has approved contracting through electronic means since 1990.

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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