ICD e-signed a collaboration memorandum of understanding with Finterra

Jeddah – Singapore May 19, 2020 - Mr. Ayman Sejiny, the CEO of The Islamic Corporation for the Development of the Private Sector (“ICD”) (www.ICD-ps.org) the private sector arm of the Islamic Development Bank Group, and Mr. Satesh Khemlani, the Managing Director of Finterra PTE Ltd., signed a Memorandum of  Understanding to leverage on each other’s strengths to achieve sustainable business growth including crowdfunding sustainable development.

The MoU came as a result of an ongoing discussion about strategic collaboration, between ICD and Finterra in areas where both organizations have common beneficiaries and share similar social impact development goals.

During the current Covid-19 global pandemic it is clear that digital channels and online working are increasingly important to financial services and financial inclusion.  ICD collaboration with Finterra is based on the its highly powered blockchain solutions for Islamic social finance under the names of SadaqahChain®, WAQFChain® and ZakatChain®. The MoU was digitally signed during a virtual signing ceremony that was held between the parties’ Managments simultaneously in Jeddah, the Kingdom of Saudi Arabia and Singapore, respectively.