Riyadh – Mubasher: The Islamic Development Bank (IsDB) has adopted Refinitiv money market data solutions as well as Money Market Auctions and Foreign Exchange (FX) electronic trading platforms to power its electronic transaction and manage currency exposure across the bank’s operations in 57 countries.
The recent FX market volatility caused by the COVID-19 disruption emerged as a key challenge for multinational organisations such as IsDB. Refinitiv will provide IsDB with an auctions’ infrastructure connected with a variety of Global Financial Institutions to support its FX and money market transactions, according to a press release on Tuesday.
Refinitiv will also offer specialist money market data to IsDB and access to FX liquidity pools with execution tools across multiple leading venues.
The bank supports member nations in the Organization of the Islamic Cooperation (OIC) with operations in Asia and Latin America, Europe and Central Asia, the Middle East and North African, and Sub-Saharan Africa. IsDB enables individuals to build a sustainable future for their communities and fosters innovative solutions in science and technology in OIC countries.
President of IsDB, Bandar Hajjar, said, “Our partnership with Refinitiv will enhance our execution capabilities and allow us to efficiently manage funds that ultimately benefit all OIC member countries. It will enable us to deliver real value and impact across our multiple sustainable projects including economic growth, infrastructure, partnerships, and rolling out innovation programs to OIC members.”
Managing Director, Middle East and Africa, Refinitiv, Nadim Najjar, said, “We are proud to partner with a leading organisation that helps people lead better lives and achieve their full potential. Advanced workflow solutions and execution tools are now critical for organisations operating across multiple countries such as the IsDB.”
“Our suite of solutions will provide IsDB with electronic execution venue, best execution tools and other yield enhancing solutions that help users access liquidity in smarter ways, minimising market impact and offering quick and easy access to the trends, market insights, and tools they required to ensure regulatory compliance,” Najjar concluded.
