Spurred by Pandemic, IsDB Launches New Digital Platform to Speed Disbursements

Tashkent, Uzbekistan, 3 September 2021 – The Islamic Development Bank (IsDB), has, in a major side event in Tashkent, Uzbekistan, launched a new digital platform as part of its drive for greater financial efficiency.

The event saw attendance from H.E Mr. Khalifa Abubakar Sarr, Acting Governor for the Republic of Senegal, Mr. Sunaryo Kartadinata Ambassdor of Indonesia to the Republic of Uzbekistan, together with IsDB Vice President Dr. Zamir Iqbal and IsDB Vice President Dr. Manusr Muhtar.

‘’The Republic of Senegal is grateful the Islamic Development Bank for the piloting of the project which has already seen fast tracking of project implementation in record time for our citizen and we truly appreciate that Bank for that endeavor,’’ said Mr. Sarr.

The e-Disbursement Platform (EDP) will increase the efficiency of bank operations and the ease of conducting business.
Also, addressing the event, the Indonesian Ambassador congratulated the Bank for the strategic move to ensure the timely implementation of the project for the benefits of member countries.

The EDP platform will allow users to track the status of payment requests in real time and collaborate directly with project teams to resolve disbursement-related issues in a secure environment. The platform has already been piloted in Indonesia and Senegal.

The new platform was timely launched during the ongoing 2021 IsDB Group Annual Meetings, which are taking place in Tashkent, Uzbekistan. Dr, Zamir Iqbal, Vice President of Finance and CFO of the Islamic Development Bank, highlighted that member countries will benefit from the “features of this new system and procedure that will increase efficiency in accomplishing our development goals.”

‘’EDP has already started showing its impact in the pilot Member Countries of Senegal and Indonesia, since the launch, there has been a reduction of processing times without compromising the data accuracy and validity,’’ Dr. Manur Mukhtar elaborated.

The platform is developed with world-class technology and is mobile-friendly. It also serves to fix for control gaps that are inherent in any manual process.

The COVID-19 pandemic and the IsDB’s significant role in supporting the economic resilience of member countries made clear the importance of efficiency in bank operations. The development of EDP was accelerated accordingly.