Jeddah, Jumada I 20, 1437, Feb 29, 2016, SPA -- The Jeddah-based Islamic Development Bank (IDB) has signed with each of the Islamic Institute for Research and Training and the General Council for Islamic banks and financial institutions memoranda on a joint project aiming to establish a data storage, the first of its kind for Islamic finance industry. The internet-based system will be called Smart Reservoir for Islamic Finance Industry and aims at forming a comprehensive and reliable reference for financial and non-financial data in the Islamic financial industry. The data will cover banking services, insurance, and social finance with the first phase to be launched through Islamic banking information data. --SPA 19:42 LOCAL TIME 16:42 GMT www.spa.gov.sa/w