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Abu Dhabi’s Bank Executes First Sukuk Transaction Based on Blockchain

Abstract : Al Hilal Bank used distributed ledger technology (DLT) to sell and settle in the secondary market a small portion of its five year sukuk worth of $500 million.

ChainDD
ChainDD

Nov 27

November 27 (ChainDD) Abu Dhabi-based Al Hilal Bank announced it finished the first sukuk transaction using blockchain technology in the world. Since Sukuk is the sharia compliant bond, investors of such bond will not infringe Islamic law. Reuters noted Al Hilal Bank used distributed ledger technology (DLT) to sell and settle in the secondary market a small portion of its five year sukuk worth of $500 million. With the help of Swiss fintech Jibrel Network, which has office in Abu Dhabi, the bank sold $1 million sukuk to a private investor. “Al Hilal Bank is aiming to transform the sukuk market through embracing blockchain and integrating it into their infrastructure, paving the way for innovative digitized Islamic sukuk,” Al Hilal Bank said.

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