Abu Dhabi bank settles Sharia-compliant $500M bond on blockchain

posted 19 days ago
Abu Dhabi-headquartered Al Hilal Bank has carried a blockchain-based transaction for an Islamic bond worth $500 million. The bank, an investment arm of the Abu Dhabi government settled the Islamic, shariah-compliant bond, or sukuk, worth $500 million on the secondary market, using blockchain tech. The bond is maturing in September 2023.

Jibrel Network, a UAE-based fintech startup, assisted the bank with necessary blockchain tools and infrastructure to facilitate the transaction. Al Hilal Bank’s CEO, Alex Coelho, said “We are proud to be the first bank to launch a ‘Smart Blockchain Islamic Sukuk’. The advantages of using smart contracts range from safer transactions with robust Shariah compliance, to the unlocking of new opportunities.”
Tags: blockchain, news