Al Hilal Bank Conducts First Sukuk Transaction Based on Blockchain Technology — Coinzdaily
Al Hilal Bank, located in Abu Dhabi, announced the holding of “the world’s first Sukuk transaction” based on Blockchain technology. The message was published on Reuters on November 26th.
Suku is a legal and investment tool. In fact, Sukuk is a type of bond used in Shariat countries. This form of investment allows investors to make a profit without violating the laws of Islam.
Reuters reported that Al Hilal Bank made a decision on the use of distributed accounting technology, as it will allow placing part of its Sukuk in the amount of $ 500 million on the secondary market. Also, the bank reports:
“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.”
According to the press secretary of the bank, the cost of the transaction amounted to $ 1 million. According to the data, the Swiss company Fintech Jibrel Network also took part in the transaction.