Al Hilal Bank which is based in Abu Dhabi has just completed a record transaction on Blockchain. The Blockchain transaction was for an Islamic bond and it was worth around $500 million. The announcement which stated the that the bond is settled, came last week. Al Hilal is one of the strongest investment branches of the Abu Dhabi government.
The shariah-compliant bond which is called sukuk, is worth $500 million and was settled on the secondary market via blockchain technology. The bond is expected to mature in September 2023. All technical assistance was provided by Jibrel Network. The fintech startup is based in UAE and aided the bank with all of the required blockchain tools and infrastructure needed for the completion of the record transaction.
Abu Dhabi is pushing for innovation
Al Hilal shared its intentions to transform the sukuk market via Blockchain technology. The bank intends to integrate the technology into its infrastructure to issue the so called “smart sukuks.” This will help with transaction speed and security as well as reduce the costs.
Alex Coelho, the CEO of Al Hilal, said:
“We are extremely proud to be the first bank to launch a “Smart Blockchain Islamic Sukuk”. Smart contracts have many advantages, starting from more secure transactions with robust Shariah compliance, to many new opportunities which are yet to be unlocked.”
Al Hilal stated that Islamic sukuks are growing rapidly. In fact, they are one of the fastest growing asset classes, with $97.9 billion worth of bonds being issued last year alone. This is a 50% increase from 2016. Just last month, Blossom Finance was also looking to issue Sharia-compliant bonds on Blockchain to fund many social projects. The Indonesian financial firm stated that it will without a doubt make use of this rapidly evolving and unique asset class.
The World Bank, also managed to raise $81 million through its first blockchain-based bond earlier this year.
Binance CEO Reveals Updates on the Recent ‘Security Incident’
Friday May 10, 2019
Coinspeaker Binance CEO Reveals Updates on the Recent ‘Security Incident’Binance CEO Changpeng Zhao, better known as CZ, addressed the community in his recent blog post to tell that the team is actively working on revamping and strengthening security measures, procedures, and practices and is already making progress.The security issues on Binance have become extremely pressing
Bitcoin SV is gaining ground fast, cementing its top 10 spot
Bitcoin Google searches reached the highs of April
Digital Currencies like Fortnite’s V-Bucks are replacing Gift Cards
Binance is investing in a US Over-the-Counter trading desk
Juventus Become The First Football Club In The World To Be Tokenized
Tuesday December 03, 2019
The post Juventus Become The First Football Club In The World To Be Tokenized written by Richard Kastelein appeared first on Blockchain News – Blockchain News and Opinion – Tokenomics, Cryptoeconomics Chiliz has launched, what they claim, is the world’s first Fan Token Offering (FTO) for major international football club Juventus. Giorgio Ricci, Chief Revenue
The post Abu Dhabi Bank completed a $500 Million Bond transaction on Blockchain appeared first on CoinStaker | Bitcoin News.