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Al Hilal has executed Sukuk Sukuk Block as the first Islamic bank in the world to use this technology to resell and market Islamic Sukuk.
Qin Block was used to execute a secondary market transaction for the initial $ 500 million Al Hilal soukouk, expected in September 2023, to witness the first use of the Block Sukuk transaction. Qin.
The Islamic Sukuk is a great success and one of the fastest growing asset classes: Sukuk issued in 2017 alone was worth US $ 97.9 billion (an increase of 50% per year). report to 2016).
Al Hilal Bank aims to develop the sukuk market by integrating Block Qin technology and integrating it into the infrastructure, paving the way for the innovative digital transformation of Islamic Sukuk, called Smart Bonds.
"We are proud to be the first bank to launch the first Sukuk Sukuk Islamic Sukuk agreement," said Alex Coelho, chairman and CEO of Al Hilal Bank. "This bank also proves that it can potentially dominate the competitive market of the Islamic banking sector.
In addition, the use of smart contracts has benefits such as security, Sharia compliance and new opportunities. The partnership between Al Hilal Bank and the emerging network Jibril has highlighted the success of Abu Dhabi's global market in terms of attraction, promotion and reinforcement of innovation. "
This initiative stems from the collaboration of Al Hilal's digital transformation team with the UAE-based Gebral Financial Technology Network, made possible through the support of the Global Financial Technology Platform. Abu Dhabi, which promotes the establishment of an interactive, collaborative and dynamic environment conducive to innovation in Abu Dhabi and the region. .
Talal Taba, co-founder of JUBRAL, praised the success of this initiative and said, "We believe in the importance of combining Jibril's proven contract solutions with its global expertise in this area and managed by the transformation team. Al Hilal Bank Digital Library Facilitate fast and efficient Islamic approvals and the same traditional financing experience.
We will probably develop new categories of digital assets that are hard to imagine. Smart instruments will increase the efficiency of transactions and reduce inflated public spending in order to radically issue and regulate Islamic instruments.
Respectful of the environment
"As a global financial hub and market leader in financial technology, Abu Dhabi Global Market plays an active role in creating an enabling environment for advanced technology vendors to collaborate with innovative local financial institutions to generate value in the financial markets, "said Richard Teng, general manager of Abu Dhabi Global Market.
We look forward to supporting Al Hilal and Jibril in the regulatory lab to create solutions that will enhance and transform the Islamic finance industry.
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