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Al Hilal launched Sukuk Sukuk, the first Islamic bank in the world to use this technology to resell and market Islamic Sukuk.
Block Qin was involved in a secondary market for Sukuk, an initial $ 500 million contract from Al Hilal, expected in September 2023 to witness the first use of Block Qin in the Sukuk operation, announced the bank in a statement.
Alex Coelho, CEO of Al Hilal, said that Crescent was the first bank to launch its first Islamic Sukuk Sukuk with Block Qin, which proves that it can potentially dominate the Islamic banking sector's competitive market.
The use of smart contracts has advantages such as security, compliance with sharia and new opportunities.
"Abu Dhabi's global market is playing an active role in creating an environment conducive to the collaboration of advanced technology providers with innovative local financial institutions to generate value across all financial markets." "said Richard Teng, chairman and CEO of Abu Dhabi Global Market.
"We will be able to provide Islamic bankers with the necessary tools to facilitate Islamic approvals quickly, efficiently and with the same traditional financing experience, and we will probably develop new categories of digital assets that are hard to imagine", said Talal Tabaa, co-founder of Jibril.
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