The first UAE Islamic bank to use blockchain technology for commercial distribution… Get to know it
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Answer The first UAE Islamic bank to use blockchain technology for commercial distribution… Get to know it
UAE-based Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, has become the first Islamic bank to successfully implement trade finance distribution transactions using blockchain technology, according to a report. to source.
Cross-border transactions have been enabled through ADIB’s partnership with “TradeAssets,” an electronic trade finance marketplace powered by blockchain technology to help digitize the traditional processes of creating and distributing trade assets.
ADIB has successfully completed a trade finance distribution deal in partnership with TradeAssets, a blockchain-based trade finance marketplace.
Automate Trade Finance Transactions:
ADIB and TradeAssets have been collaborating for over a year and have enabled the bank to automate trade finance transactions and conclude transactions with peers in emerging markets.
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Haitham Al-Maayerji, Global Head of Transaction Banking at Abu Dhabi Islamic Bank, said:
The completion of the first commercial distribution transaction using blockchain by an Islamic bank demonstrates that ADIB is at the forefront of global banking transactions. As the only Islamic bank to provide Sharia-compliant trade finance through digital channels, ADIB is committed to expanding its digital footprint in trade finance and distribution, Enhancing the efficiency and productivity of companies across the region and the world.
In March of this year, Abu Dhabi Islamic Bank launched the “ADIB Direct eFX” platform, a platform that allows its customers to secure online foreign exchange rates for remittances and online payments.
In its statement, the bank said that the platform improves the ability of companies to manage their financial affairs locally and internationally. These features include customizable dashboards, cash flow forecasting and online trade issuance and financing that can be accessed across all devices including the mobile application.
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