Abu Dhabi’s Al Hilal Bank Completes “World’s First Sukuk Transaction” with Blockchain

In a report on November 26th, Reuters reported on a revolutionary move for the blockchain industry. According to their information, the Al Hilal Bank in Abu Dhabi has successfully completed the “world’s first sukuk transaction” with the help of blockchain technology. The technology was used for the sale and settlement of some of the “$500 million five-year sukuk,” which was originally issued in September.

The Bank commented, “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 a spokesperson for the bank, the deal was $1 million, sold to a private investor by Al Halal.

Earlier in November, X8 AG, a Swiss startup, had been certified for the use of a stablecoin based on Ethereum from the Shariyah Review Bureau (SRB). Over the summer, the Bureau had offered support for open-source platform Stellar. Over time, Stellar has continually said that they are the first one to get certified under sharia compliance.

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