The Al Hilal Bank which is based in Abu Dhabi (UAE) has recently carried a blockchain-based transaction for an Islamic bond that was worth $500 million.
As the official announcement reads, the Islamic shariah-compliant bond is in the focus of the cryptocurrency news for its worth and for the fact that it was sent using blockchain technology. The bond is maturing in September 2023.
When it comes to the actual technology that was used, we have Jibrel Network which is an UAE-based fintech startup which assisted the bank with the necessary blockchain tools and infrastructure to facilitate this transaction.
Meanwhile, the bank’s CEO said that they are aiming on transforming the sukuk market using blockchain and integrating the tech into its infrastructure, allowing more digitized or “smart” sukuks for more efficient transactions and reduced overhead costs.
Alex Coelho, who is Al Hilal Bank’s CEO stated:
“We are proud to be the first bank to launch a ‘Smart Blockchain Islamic Sukuk’. The advantages of using smart contracts range from safer transactions with robust Shariah compliance, to the unlocking of new opportunities.”
As the bank further noted, Islamic sukuks are one of the fastest growing asset classes, worth $97.9 billion of the bonds that were issued in 2017 – which is a 50% increase from the previous year.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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