the Al-Hilal Bank from the United Arab Emirates has issued the first Bank, a Sharia-compliant bond via a Blockchain. In cooperation with the Swiss FinTech Jibrel, the financial institution has issued a bond in the amount of one Million dollars to a private investor.
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On the 27. November 2018 share Facebook Twitter LinkedIn xing mail
crypto-currencies halal? In many Places BTC-ECHO reported on the affinity of the Arabian Peninsula to the Distributed Ledger technology (DLT). The message on the first successful implementation of a so-called Sukuk transaction by Al Hilal Bank from Abu Dhabi is by means of a Blockchain is, in this context, an important message. Because it shows that the DLT is suited to find also in the Islamic banking appeal.
according to the news Agency Reuters on 26. November reported to have issued the Al Hilal Bank, a small Tranche of the Sukuk on a Blockchain. The financial product has a total volume of US $ 500 million and expires in September 2023, i.e. it has a term of five years. Reuters according to the volume of the Blockchain transaction amounted to a Million dollars. Purchaser of the product was a non-closer-called private investor.
In the press release of the Arab Bank, it is called:
“The Al Hilal Bank, a Transformation of the Sukuk market aims by integrating the Blockchain in their infrastructure and the way for innovative digitized Islamic sukuk paves.”
cooperation with Zug Jibrel Network
The Emission was carried out in collaboration with the Jibrel Network. From the press release, have equipped the Swiss FinTech company, the Bank, with the technical infrastructure for the transaction.
Jibrel-founder Talal Tabbaa speaks of a success:
“We are firmly convinced that we will be by the combination of Jibrels proven Smart Contract solutions and world-class industry expertise in the Digital Transformation team of Al Hilal Bank in the situation, the Islamic lenders will give the necessary instruments to Islamic contracts with the same speed, to allow the same volume and the same efficiency as in the conventional financing and may develop new digital Asset-classes […].“
In accordance with the Qur’an
sukuk are financial instruments in the Islamic banking system. Under consideration of the interest prohibition by the Koran Sukuk securities do not bear interest. So anyway, with a rate of return resulting from the investment of funds, to offer sukuk, other forms of profit sharing for investors. Thus, the Islamic financial backed products frequently with assets such as real estate or land. Investors will then be involved in a winning set.
For the examination of the Sharia-compliance of Islamic financial products, the Schariyah Review Bureau is responsible. Just this summer, the supernatant Stellar as the first crypto currency to have the Audit in front of the office. From this point on, Stellar Lumens (XLM) were allowed to be traded in the Arab world.
