ADIB, an Islamic bank based Abu Dhabi city in UAE, has successfully completed a blockchain cross border transaction. The bank is now the first among other Islamic banks to carry out a trade distribution transaction using the technology.
First Islamic blockchain cross border transaction
According to the report on Wednesday, the leading Islamic bank conducted the blockchain cross border transaction with multiple based financial institutions (banks). However, ADIB joined forces with another company to achieve it.
TradeAssets played as ADIB’s partner to successfully conduct the first-ever Islamic blockchain cross border transaction. TradeAssets presents itself as a blockchain-based electronic marketplace that specializes in digitizing trade assets distribution.
The Islamic banks said it has been able to conclude as well as to operate several trade finance transactions with other similar banks over some months ago, following there collaboration with TradeAssets.
While commenting on the development, ADIB’s Global Head of Transaction Banking, Haytham Elmaayergi, expressed that the blockchain cross border transaction completion indicates that the bank is advancing towards global banking.
ADIB’s committed to improving businesses
Elmaayergi further noted that the leading Islamic bank is committed to ensuring the enhancement of several businesses as they continue to expand trade financing and distribution. This will help enterprises both within and outside the region in productivity and other areas, including the efficiency of operation.
Per the report, ADIB’s partnership with TradeAssets is part of the bank’s commitment to the improvement of businesses. The collaboration also enhances the services provided on the bank’s platform for businesses, known as ADIB Direct.
The Islamic bank provides different features to businesses through the platform, some of which include foreign exchange offerings. According to ADIB, the platform supports features that will enable firms to enhance there finance operations internationally and locally.
Most of these features include the support for financing that can be accessed from several devices, online trade issuance, as well as a dashboard that can be customized.
