Abu Dhabi Islamic Bank (Adib) Will Be The First Islamic Bank To Execute Blockchain For Trade Distribution. By Rume Ophi (Cryptopreacher)

Abu Dhabi Islamic Bank (ADIB) one of the frontliners in islamic financial institutions has emerged as the first islamic bank to have championed trade finance distribution and transactions on the blockchain technology or DLT.

AIDB has partnered with TradeAssets, an e-Marketplace of its kind, for banks which is also blockchain powered. TradeAssets will automate trade finance transactions which will enable transactions to be concluded successfully with other banks in emerging markets.

Haytham Elmaayergi, Global Head of Transaction Banking at ADIB, said:

“The completion of the first trade distribution transaction using Blockchain by an Islamic bank shows that ADIB is at the cutting-edge of global transaction banking.As the only Islamic bank providing end-to-end Sharia’a-compliant trade financing through digital channels, ADIB is committed to expanding its digital footprint in trade financing and distribution, enhancing the efficiency and productivity of businesses across the region and globally”.

ADIB is committed to adopting emerging technologies and establishing strategic collaboration in the fast moving business world. This allegiance is manifested in the bank’s collaboration with TradeAssets, an e-marketplace that enhances ADIB’s numerous digital cash, trade and foreign exchange offerings, available to businesses through its model ADIB Direct platform.

ADIB is dedicated to delivering quality financial service to businesses of all sizes using“ADIB Direct” to handle funds locally and internationally. These features include custom-built dashboards, cash-flow predicting, an online trade issuance and financing which are enabled across all devices including mobile apps According to the Bank.

Source — TradeArabia News Service