Al Hilal processes sukuk on blockchain

BlockchainUAE-based Al Hilal Bank has made what it claims is the first sukuk transaction to be processed on the blockchain. The transaction involved a secondary market deal in Al Hilal’s $500 million senior sukuk which matures in September 2013. Al Hilal worked with a UAE-based fintech Jibrel Network and its own digital transformation team on the project. According to Al Hilal chief executive Alex Coelho, integrating blockchain into sukuk infrastructure would be an important step in creating a digital sukuk market that could reduce both processing costs and operational risk. “The advantages of using smart contracts range from safer transactions with robust Shariah compliance, to the unlocking of new opportunities,” said Coelho. ©2018 funds global mena

Executive Interviews

INTERVIEW: Totally mega

Jun 13, 2018

In 2016, global consulting firm PWC forecast the emergence of five global ‘megatrends’ in the next two decades. Stephen Anderson, its Middle East clients and markets leader, talks about their...

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.


MENA ROUNDTABLE: ‘The story is about reforms’

Jun 13, 2018

Our cross-industry panel discuss the positive backdrop in Egypt, the Dana Gas controversy and the potential index upgrades of Saudi Arabia and Kuwait. Chaired by George Mitton in Dubai.


Jun 13, 2018

Our panellists tell us that instead of launching competing national projects, African countries should work together for the sake of a bigger capital market. Chaired by George Mitton in Cape Town.