Abu Dhabi/UAE: Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in the capital of the UAE, is pleased to announce its collaboration with Al Hilal Bank and Jibrel Network to develop and test the next generation of shariah-complaint sukuk transactions based on distributed ledger technology (DLT) in the ADGM Regulatory Laboratory (RegLab).
Al Hilal Bank, one of the leading Islamic banks in the UAE, has partnered with Jibrel Network, a UAE-based FinTech, to successfully pilot the first Shariah-compliant purchase and settlement sukuk transaction on the blockchain. The partnership was made possible through the Plug and Play ADGM innovation platform, where financial institutions in the MENA region can accelerate their digital transformation agenda by connecting with FinTech startups locally and globally.
Leveraging the conducive regulatory regime of the ADGM RegLab to test innovative FinTech solutions, Jibrel Network will work with Al Hilal Bank to accelerate the adoption of DLT for the Islamic Finance sector under the supervision of the Financial Services Regulatory Authority (FSRA) of the ADGM.
Alex Coelho, CEO of Al Hilal Bank said: “We are proud to be the first bank to launch a ‘Smart Blockchain Islamic Sukuk; once again the bank has demonstrated that it has the capabilities of leading in the competitive market of Islamic banking. Moreover, the advantages of using smart contracts range from cost efficiency, robust Shariah compliance, to the unlocking of new opportunities. The partnership between Al Hilal and UAE incubated startup, Jibrel, highlights ADGM’s success in attracting, nurturing and fostering innovation.”
Talal Tabbaa, Co-Founder of Jibrel added: “We are firm believers that by combining Jibrel’s tried and tested smart contract solutions with the world class industry expertise held by Al Hilal Bank’s Digital Transformation Team, we will be able to provide Islamic Financiers with the necessary tools to facilitate Islamic agreements with the same speed, volume and efficiency experienced in conventional finance, and potentially develop new digital asset classes that were previously unimaginable.”
Richard Teng, CEO of FSRA said:“As an International Financial Centre and FinTech thought leader, ADGM is pleased to play a strategic and contributing role in establishing an ecosystem that enables cutting-edge technology providers to collaborate with innovative local financial institutions in delivering value across financial markets. We look forward to supporting Al Hilal and JIbrel in the ADGM RegLab to build solutions that will enhance and transform the Islamic finance sector and offerings.”
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About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as IFC governs the Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and success within an international regulatory framework based on Common Law. Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for two consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.* For more details of ADGM, please visit www.adgm.com or follow us on Twitter : @adglobalmarket and Linkedin : ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
For further enquiries, please contact:
Joan Lew, Associate Director, Communications
Email: joan.lew@adgm.com, Online: www.adgm.com
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