Abu Dhabi's Al Hilal Bank uses blockchain to sell sukuk in secondary market | Reuters

Abu Dhabi's Al Hilal Bank uses blockchain to sell sukuk in secondary market | Reuters:

Abu Dhabi’s Al Hilal Bank has executed the world’s first sukuk transaction using blockchain technology, it said on Monday.

The Islamic bank used the distributed ledger technology, best known as the underpinning of crypto-currency Bitcoin, to sell and settle in the secondary market a small portion of its $500 million five-year sukuk, issued in September.

“Al Hilal Bank is aiming to transform the sukuk market through embracing blockchain and integrating it into their infrastructure, paving the way for innovative digitized Islamic sukuk,” it said.