A DIGITAL PIONEER
IMPLEMENTING BLOCKCHAIN IN CREDIT FINANCING
The partnership aims to leverage the
Islamic financial institution, was the first
The Islamic Research and Training
deploying blockchain systems to further
Islamic bank to successfully execute trade
Institute (IRTI) of the Islamic Development
the IsDB’s mission of enabling greater
finance distribution transactions using
Bank (IsDB) Group has partnered with
financial inclusion, alleviating poverty,
blockchain technology.
the blockchain technology firm Blocko
and accelerating the development of the
The cross-border transactions, which
to build a blockchain-based innovative
Islamic financial industry.
were completed with multiple banks,
credit enhancement system. It would
were made possible through ADIB’s
minimise the risks associated with credit
Phil Zamani, CEO of E24P, said, “the
partnership with TradeAssets, a trade
financing to businesses and consumers
implementation of blockchain systems
finance e-marketplace powered by
by using new economic incentive models
in complex processes like credit and
blockchain to help digitise the traditional
and advanced implementations of hybrid
insurance has long been sought after by
processes of origination and distribution
blockchain technology.
financial institutions around the world.
Abu Dhabi Islamic Bank (ADIB), a leading
Forward-thinking Gulf Cooperation
of trade assets. For the past year, ADIB’s collaboration with TradeAssets has
“The Islamic finance market is
enabled it to automate trade finance
growing rapidly, with projections
transactions and conclude transactions successfully with banking counterparts in emerging markets.
E24P blockchain teams’ deep expertise in
of a rise from around $2 trillion to an impressive $3.78 trillion by 2022. Yet certain technical and economic challenges have prevented the industry from truly flourishing,” said Dr Sami Al-Suwailem, Acting Director-General of IRTI.
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Council (GCC) countries, such as the UAE and Saudi Arabia, have been especially progressive, implementing blockchain projects to accelerate their digital transformation agendas and smart city innovation strategies.”