Abu Dhabi (Al Ittihad)
Abu Dhabi Islamic Bank announced that it has won the “Best Electronic Market Award” from the “Trade Assets” platform, for its excellence in adopting digital technologies supported by blockchain technology.
In April last year, the bank became the first Islamic banking institution to adopt blockchain technology to carry out trade finance distribution transactions, in partnership with the Trade Assets platform, the first electronic marketplace for banks supported by blockchain technology.
And through the strategic partnership agreement signed last year with the Trade Assets platform with the aim of improving business efficiency and productivity, Abu Dhabi Islamic Bank has continued to adopt new and emerging technologies, which have led to its success in completing 130 transactions through the Trade Assets platform, with a total value of over $128. One million dollars so far and 11 banks from Bangladesh.
Abdullah Al Shehhi, Global Head of International Business at Abu Dhabi Islamic Bank, said: “Today, the bank is at the forefront of digitizing global banking deals that provide comprehensive, Sharia-compliant commercial finance through its digital channels. Through our partnership with the Trade Assets platform, the bank continues its successes in the field of executing trade finance distribution transactions, honoring it with this award, which testifies to its commitment to adopting digitization that supports its efficiency and facilitates access to its services from all over the world. And by relying on the activities of our electronic marketplace over the past three years, the bank has demonstrated that forward-thinking financial and banking institutions can change the industry for the better.”
