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ADIB: First Islamic bank to complete digital trade finance transaction

ADIB digital trade
Abu Dhabi Islamic Bank completed the transaction with the help of TradeAssets, a blockchain-based trade finance emarket

UAE-based Abu Dhabi Islamic Bank (ADIB) become the first Islamic bank to successfully complete a trade finance distribution transactions using blockchain technology, the media reported.

ADIB successfully completed a trade finance distribution transaction in partnership with TradeAssets, a blockchain-based trade finance emarket.

Reportedly, ADIB and TradeAssets have been collaborating for more than a year to automate trade finance transactions and digitise traditional processes.

Haytham Elmaayergi, Global Head of Transaction Banking at ADIB, told the media, “The completion of the first trade distribution transaction using Blockchain by an Islamic bank shows that ADIB is at the cutting-edge of global transaction banking. As the only Islamic bank providing end-to-end Sharia’a-compliant trade financing through digital channels, ADIB is committed to expanding its digital footprint in trade financing and distribution, enhancing the efficiency and productivity of businesses across the region and globally.”

In the month of March, ADIB launched ADIB Direct eFX – a platform that allows its clients to secure online foreign exchange rates for international transfers and payments.

In a statement, the bank said that it improves companies’ ability to manage their finances locally and internationally. These features include customisable dashboards, cashflow forecasting and online trade issuance and financing which are accessible across all devices including a mobile app.

Last month, the shareholders of Abu Dhabi Islamic Bank approved an increase in the bank’s foreign ownership limit to 40 percent from the current 25 percent.

ADIB joins a dozen of other banks operating in the Gulf to have increased the foreign ownership cap. This has been done to attract more foreign investments into the country’s banking sector.

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