Abu Dhabi Bank Makes Islamic Blockchain Breakthrough
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Abu Dhabi Bank Makes Islamic Blockchain Breakthrough
Al Hilal Bank of the United Arab Emirates has sold an Islamic bond, or ‘sukuk’, using blockchain technology, the first bank to do so. The deal was worth $500 million, and the contract to be redeemed in September 2023.
What is a sukuk?
A sukuk is a bond made halal for Islamic law. A classic bond involves a customer loaning money to a company for a pre-arranged length of time and collecting his money back with some interest. This is not allowed in Islamic countries because Sharia law prohibits earning money through interest generated on a debt.
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