Abu Dhabi-headquartered Al Hilal Bank has carried a blockchain-based transaction for an Islamic bond worth $500 million.

The bank, an investment arm of the Abu Dhabi government, announced Monday that it settled the Islamic, shariah-compliant bond, or sukuk, worth $500 million on the secondary market, using blockchain tech. The bond is maturing in September 2023.

On the tech side, Jibrel Network, a UAE-based fintech startup, assisted the bank with necessary blockchain tools and infrastructure to facilitate the transaction.

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