Al Hilal Bank, a Abu Dhabi based bank, has successfully done the first blockchain based transaction. The bank has claimed it to be the world’s first sukuk transaction done using blockchain technology.

Sukuk is a legal instrument which is a ‘Sharia compliant’ bond. It allows investors earn profits without violating the Islamic law in contrast to non-Islamic financial transactions. According to sources, the bank sold bonds worth $1 million to a private investor. Besides that, Jibrel Network, a Swiss-based fintech company, also participated in the transaction.

Al Hilal Bank has stated its aims to revolutionize the sukuk market by adopting blockchain in its infrastructure. The bank has used the distributed ledger technology for the purpose of the sukuk transaction.