Dubai Islamic Bank joins Etisalat Digital’s blockchain platform UAE Trade Connect

Dubai Islamic Bank joins Etisalat Digital’s blockchain platform UAE Trade Connect

Dubai : Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE and the second-largest Islamic bank in the world, has announced today that it has become an official member bank of UAE Trade Connect (UTC).

UTC is the first commercialised blockchain platform of its kind in the UAE built on advanced technologies; launched commercially on 19 April 2021, the platform was co-created by Etisalat Digital, seven leading UAE banks and Avanza Innovations.

UTC is a ‘cloud native’ solution running on Etisalat’s E1 Cloud, underpinned by distributed ledger technology and built around artificial intelligence capabilities. The platform prevents fraud and duplication, detects dubious transactions and supports multiple types of trade-related documents that must be inspected and validated for authenticity. Combined, its technologies ensure trust, transparency, and privacy between multiple organisations.

Commenting on the partnership, Dr. Adnan Chilwan, Group Chief Executive Officer at Dubai Islamic Bank, said: “Joining UAE Trade Connect as a member bank is an important milestone for Dubai Islamic Bank as we set out to mitigate the risk of fraud and safely move towards a fully digitised trade finance ecosystem. UAE banks work hand in hand to promote financial stability in the nation’s financial system and contribute to UAE’s robust