Dubai Islamic Bank joins ‘UAE Trade Connect’ to boost financial stability

Dubai Islamic Bank joins ‘UAE Trade Connect’ to boost financial stability

Dubai’s first Islamic financial institution, Dubai Islamic Bank (DIB) has become an official member bank of the first blockchain platform of its kind in the country, UAE Trade Connect (UTC).

The UTC platform, co-created by Etisalat Digital, seven leading banks in the UAE and Avanza Innovations, is built on advanced technologies. UTC is a ‘cloud native’ solution running on Etisalat’s E1 Cloud, supported by distributed ledger technology and built around artificial intelligence (AI) capabilities.

The platform prevents fraud and duplication, detects suspicious 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 organizations.

Dr. Adnan Chilwan

Group CEO – DIB “UAE banks work hand in hand to promote financial stability in the nation’s financial system and contribute to UAE’s robust economy. Hence, becoming part of the UTC Digital Trade Platform is one of the major steps we have taken in achieving this milestone. The distributed ledger technology used to create UTC provides DIB and other UAE banks with a decentralized, immutable, and completely transparent way of organizing data that reduces the risk of fraudulent transactions. Until now, a centralized risk mitigation mechanism of this nature was non-existent systemically