Abu Dhabi’s Al Hilal Bank uses blockchain to sell sukuk in secondary market

The Islamic bank used the distributed ledger technology, best known as the underpinning of crypto-currency Bitcoin. (File/AFP)
Updated 26 November 2018
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Abu Dhabi’s Al Hilal Bank uses blockchain to sell sukuk in secondary market

  • “Al Hilal Bank is aiming to transform the sukuk market through embracing blockchain and integrating it into their infrastructure, paving the way for innovative digitized Islamic sukuk”
  • Blockchain technology is expected to simplify issuance and trading, and also improve regulatory oversight

DUBAI: Abu Dhabi’s Al Hilal Bank has executed the world’s first sukuk transaction using blockchain technology, it said on Monday.
The Islamic bank used the distributed ledger technology, best known as the underpinning of crypto-currency Bitcoin, to sell and settle in the secondary market a small portion of its $500 million five-year sukuk, issued in September.
“Al Hilal Bank is aiming to transform the sukuk market through embracing blockchain and integrating it into their infrastructure, paving the way for innovative digitized Islamic sukuk,” it said.
A bank spokeswoman said the size of the deal was $1 million, sold by Al Hilal to a private investor.
Applied to capital raising exercises, blockchain technology is expected to simplify issuance and trading, and also improve regulatory oversight.
The World Bank issued in August the world’s first public bond using only blockchain.
Jibrel Network, a Switzerland-headquartered fintech company with offices in Dubai, was involved in the transaction.


Apple China says it will push software update in bid to resolve Qualcomm case

Updated 14 min 6 sec ago
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Apple China says it will push software update in bid to resolve Qualcomm case

  • Apple will carry out the software updates at the start of next week “to address any possible concern about our compliance with the order”
  • Qualcomm has said that a court in China found Apple infringed two patents held by the chipmaker and ordered an immediate ban on sales of older iPhone models

SHANGHAI/SAN FRANCISCO: Apple Inc. , facing a court ban in China on some of its iPhone models over alleged infringement of Qualcomm Inc. patents, said on Friday it will push software updates to users in a bid to resolve potential issues.
Apple will carry out the software updates at the start of next week “to address any possible concern about our compliance with the order,” the firm said in a statement sent to Reuters.
Earlier this week, Qualcomm said a Chinese court had ordered a ban on sales of some older Apple iPhone models for violating two of its patents, though intellectual property lawyers said the ban would still likely take time to enforce.
“Based on the iPhone models we offer today in China, we believe we are in compliance,” Apple said.
“Early next week we will deliver a software update for iPhone users in China addressing the minor functionality of the two patents at issue in the case.”
The case, brought by Qualcomm, is part of a global patent dispute between the two US companies that includes dozens of lawsuits. It creates uncertainty over Apple’s business in one of its biggest markets at a time when concerns over waning demand for new iPhones are battering its shares.
Qualcomm has said that the Fuzhou Intermediate People’s Court in China found Apple infringed two patents held by the chipmaker and ordered an immediate ban on sales of older iPhone models, from the 6S through the X.
Apple has said that all of its phone models remained on sale in mainland China and that it had filed a request for reconsideration with the court. All the models appeared to be available to buy on Apple’s China website on Friday.
Qualcomm, the biggest supplier of chips for mobile phones, filed its case in China in late 2017, arguing that Apple infringed patents on features related to resizing photographs and managing apps on a touch screen.