Emirates Islamic to issue blockchain-based check books, first in the region

12 June 2017

Emirates IslamicEmirates Islamic, a business bank owned by Emirates NBD, unveiled the introduction of blockchain-powered check system as it seeks to strengthen security of transactions performed against the issued checks and mitigate fraud cases. The bank is the first financial institution in the United Arab Emirates to implement the technology.

The bank announced that it plans to provide new check books for its customers dubbed Cheque Chain that will feature an individual QR code on every page of the book and a string of 20 random figures. Earlier its parent company Emirates NBD held a trial of QR-featured check books to make cash disbursal against the checks more forgeryproof. At the next stages of the project it is scheduled to register every QR-marked page on the blockchain network of the bank to verify the check at its source.

Suhail Bin Tarraf, COO at Emirates Islamic, notes that blockchain technology brings higher security and protection against fraudulent actions in banking transactions, so delivering this innovative solution to the UAE market at the cutting edge of issuers is viewed as a significant success. Emirates Islamic believes the new check system will substantially minimize fraud risks while increasing customer experience and peace of mind.

He further continues emphasizing that the bank funnels large amounts of funds into developing digital innovations in an effort to improve their services and experience in banking while at the same time implementing the task of turning the UAE into the world’s capital of Islamic economy set forth by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai.

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