Shortly after the “world’s first sukuk transaction,” also known as “sharia-compliant” bonds, was processed on blockchain in Abu-Dhabi in November, the UAE showed yet again how serious they are about the blockchain adoption nationwide.

According to UBF, blockchain technology is expected to improve the entire existent processes at all of its member banks, as well as AML (Anti Money Laundering) and KYC (Know Your Customer) policies. Among the benefits of applying the blockchain technology UBF Banking Committee has also pointed to a lot of technological improvements, including cross-border payments, compliance reporting, and streamlined customer onboarding, among others.

The announcement is following the statement made by the governmental AI and Blockchain Joint Working Group at their annual meeting in late November, which concluded the launch of two government initiatives, focused on AI and blockchain. At the meeting, participants have gone over the strategies to attract foreign investments and build the necessary infrastructure with the help of AI and blockchain.