Tuesday, 27 June 2017

Emirates Islamic adopts Blockchain to secure cheques

Emirates Islamic, an Islamic financial institution in the UAE, said it will introduce Blockchain technology into its cheques as a fraud prevention measure.

Termed Cheque Chain, Emirates Islamic is the first Islamic bank in UAE to undertake this initiative to enhance security in the popular payment method. Emirates Islamic will issue new cheque books carrying a unique QR code on every leaf, along with a string of 20 random characters.

“Blockchain has the potential to significantly increase security and protection in banking transactions and we are delighted to be among the first in the UAE to utilise this new technology,” said Suhail Bin Tarraf, COO, Emirates Islamic. “We anticipate that Cheque Chain will dramatically reduce cheque frauds in this market helping us provide our customers greater peace of mind and security.

“Emirates Islamic is making deeper investments in digital technologies to enhance and improve the banking experience, as part of our commitment to support the vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, VP and PM of UAE and Ruler of Dubai in making Dubai the global capital of Islamic economy. We are confident that our efforts will be well received by our customers and partners.”

In the next phase of the Cheque Chain project, the bank will have each cheque leaf registered on the Bank’s Blockchain platform, enabling it to validate the authenticity of the cheque at source.