Emirates Islamic Bank will become the first Islamic bank in the UAE to integrate Blockchain technology into its cheques.
The decision was announced to be an effective banking transactions security improvement and fraud prevention measure. EIB will issue new cheque books, called ‘Cheque Chain’, carrying a unique QR-code on every leaf, along with a string of 20 random characters. The bank plans to have each cheque leaf registered on the Bank’s blockchain platform, enabling it to validate the authenticity of the cheque at the source.
Suhail Bin Tarraf, Chief Operating Officer at Emirates Islamic said. “We anticipate that Cheque Chain will dramatically reduce cheque frauds in this market helping us provide our customers greater peace of mind and security.”