Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution has received the e-Marketplace Champion Award for its excellence in digital adoption from blockchain-powered e-Marketplace TradeAssets.
Last year, ADIB became the first Islamic bank to successfully execute trade finance distribution transactions using Blockchain technology in partnership with TradeAssets, a trade finance e-marketplace.
ADIB has been constantly embracing new and emerging technologies, with the strategic partnership signed last year with TradeAssets further strengthening the efficiency and productivity of businesses. With TradeAssets platform, ADIB has secured 130 deals with total value of over USD128 million till date and 11 banks from Bangladesh.
Commenting on the recognition, Abdulla Shehhi – Global Head International Business Group (IBG), at ADIB, said: “ADIB is at the cutting-edge of global transaction banking offering end-to-end Sharia’a-compliant trade financing through digital channels. Through the successful implementation of TradeAssets, ADIB has demonstrated to the world its commitment to efficiency, productivity, innovation and leading the way business should be done in a digital world.”
Sumit K Roy, Co-founder and Chief Marketing Officer of Fintech Innovations International DMCC, TradeAssets, said: “This award and certificate of excellence are presented to a member bank in recognition of its commitment to the adoption of digital processes that support global access and efficiency. ADIB, through its active usage of our e-marketplace for the last three years, has demonstrated that the banks with progressive and futuristic thinking can change the entire industry for the better.”
This e-marketplace complements ADIB’s diversified digital cash, trade, and foreign exchange offerings, available to businesses through its flagship ADIB Direct platform. Aimed at businesses of all sizes, ADIB Direct improves companies’ ability to manage their finances locally and internationally. The key features include customisable dashboards, cashflow forecasting and online trade issuance and financing which are accessible across all devices including a mobile app.
ADIB has received numerous awards for its digital cash management and trade finance offerings in recent months including ‘Best Islamic Financier’ at the International Trade Finance Awards 2019, ‘Best Islamic Trade Finance Provider’ and ‘Best Online Cash Management in the Middle East’ and ‘Best Islamic Digital Bank’ by Global Finance. The bank was also named ‘World’s Best Islamic Bank’ by the FT’s The Banker Magazine, ‘Best Premium Banking Service in the UAE’ from Banker Middle East, and ‘Best Islamic Bank’ at the EMEA Banking Awards.