Monday 24 September 2018

Suhail Bin Tarraf, chief operating officer, Emirates Islamic

Emirates Islamic unveils new tech for customer security

UAE, June 14, 2017

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, has announced that it has introduced blockchain technology into its cheques as a fraud prevention measure.

Termed ‘Cheque Chain’, Emirates Islamic is the first Islamic bank in the UAE to undertake this initiative to enhance security in the popular payment method, said a statement from the bank.

The UAE bank will issue new cheque books carrying a unique QR (quick response) code on every leaf, along with a string of 20 random characters, it said.

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

Suhail Bin Tarraf, chief operating officer, Emirates Islamic, said: “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.”

“We anticipate that Cheque Chain will dramatically reduce cheque frauds in this market helping us provide our customers greater peace of mind and security,” he said.

“Our bank is making deeper investments in digital technologies to enhance and improve the banking experience,” he added.

“We are confident that our efforts will be well received by our customers and partners,” added Bin Tarraf.-TradeArabia News Service

Tags: | Customer | Security | Emirates Islamic | technology |

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