Emirates Islamic has announced that 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.
“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, Chief Operating Officer, 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 will issue new cheque books carrying a unique QR (Quick Response) code on every leaf, along with a string of 20 random characters.
Bin Tarraf added, “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 His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister 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 block chain platform enabling it to validate the authenticity of the cheque at source.