Dukhan Islamic Bank in Qatar implements Kinexys for blockchain payments

Dukhan Bank in Qatar has become the first Islamic Bank in the country to go live on Kinexys by J.P. Morgan’s Blockchain Deposit Account network. Qatar’s Dukhan Bank will utilize Kinexys for cross border payments. Qatar National Bank is also using Kinexys as is Emirates NBD in UAE. Also using Kinexys is Saudi National Bank, First Abu Dhabi Bank, Commercial Bank of Dubai, and Bank ABC.

As per the announcement, the implementation marks a significant step in Dukhan Bank’s digital transformation journey, enabling faster, more efficient, and always-on payment services for corporate and institutional clients with increasingly global and time-sensitive treasury requirements.

Kinexys’ Blockchain Deposit Account network, enables real-time cross-border payments 24 hours a day, seven days a week, including weekends and public holidays. The network supports major global currencies and enables near instant settlement, programmable payments, and improved liquidity management.

According to Acting Group Chief Executive Officer of Dukhan Bank Ahmed I. Hashem going live on Kinexys Blockchain Deposit Account is a reflection of the bank’s commitment to delivering innovative Sharia compliant solution that respond to the evolving needs of our clients.

He adds, ” By leveraging blockchain technology, we are enhancing the speed, transparency, and efficiency of cross-border payments, while supporting modern treasury requirements and strengthening our digital capabilities.”

Additionally the Global Head of Product Sales and Solutions, Kinexys by J.P. Morgan, Akshika Gupta commented that eight of the region’s largest banks leverage their Blockchain deposit account network Kinexys. He noted, ” We’re pleased to support Dukhan Bank as it expands its payment capabilities. We remain focused on helping financial institutions across the region leverage the next phase of digital payments.”

In July, South Korea’s KB Kookmin Bank announced that it would be launching a blockchain-based corporate payment service using JPMorgan’s Kinexys network, bringing faster U.S. dollar remittances to import and export companies dealing with key Arab markets, including Qatar, the United Arab Emirates and Bahrain.

While in May Arab Bank with a presence across the MENA region also announced it would be utilizing J.P. Morgan’s blockchain platform Kinexys for digital payments. As per the announcement, select branches of Arab Bank will be able to use Kinexys’ blockchain-based payment rail to explore selected use cases related to cross-border payments for its customers, liquidity management and operational efficiency.