UAE Haifin, trade finance fraud platform announces $40.8 billion worth of transactions

UAE Haifin, trade finance fraud platform announces $40.8 billion worth of transactions

Haifin, previously known as UAE Trade Connect, an AI blockchain platform to combat trade finance fraud among the banking sector and non-banking sector, has announced a record-breaking year with nearly $40.8 billion of transactions (150 billion AED).

According to Zul Javaid, CEO of Haifan in a LinkedIn post, “ We identified and prevented hundreds of millions of Dirhams of duplicate financing and fraud for our member involved in lending.”

UAE Trade Connect (UTC), Launched in 2021, was co-created by e& enterprise and the UAE banking industry and offers a technology solution to detect suspicious transactions and prevent fraud and duplication in real time. It uses technologies such as AI, Blockchain and machine learning.

Juvaid added, “Big shout out to our steering committee and wider consortium for their trust and commitment to de-risking the lending environment and increasing accessibility to finance for the UAE economy.”

The members of Haifan platform include UAE Banks Federation, Al Masraf, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Commercial Bank International, Commercial Bank of Dubai, Dubai Islamic Bank, First Abu Dhabi Bank (FAB), Habib Bank AG Zurich, Invest Bank, Mashreq Corporate & Investment Banking Group, National Bank of Fujairah, RAKBANK, Sharjah Islamic Bank, United Arab Bank, Beehive Fintech, CredibleX, DP World, and Finneva.

In December 2023, Beehive, a peer-to-peer lending platform, became the second non-banking entity to join Blockchain enabled UAE Trade Connect platform, Haifin. Priort to that, DP World Finance platform partnered with UAE trade Connect in November of the same year.

Zul Javaid expressed his interest in expanding Haifan offering to countries across the GCC and MENA regions, including KSA hiring Wissam Massud to lead their international expansion in 2023.

Sharjah Islamic Bank joins Blockchain anti fraud platform

Sharjah Islamic Bank joins Blockchain anti fraud platform

UAE Sharjah Islamic Bank has joined the Blockchain fraud platform haifin platform alliance. This makes it the fourteenth member to join, demonstrating its commitment to accelerating the collective banking sector efforts to improve risk management procedures and reinforce trust in lending practices. Haifin was previously known as UAE Trade Connect.

By joining the haifin platform alliance, Sharjah Islamic Bank emphasizes the importance of mutual cooperation in combating challenges through the haifin digital trade platform, supported by blockchain technology and artificial intelligence from “e& Enterprise Fintech,” a subsidiary of e&, and is steadfastly expanding in adopting innovative practices and working to increase the level of security, transparency, and efficiency in its financial operations by verifying commercial financing deals in real-time and preventing potential fraud through duplicative transactions.


Hakam Abu Zarour, COO of Sharjah Islamic Bank, stated, “Joining the haifin platform alliance aligns with our commitment to leverage technology to enhance risk management, as we strive to adopt the best technologies to deliver an unparalleled customer experience, considering it the optimal way to succeed in the bank’s growth plans and ensure their continuity.”


Abu Zarour, also noted that the haifin platform offers innovative collaborative solutions that bridge the gap in commercial financing and enhance trust in lending for our customers.


On his part, Zulqarnain Javaid, the CEO of “haifin,” added, “We are thrilled to welcome Sharjah Islamic Bank to the haifin Consortium. Together, we are poised to drive meaningful change and propel digital innovation across the banking sector. They will make a meaningful contribution to the Consortium’s expansion while strengthening the security and transparency of the banking ecosystem by de-risking trade finance and driving digital solutions.


He added that through collaboration and technology, haifin continues to pave the way for a digital future, setting global standards for secure and transparent financial transactions.”