Doha, August 04 (QNA) - Dukhan Bank has gone live on Kinexys by J.P. Morgan's Blockchain Deposit Account network, making it the first Islamic bank in Qatar to adopt this next-generation payments infrastructure.
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, according to a press release from the Bank posted on Qatar Stock Exchange.
Kinexys' Blockchain Deposit Account network, offered through J.P. Morgan's industry-leading blockchain business unit, 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.
Commenting on the launch, Acting Group Chief Executive Officer of Dukhan Bank Ahmed I. Hashem said: "Going live on Kinexys' Blockchain Deposit Account network reflects Dukhan Bank's commitment to delivering innovative, Sharia-compliant solutions that respond to the evolving needs of our clients. 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."
Global Head of Product Sales and Solutions, Kinexys by J.P. Morgan, Akshika Gupta said: "Kinexys' Blockchain Deposit Account network enables banks to offer clients real-time, 24/7 cross-border payments and efficient, always-on settlement. With an established presence in the Middle East – eight of the region's largest banks leverage our Blockchain Deposit Account network – 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."
This development also reflects the growing role of advanced payment infrastructure in Islamic finance. The transparency, security, and real-time settlement capabilities of distributed ledger technology can support principles such as clarity, certainty, and efficiency in financial transactions, and this implementation reinforces Dukhan Bank's commitment to innovation within a Sharia-compliant framework.
With this launch, Dukhan Bank joins a growing network of leading global financial institutions leveraging blockchain-powered infrastructure to modernize cross-border payments, optimize liquidity management, and support the future of digital finance. (QNA)