Following this partnership, both the Alternative Bank and TK Tech Africa launched their USD 500 million digital sukuk initiative. This new strategy is expected to improve the overall landscape of financial technology and non-interest banking in the region of Nigeria.
The collaboration will use blockchain technology in order to accelerate and optimise the process of issuing, trading, and settling sukuks, as well as providing a secure and Shari-compliant investment landscape for customers in the country.
The Alternative Bank represents an independent financial organisation, dedicated to ensuring adherence and security to Non-Interest Banking principles. Throughout its partnership with TK Tech Africa, the financial institution will support the Sukuk initiative with secure and real assets.
In addition, the strategic deal between the Alternative Bank and TK Tech Africa will focus on the combined effort of developing wealth by designing and launching new digital, secure, and efficient products, available for any customer interested in commodities and precious metals. The initiative will also allow clients to invest in the commodities market through the use of tokenised alternative assets, a process that is expected to provide optimised flexibility and accessibility.
Both Alternative Bank and TK Tech Africa will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the laws and regulatory requirements of the industry.
The initiative also received accolades from multiple financial institutions and enterprises of the market, as the partnership is set to accelerate the overall development of the financial landscape of Africa. This process will take place through combining Islamic finance and blockchain technology, while also focusing on financial inclusion and an inclusive economic growth.
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