Oumla joins forces with SAB on 鈥榝irst鈥� Islamic Repo trade via blockchain
21 August 2025 Saudi Arabia
Image: mauromod/stock.adobe.com
Saudi Awwal Bank (SAB) has partnered with Oumla and other Saudi banks to complete a repo transaction on blockchain.
According to the firms, the move marks the world鈥檚 first Islamic Repo transaction on blockchain.
The Islamic Repo system allows banks to lend to each other in compliance with Islamic finance principles, using blockchain to make the process faster, safer, and more transparent.
Oumla says it replaces paperwork and manual steps with smart digital contracts, ensures all transactions are securely and immutably recorded, and helps banks manage their assets and liquidity more easily and with reduced risk.
The collaboration first began during SAB鈥檚 Virtual Assets Summit in November 2024, and drives the firm鈥檚 ambition to accelerate financial innovation.
During the summit, SAB hosted 11 Saudi banks and the Saudi Central Bank (SAMA), with the aim to join forces on blockchain experimentation and development in 2025.
The transaction was recently completed at an event held at the SAB Innovation Centre, where key partners were present.
As one of the oldest financial institutions in Saudi Arabia, SAB is regulated and supervised by the SAMA and is a partner of the HSBC Group.
Virtual assets and currency lead at SAB, Victor L. Phillipe, states: 鈥淥umla has a solid understanding of blockchain technology. Their team supported us with guidance.鈥�
Oumla provides blockchain infrastructure for businesses and governments to manage digital assets by using APIs for system integration and deployment.
Earlier in the year, Oumla entered a partnership with blockchain platform Avalanche, launching Saudi Arabia鈥檚 first layer 1 blockchain.
According to the firms, the move marks the world鈥檚 first Islamic Repo transaction on blockchain.
The Islamic Repo system allows banks to lend to each other in compliance with Islamic finance principles, using blockchain to make the process faster, safer, and more transparent.
Oumla says it replaces paperwork and manual steps with smart digital contracts, ensures all transactions are securely and immutably recorded, and helps banks manage their assets and liquidity more easily and with reduced risk.
The collaboration first began during SAB鈥檚 Virtual Assets Summit in November 2024, and drives the firm鈥檚 ambition to accelerate financial innovation.
During the summit, SAB hosted 11 Saudi banks and the Saudi Central Bank (SAMA), with the aim to join forces on blockchain experimentation and development in 2025.
The transaction was recently completed at an event held at the SAB Innovation Centre, where key partners were present.
As one of the oldest financial institutions in Saudi Arabia, SAB is regulated and supervised by the SAMA and is a partner of the HSBC Group.
Virtual assets and currency lead at SAB, Victor L. Phillipe, states: 鈥淥umla has a solid understanding of blockchain technology. Their team supported us with guidance.鈥�
Oumla provides blockchain infrastructure for businesses and governments to manage digital assets by using APIs for system integration and deployment.
Earlier in the year, Oumla entered a partnership with blockchain platform Avalanche, launching Saudi Arabia鈥檚 first layer 1 blockchain.
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