Kinexys Secures its First Qatari Islamic Bank: Dukhan Bank Joins the Network

cryptonews.ruPublished on 2026-08-05Last updated on 2026-08-05

Abstract

On August 3, 2026, Qatar's Dukhan Bank became the first Islamic (Sharia-compliant) bank in the country to join JP Morgan's blockchain-based deposit token network, Kinexys. This integration provides the bank's corporate and institutional clients with 24/7 cross-border settlement capabilities, removing time zone constraints for treasury operations. The move is part of Dukhan Bank's broader digital transformation. The bank stated that Kinexys enhances the speed, transparency, and efficiency of cross-border payments while aligning with Islamic finance principles. JP Morgan's platform converts client cash deposits into tokens for near-instant settlement within the regulated banking system and handled over $4 trillion in transactions by June 2026, supporting eight currencies. Kinexys, formerly known as Onyx, now counts eight major Gulf banks among its users. JP Morgan's JPM Coin, a regulated deposit token, is central to the network and is also available on Coinbase's Base network, with planned integration into the Canton Network. In November 2025, Kinexys partnered with Singapore's DBS Bank to develop interoperability for transferring tokenized deposits across different blockchain systems.

On August 3, 2026, Dukhan Bank joined the JP Morgan Kinexys blockchain-based deposit account network. It is the first bank in Qatar to operate within the system and adhere to Shariah principles.

This move provides the bank's corporate and institutional clients with 24/7 cross-border settlements and expands JP Morgan's already significant presence among Gulf banks.

Dukhan Bank Enters Agreement with Kinexys for 24/7 Settlement Operations

Kinexys enables the operation of a cross-border payment system 24 hours a day. As stated in the bank's press release, there are no interruptions on weekends or holidays. The round-the-clock settlement system removes a persistent constraint for treasury departments managing cash across different time zones.

Dukhan Bank, one of Qatar's leading Shariah-compliant banks, stated that the launch is part of a broader digital transformation program.

"The launch of the Kinexys blockchain-based deposit account network reflects Dukhan Bank's commitment to providing innovative, Shariah-compliant solutions that meet the evolving needs of our clients," said Ahmed I. Hashem, Acting Group CEO. He added that this technology enhances "the speed, transparency, and efficiency of cross-border payments."

JP Morgan accepts cash deposits directly from clients and then converts these deposits into tokens on its managed blockchain platform. Settlements occur almost instantly within a regulated banking system, as Cryptopolitan reported during the platform's expansion in June 2026. The network also offers programmable payments, positioned as a way to manage liquidity more effectively.

In June, Kinexys processed over $4 trillion in transactions and conducted daily operations exceeding $7 billion in eight currencies. JP Morgan added the Australian dollar, Hong Kong dollar, Japanese yen, Chinese yuan, and Singapore dollar to the list already including the US dollar, euro, and British pound.

JP Morgan built the infrastructure under the Onyx brand and then rebranded it as Kinexys in November 2024.

JP Morgan's List of Gulf Region Partners Continues to Grow

The blockchain-based deposit account network is currently used by eight major banks in the region, according to Akshika Gupta, Global Head of Product & Solutions Sales at Kinexys. She added that connecting Dukhan Bank helps institutions "embrace the next phase of digital payments."

Dukhan Bank also emphasized its Shariah-compliant argument. Distributed ledger technology can strengthen principles such as clarity, certainty, and transaction efficiency, aligning them more closely with the requirements of Islamic finance, its press release stated.

JP Morgan manages JPM Coin (ticker JPMD), a US dollar deposit token that the bank views as a regulated bank liability, not a stablecoin. As Cryptopolitan previously reported, the token is already available on Coinbase's Base network, and integration with the Canton Network is expected by the end of 2026.

In November 2025, Kinexys and Singapore's DBS Bank began developing an interoperability system for transferring tokenized deposits between different blockchain systems.

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271 Total ViewsPublished 2024.04.06Updated 2024.12.03

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