Kinexys lands its first Qatari Islamic bank as Dukhan Bank goes live

Dukhan Bank became part of J.P. Morgan’s Blockchain Deposit Account network, Kinexys, on August 3, 2026. It is the first Sharia-compliant lender in Qatar to operate on the system.

The move provides the bank’s corporate and institutional clients with around-the-clock cross-border settlement and expands J.P. Morgan’s already sizable presence among Gulf banks.

Dukhan Bank taps Kinexys for 24/7 settlement

Kinexys keeps cross-border payments open around the clock. There’s no rest for weekends or public holidays, the bank’s press release said. A settlement rail that never closes removes a standing constraint for treasury desks with money in many time zones.

Dukhan Bank, one of Qatar’s leading Sharia-compliant banks, said the launch was part of a wider digital push.

“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,” said Ahmed I. Hashem, the bank’s acting Group CEO. He continued that the technology sharpens “the speed, transparency, and efficiency of cross-border payments.”

J.P. Morgan accepts cash deposits directly from clients and then converts those deposits into tokens on a blockchain it operates. Settlement takes place almost instantly within the regulated banking system, as Cryptopolitan reported when the platform expanded in June 2026. The network also offers programmable payments, which it is marketing as a way to better manage liquidity.

In June, Kinexys had cleared more than $4 trillion in cumulative transactions and was clearing more than $7 billion a day in eight currencies. J.P. Morgan added the Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar to a list already containing the US dollar, Euro, and British pound.

J.P. Morgan built the infrastructure under the Onyx brand, then renamed it Kinexys in November 2024.

J.P. Morgan’s Gulf roster keeps growing

The Blockchain Deposit Account network is now being used by eight of the region’s largest banks, said Akshika Gupta, global head of product sales and solutions at Kinexys. She added that the Dukhan Bank onboarding is helping institutions “leverage the next phase of digital payments.”

Dukhan Bank also employed an argument of Sharia compliance. Distributed-ledger technology can strengthen principles such as clarity, certainty, and efficiency in transactions, close to the requirements of Islamic finance, its press release said.

J.P. Morgan operates JPM Coin, ticker JPMD, a dollar-denominated deposit token that the bank considers a regulated bank liability, not a stablecoin. As previously reported by Cryptopolitan, the token is live on Coinbase’s Base network, and an integration with Canton Network is expected before the end of 2026.

In November 2025, Kinexys and DBS Bank of Singapore started developing an interoperability framework to transfer tokenized deposits between various blockchain systems.

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