Two MENA-based software firms have launched what they claim is the first blockchain-enabled platform for Islamic capital markets.
ArabianChain Technology and Curiositas have signed a joint venture to create Wethaq, a platform-as-a-service that employs smart contracts and automation for the issuance, management and secondary trading of sukuk and other sharia-compliant products.
The platform targets investment banks, lawyers, auditors and rating agencies as well as accredited investors and fundraisers
“Our platform matters as there is an urgent need for automation and standardisation in Islamic capital markets,” said Dimitrios Vourakis, managing director of Curiositas. “Financial institutions, fundraisers and investors incur substantial operational costs and third-party charges in Islamic capital markets and face more complexity and intermediaries than those encountered in conventional markets.”
“Due to its rigorous compliance and increased transparency, we expect both international investors and more conservative Islamic investors will consider investing in sukuk products through Wethaq,” added ArabianChain founder and chief executive Mohammed Alsehli.
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