R3Dubai-based platform-as-a-service fintech Wethaq has partnered with enterprise blockchain software firm R3 to support transactions in Islamic capital markets.

The platform – built on R3’s Corda Enterprise – is aimed at improving infrastructure to support issuance and trading of Sukuk securities. It will make Sukuk more accessible by digitising the currently manual, costly and lengthy issuance process.

Wethaq is working with regulators to ensure the platform is fully compliant both from financial and Shariah perspectives. The platform will simplify the Sukuk lifecycle and is designed to seamlessly interoperate with global financial markets.

The Corda platform is designed for practical business usage and includes additional security protocols, which makes it ideal for heavily regulated and complex Sukuk market, R3 said.

“…there is no better time to seize the advantages of blockchain to transform global financial systems. Saudi Arabia and the wider Middle East region are areas where we see huge potential for Corda to modernise the economy and our partnership with Wethaq is a step towards achieving that,” said  David E. Rutter, CEO of R3.

Wethaq is a regulated fintech entity in the Sukuk capital markets operating out of the Dubai International Financial Centre with presence in Riyadh and London.

R3 is an enterprise blockchain software firm working with an ecosystem of more than 300 participants across industries to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.

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by Krishna V Kurup
Senior Market Analyst at IBS Intelligence
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