Wethaq

Mena blockchain firm targets Islamic finance

Blockchain firm R3 has partnered with Dubai-based startup Wethaq to bring blockchain technology to the Islamic finance market. According to R3 CEO David Rutter, blockchain is driving an unprecedented period of innovation across capital markets, with more assets moving towards complete digitisation. Wethaq’s platform-as-a-service offering will use R3’s Corda enterprise blockchain infrastructure to digitise the pre-sale issuance, management and financing of sukuk securities. Interest in using blockchain technology for Islamic finance has increased in the last 12 months. Abu Dhabi-based Al Hilal Bank claimed to be the first firm to execute a sukuk transaction via the blockchain back in November 2018.

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