IslamicFinance.de

UAE-based fintech company Wethaq has issued the first pilot sukuk on its securities market infrastructure. Al Ghurair Investments acted as the issuer advised by Mashreqbank acting as lead arranger, R3 as protocol provider, Clifford Chance as legal counsel and the Dubai Islamic Economy Development Centre as mentor. Wethaq’s fintech infrastructure is developed on R3’s Corda Protocol integrating SWIFT global payments innovation, gpi Link platform. By using the gpi Link, Wethaq will be able to seamlessly integrate SWIFT’s gpi service into its platforms, opening itself up to more than 3,500 banks around the world. SWIFT gpi Link is a gateway to interlink ecommerce and trading platforms and enables a fast, secure and transparent settlement.