Friday March 05, 2021
Bitcoin (BTC) $46,984.00   Ether (ETH) $1,468.57
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Networks & Protocols

R3 partners with Dubai based Wethaq to digitize Islamic capital markets

Wethaq has been working alongside regulators in several jurisdictions to ensure the platform will be fully compliant both from financial and Shariah perspectives.

Published by CryptoNinjas.net
08/28/2019
R3 partners with fintech, Wethaq, to digitize Islamic capital markets

Wethaq,  a Dubai based “platform-as-a-service” for financial institutions, originators, investors and service providers to use in the pre-sale, issuance, management and secondary trading of Sukuk products, announced today it has signed a strategic partnership with enterprise blockchain software firm R3 to build the next generation of financial market infrastructure to enable issuers, investors, central banks and regulators to seamlessly transact in Islamic capital markets.

Built on R3’s Corda Enterprise, Wethaq’s platform is initially aimed at improving the market infrastructure supporting the issuance and trading of Sukuk securities.

There is currently substantial unmet demand for Sukuk, the global market for which is worth over $120bn annually. The platform will make Sukuk more accessible by digitizing the costly and lengthy issuance process, which is at present manual, non-standardised and fragmented.

R3’s Corda Enterprise platform is designed for practical business usage and includes additional security protocols that make it ideally suited to the heavily regulated and complex Sukuk capital market.

“Blockchain is driving an unprecedented period of innovation across capital markets, with more assets moving towards complete digitization. As such, 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 modernize the economy and our partnership with Wethaq is a step towards achieving that.”
–  David E. Rutter, CEO of R3

The goal of the Wethaq platform will be to simplify the Sukuk lifecycle, being solely accountable for performing functions that would otherwise be performed by a number of banks, clearing and trustee entities. Furthermore, the Wethaq platform is designed to seamlessly interoperate with global financial market Infrastructure enabling wider distribution for issuers and investors.

“In building the next generation of financial market infrastructure for Sukuks we have found a valuable and trusted partner in R3 and its Corda Enterprise software.  Our joint focus is on building world-class financial infrastructure in Saudi Arabia, in alignment with the Kingdom’s Vision 2030, and the UAE, pursuant to their ambitious fintech agenda, before we expand to the entire Middle East and South East Asia. We invite the wider Sukuk community to join the platform to ease access to capital markets, source new products for investors internationally and more closely integrate Sukuk markets with their global counterparts.”
– Mohammed Alsehli, CEO at Wethaq

FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Futurex and R3 bringing HSM-backed security to Corda blockchain
Featured

Futurex and R3 bringing HSM-backed security to Corda blockchain

03/24/2020
Penta Security to offer MPC key management on Corda blockchain
Featured

Penta Security to provide MPC key management on Corda blockchain

12/13/2019
CULedger unveils EFT payment solution built on R3’s Corda blockchain
Blockchain Technology

CULedger unveils EFT payment solution built on R3’s Corda blockchain

12/05/2019
Chainstack launches one-click deployment for R3’s Corda blockchain
Featured

Chainstack launches one-click deployment for R3’s Corda blockchain

10/23/2019
Infosys Finacle and R3 complete trial of blockchain based trade finance application
Blockchain Technology

Infosys Finacle and R3 complete trial of blockchain based trade finance application

09/23/2019
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

Enjin launching two scaling solutions to remove gas and support NFTs from any blockchain

03/04/2021
DEX aggregator 1inch integrates Bitquery's API-powered crypto trading data

DEX aggregator 1inch integrates Bitquery’s API-powered crypto trading data

03/02/2021
Creators of crypto wallet Exodus files with SEC to allow purchase of its stock with bitcoin

Creators of crypto wallet Exodus file with SEC for $75M public offering

03/03/2021
CasinoCoin to migrate to XRP Ledger amidst rebranding

CasinoCoin to migrate to XRP Ledger amidst rebranding

03/01/2021
SIMBA Chain expands to Avalanche blockchain enabling low-code smart contract deployment

SIMBA Chain expands to Avalanche blockchain enabling low-code smart contract deployment

03/02/2021
iGaming platform Royale to integrate API3 to verify on-chain crypto-to-fiat price exchange

iGaming platform Royale to integrate API3 to verify on-chain crypto-to-fiat price exchange

03/04/2021
Crypto exchange KuCoin opens beta test on new 3x leveraged BTC and ETH tokens

Crypto exchange KuCoin opens beta test on new 3x leveraged BTC and ETH tokens

03/04/2021
Decentralized cloud Akash Network integrates with Equinix Metal

Decentralized cloud Akash Network integrates with Equinix Metal

03/04/2021
Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

Crypto fund KR1 makes investment in blockchain data protocol LazyLedger

03/04/2021
DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

DeFi yield optimization protocol ETHA Lend closes $1.6M funding round

03/04/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version