Wethaq – the first Islamic capital platform based on blockchain

Wethaq will be the very first Islamic capital blockchain platform to be created. The innovation will be brought to life by Arabian Chain Technology, blockchain disruptor that has already signed as a partner Curiositas.

The platform will be developed based on the blockchain technology to cater to the Islamic capital markets with the help of legal automation and smart contracts.

The so called sukuk products will be traded via the platform. Sukuk is literally an Islamic financial certificate that is like a bond but complies with Sharia, according to a definition from Investopedia.

Wethaq will serve as a platform for all parties involved (investors, fundraisers, etc) and will act as a place where the sukuk products are sold in pre-sales, managed and traded.

According to Arabian Business, the first contract to be made on the platform will be active in the first half of next year.

The Islamic capital market is more complicated than traditional ones in the sense that they experience significantly high operational costs and charges from third parties, so easing the process of raising funds through capital markets is urgently needed.

For the very beginning of the platform, major clients targeted are investment banks, rating agencies, lawyers, fundraisers and accredited investors. A user pays a fee and has access to Wethaq for the entire life of their product (the sukuk).

The Islamic capital market has not seen such innovation in recent times, so it will be interesting to see how blockchain integrates in the complex Islamic finance world.

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Wethaq - the first Islamic capital platform based on blockchain

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