ArabianChain, the leading Middle East blockchain innovators have signed a joint venture with innovation firm Curiositas to create Wethaq, the world’s first platform for Islamic capital markets using smart contracts and legal automation
Wethaq will play the role of a platform-as-a-service for financial institutions, fundraisers and investors to use in the pre-sale, issuance, management and secondary trading of sukuk products
Dimitrios Vourakis, Managing Director of Curiositas, said: “Our platform matters as there is an urgent need for automation and standardization in Islamic capital markets. Financial institutions, fundraisers and investors incur substantial operational costs and third-party charges in Islamic capital markets and face more complexity and intermediaries than those encountered in conventional markets. Wethaq separates the essential structuring services provided by financial institutions from additional services such as custodianship, and payments, and offers the latter on its automated platform”
“This is first ever global venture using frontier technology in Islamic Capital markets and we believe that the Islamic finance ecosystem will benefit from this transparent, efficient and competitively priced platform”, commented ArabianChain founder and CEO Mohammed Alsehli.