R3 and Wethaq Partnership for Digital Sukuk Market Development
R3 entered into a strategic partnership with fintech startup Wethaq from Dubai to create a financial architecture for Islamic capital markets.
Wethaq is a “platform as a service” (PaaS), it seeks to use the R3 Corda blockchain to manage the pre-sale, issue, management and financing of sukuk, Islamic financial certificates similar to bonds. According to the annual report of the International Islamic Financial Market for 2019, the total sukuk output reached $123.15 billion in 2018, which is 5% more compared to $ 116.7 billion in 2017.
David E. RUTTER, CEO of R3, commented on the partnership:
“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.”
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