Wethaq, the fintech firm of Dubai is planning to create a Sharia-compliant market platform for issuing and trading Sukuk securities. The company is collaborating with the blockchain enterprise R3 Corda for this development.

The Wethaq’s marketing platform is based on the Corda blockchain and also intends to make it compliant with the Sharia law. This platform aims to make improvements in the market infrastructure for the issuance of Sukuk securities. However, Sukuk maintains strict regulations and requires a considerable period for issuance.

Sukuk is an Arabic term for financial certificates or bonds that comply with Sharia law. It offers partial ownership in an asset and Sukuk owners can hold its profit as rent. Although, it doesn’t assure the repayment of initial investment as the holder represents ownership.

The fintech firm wants to automate and simplify the Sukuk process. This partnership will rejuvenate the financial structure of Dubai, says Wethaq CEO Mohammed Alsehli. They will align with both the Kingdom’s Vision 2030 and the UAE law based on fintech agenda, the source states.

Recently, the New York blockchain enterprise R3 Corda chose Kerala Blockchain Academy (KBA) as its general partner. The Kerala academy has come up with a developer certification program designed on R3’s Corda blockchain.