Wethaq, a Dubai-based fintech company, has partnered with business software company R3 in order to work on the development of a sukuk securities issuance and trading platform based on Corda, R3's open source blockchain.
According to the press release, which was released yesterday, Wethaq's new platform complies with the Shariah.
This new platform reportedly aims to streamline and automate the process of issuing and trading sukuk securities while meeting all the requirements of Islamic law.
However, what are sukuks? They are a type of financial certificate that meets all the requirements of Shariah, the Islamic law.
Ihodl Spain reported in July last year that Stellar had become the world's first blockchain to be certified by the Shariah.
Even though Stellar describes itself as "the first" blockchain protocol certified by the Shariah in the money transfers industry, NOORCOIN received the Shariah Certificate from the World Shariah Advisory Committee in March, becoming "the first Shariah-compliant utility token."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.