Blockchain Technology: Wethaq
Platform that helps you issue and settle Sukuks with a software in your laptop.
Blockchain Technology: Wethaq
The beauty and power of Sukuk lives in the details. You can only fully appreciate the genius of these structures when you get a chance to work closely in bringing the masterpiece together. But as you step back, you wonder how effective and costly is it to make the complex technical parties work together. You need time, specialized banking institutions and expensive lawyers, and only few entities in the region can do the job. But all that is about to change!
Wethaq is an automated application, custom-built to help companies create, issue and settle Sukuks faster and more easily. A proprietary platform system steers the information automatically from detail to detail, taking key information on the underlying investment. To make sure the focus is right, the application is equipped with smart contracts and settlement framework which helps remove the need for traditional custodians to measure the payments against the units. Once each detail is captured, the hyper-ledger takes all the information, like a jigsaw, stitches the protocol together into one single Sukuk.
Looking to the future, Wethaq has taken a big step to reduce the impact of multi-party functions such as custodians, registrars and issuers. Today, they’re taking the next step by assigning us as their Sharia Advisor to ensure that its Sukuk documents, blockchain protocol, and settlement framework are Sharia compliant.
With a Wethaq-enabled platform, you’ll be able to issue, list, settle and purchase a Sukuk with a software in your laptop. The best part is that you don’t have to spend hundreds of thousands in setting up and bringing together the different parties. In the future, we hope Wethaq can help you navigate all the above and more, with an app in your pocket. The implications for their victory are, literally, game changing—and the ultimate winner will be the investors.
We hope you’ll love experiencing the digital Sukuk masterpiece in close detail!
Wethaq, a multinational automated Sukuk Platform, today announced that it has signed an agreement with Shariyah Review Bureau to help ensure all the digitized activities of its Sukuk Al Ijara targeted offers are in compliance with Sharia.
Wethaq has been working with lawyers trying to successfully demonstrate its PaaS (platform-as-a-service) flexibility and its strong multi-source management infrastructure. The solution is expected to be deployed in stages across several locations in the GCC to deliver optimize performance for Sukuks in multiple jurisdictions across the region. The Platform will also automate the implementation of integral Sharia guidelines while providing the essential transparency needed for a clear view of Sharia audit processes to both Sharia scholars and stakeholders.
Muhammad Al Sehli, founder and CEO of Wethaq stated “our system is designed to support key regulatory and Sharia supervisory requirements. Its ability to handle disparate sources of multiple-party functions such as custodians, registrars and issuers is expected to turn Wethaq into a prime solution for listing Sukuks for many institutions.” “In helping to address the upcoming Sukuk optimization shift – driven by the demand for digitalization and automation – Wethaq remains the only Platform available to organizations serious about addressing the ever increasing investor demands for greater cost efficiencies” he added.
Dimitrios Vourakis, Chief Product Officer of Wethaq said “Our omni-channel platform will allow the Sukuk units to be stored, transferred and traded conveniently and securely while providing Islamic investors the ability to see real-time reporting and overview of the underlying assets.” Commenting on the assignment of the Sharia Advisor he stated, “Choosing to partner with Shariyah Review Bureau, who have extensive Islamic industry experience and have worked with block-chain projects, not only meet our specific needs but also enables us to build a Sharia compliant Sukuk service that drives down cost and increase efficiencies and ensures that our auto-service for Sukuk’sissuance, listing and settlement are in compliance with important Sharia guidelines.”
Managing Sharia Compliance is also a major concern for Sukuk issuances. The high costs associated with Sharia Boards and increasing complexity of the market-specific structures represent a major challenge for the Sukuk industry. This in addition to the multi-party costs and legal pressure these instruments are already subjected to. This is the reason why Wethaq believes that their smart solution will help issuers and investors draw on the tremendous potential of block-chain technology and smart contracts and reduce the multi-source costs across the Sukuk product.
Speaking of the new venture with Wethaq, Yasser S. Dahlawi, CEO of SRB stated, “We believe Wethaq has a unique set of smart solutions that can help scale-up the issuance and settlementpractice of the Sukuk market.” Speaking on their disruptive business model he added, “they appealed to us because of their focus on building smart value for issuers and investors through a strong set of digitalized automated capabilities.” “Their ability to close the loop for multiple parties and reward investors with reduced costs is commendable. This approach of Wethaq also aligns very much with SRB’s own values in the Sharia advisory space.”
“We are very excited to offer our Sharia certification services to Wethaq” stated Mansoor M. Ahmed, AGM at SRB. “We see their platform as the future of Sukuk’s issuance and investors’ convenience.” He added, “Blockchain, Ether smart contracts, Tokenization and Artificial intelligence are all fast-developing realities and Islamic financial institutions should proactively look at leveraging these technologies to reduce costs and create superior experiences for their investors.” Speaking about SRB’s role as the Sharia advisor Mansoor added “We will be leveraging our Sharia scholarly expertise and Sharia audit capabilities to offer Wethaq a smart solution that matches the way they want to promote their sukuk solution globally.”
Digital Assets: EIT Investments
Using block-chain technology to securitize assets and rental yields.
Artificial Intelligence and Fintech: X8 Currency
We’ve always aimed to build products that improve investment opportunities for as many people as possible. For example, few months back we introduced the first Sharia compliant blockchain Protocol which allowed users to experience the movement of money quickly, reliably, and at almost no cost. Since then everyone from blockchain lovers and cryptocurrencies issuers, to digital exchanges have been approaching us seeking Sharia compliance — often for the very first time.
One such entity inspiring to illuminate the world of ‘value preservation’ is Switzerland based X8 Currency. Their portfolio is driven by financial Artificial Intelligence (AI) which provides people with an easy Token artifact for their investments. Powered by advanced applications the portfolio works on a 100% asset backed reserves of eight major fiat currencies like US Dollar, Japanese Yen, Canadian Dollar and gold coins. What we admire about X8 is that it has been built in direct response to conversations with Asset Managers seeking to preserve value and create price stability, as well as automated reserves and visibility metrics. Keep your eyes peeled as we help roll out the Sharia compliant version of X8 with creative, secure and stable experiences.
From initial coin offerings to finishing protocols, we help your products stay true to the pulse of your design. By staying focused on the needs, demands and wishes of the people and institutions for whom you’re developing the products.
We remain excited in inspiring the financial world and shaping new futures with Islamic products build for everyone!
Digital Assets: EIT Investments
The history of real-estate investments is global. But until recently, the act of tokenizing these investments into digital assets has been limited in scale. But with EIT Investments, it’s soon going to be just a few clicks away. Today, they received the Sharia Certification for their luxury hotel real-estate program and they are now developing the Tokenization of their first 20 investments in hotels so that you can buy their digital artifacts no matter where you are.
EIT’s block-chain technology will allow you to digitally securitize your investments in the famous suites and grand rooms of luxury hotel real-estates from Palazzo Versace Dubai, to Park Plaza Hotel in Westminster to The Dolder Grand in Switzerland.. From asset backed sales to secured rental yields, we expect, EIT’s Tokens to help reach new investors and inspire them with digital assets. And the possibilities will keep expanding with the addition of newer exchanges which allow the sale of such Tokens on secondary e-markets.
Digitalized Tokens will never replace the real thing. But block-chain technology will open up new application of investments to everyone, and to offer such opportunities in a Sharia compliant manner, we think is a powerful thing. We hope you get a chance to explore the diverse heritage of hotel investment in Sharia compliant Tokenized way!
X8 Currency, a Blockchain based digital currency with an advanced artificial intelligence wealth value preservation solution, today announced that it has been certified for Sharia compliance by Shariyah Review Bureau. X8 is the first to receive the certification for its ARM-AI (Automatic Reserve Management, Artificial Intelligence) driven portfolio which preserves value with its 100% backed reserves of eight major fiat currencies (US Dollar, Swiss Franc, Euro, Pound Sterling, Japanese Yen, Australian, New Zealand and Canadian Dollar) and gold. This basket of fiat currencies and gold helps create safety and the strong foundation necessary for a digital currency, while the ARM-AI helps find the best exchange rates for the elements in the reserve. Not only does the ARM-AI solution preserve value for the investor, it also helps in countering the inflationary headwinds experienced across the global markets, providing a sustainable non-speculative value proposition for the investor. The X8C currency has the potential to become one of the most stable and exchangeable digital currencies in the world, whilst becoming a true value reference point.
The certification also extends the Sharia compliance to X8’s Ethereum based Tokens along with comprehensive guidelines for trading in currencies and preserving value. “It is very meaningful to receive the Sharia compliance certificate that provides reassurances that we are open to investors seeking to make investments in Shariah compliant assets,” said Gregor Koželj, Founder and Chief Executive Officer. “With the changing environment of banking and asset management primarily due to fintech-driven shifts, the market for wealth preservation in Islamic finance is poised to see disruption and it is for this reason that we are seeing an increasing demand for our Product in the Islamic markets. We have assigned Shariyah Review Bureau as an independent Sharia Advisor to help us comply with the critical procedures of Sharia compliance. We hope this will drive new business opportunities for investors in the marketplace compatible to their faith based values,” said Francesca Greco, Director and Co-Founder of X8 AG.
The Sharia Advisory engagement will enable X8 to allow the facilitation of more integrated currency trading, and asset preservation that leverages on Sharia compliant principles. “We remain committed to retaining the expertise of Shariyah Review Bureau as we seek to drive the growth of X8 in the rapidly expanding markets of Sharia compliant investments ” said Gregor.
Based out of Bahrain and licensed by the Central Bank of Bahrain, Shariyah Review Bureau (“SRB”) has been serving the Islamic financial markets for well over 13 years. With 34 scholars spanning 19 countries its Sharia certification and Sharia audit services are recognized globally. SRB is widely considered as one of the world’s leading Sharia advisory organization offering banks, insurance and asset management institutions a range of Sharia certification and supervisory services across all major asset classes. It also provides its advice to wealth management companies, high-net-worth individuals and family offices.
“We are keenly looking forward to X8’s vision to advance digital currency capabilities by systematically using Blockchain and Artificial Intelligence techniques” said Yasser S. Dahlawi, Founder and CEO of SRB. “Moving forward we will work closely with the team at X8 to ensure that they have access to the levels of expertise required for attaining Sharia compliance in their business facilities.” Yasser added, “High quality Sharia advice and certification services are critical to our business and we are ready to deliver what’s required to support the future ambitions of X8 in the Islamic financial market.”
As a full-service Sharia Advisory company, SRB’s certification complement its ICO screening services and solutions and covers Blockchain protocols, Tokens and Cryptocurrencies. “Blockchain based projects require detailed review of its design and technical structuring aspects” said Mansoor M. Ahmed, AGM at SRB’s Dubai office. “At SRB, we aim to simplify this for our clients by providing end-to-end Sharia Board, review, certification, consultation and Sharia audit services into one cost-effective package. As a result, clients get consistent Sharia advice and added value in terms of access to the right Sharia scholarly resources as and when required.”
Alpha Capital, the Kingdom’s latest novel boutique Investment firm focused on Asset Management and Alternative Investments announced today the assignment of Shariyah Review Bureau (“SRB”) to oversee its Sharia compliant investment funds and securities business.
Alpha Capital’s bespoke products and services, are designed to help investors build and grow their investors, and include direct access to fixed income fund, structured products, discretionarily managed portfolios, investment real-estate funds and private funds. The combination of Alpha’s specialist knowledge in identifying risks and optimizing investments is seeing an increased level of interest from regional institutional clients. The firm has already established two standalone Sharia compliant public Funds this year and is now working on a range of investment funds to meet the needs of its growing private asset business in the Kingdom. Fahad Khalid AlSaud, Managing Director and CEO at Alpha Capital, said: “we are working hard in building great opportunities for institutional investors and HNW’s in the Kingdom wanting to diversify their portfolio with an excellent return profile in multiple asset classes.” Speaking on alpha returns he added “the needs of the markets are changing and diversification backed with positive returns are key to creating wealth, and this is why we are structuring our investment case with alpha based returns in this challenging market.”
Commenting on the assignment of Shariyah Review Bureau, Moath AlNaeem, Chief Investment Officer at Alpha Capital stated, “We welcome SRB to our investment business. The appointment of a global Sharia advisory firm which has certified investments across all asset classes and with deep knowledge of the Islamic industry highlights our commitment to growth in Sharia compliant alternative investment business.”
Shariyah Review Bureau is licensed by the Central Bank of Bahrain and has hundreds of clients covering multiple industries around the world. Its services have grown in demand as financial institutions continue looking for ways to speed-up the Sharia compliance management process and to reduce costs on Sharia Boards overheads. “We strive to be a complete Sharia advisory resource for asset managers, providing them with the full spectrum of Sharia certification and Sharia equity screening services they need to help meet their goals,” said Yasser S. Dahlawi, Founder and CEO of Shariyah Review Bureau. “Creating long-term value between institutions and scholars has always been at the core of our business and we believe that we have succeeded by building a scholarly platform spreading over 19 countries and a committed team of in-house consultants that can deliver quick reviews and certification, as well as deliver and monitor Sharia compliance for clients like Alpha Capital.”