Scaling up trading opportunities in cryptocurrencies

Cryptocurrency Exchange: Rain

Financial assets big and small, simple and complex, equitable and debt-inducing, have all started out as ideas. With the introduction of assets like cryptocurrencies, businesses are seeking regulated enterprises as a critical step towards customer engagement. Downloading unregulated apps sometimes means sourcing the buy, sell and store of your digital currencies from multiple locations—not all of them trusted. But a digital exchange regulated by a central authority can change the game!

RAIN – the first digital exchange of its kind in GCC – has built a crypto-trading platform that makes it easier for customers to buy, sell and trade Bitcoin along with other digital assets. To win global support for its ownership, security and trust they’ve got themselves regulated by the Central Bank of Bahrain; with further follow-ups to regional jurisdiction compliances. That’s why we’re thrilled to be working with them as their Sharia Advisor. By combining RAIN’s mobility, brokerage and custodian tools with our supervisory assurance, we’re creating one place to trade, save and manage your financial digital assets – in a Sharia compliant way!

Working with RAIN, our goal is to help individuals, enterprises and family offices easily trade on a regulated and Sharia compliant crypto-exchange and streamline the purchase, entitlement and sale of these assets. We hope this collaboration simplifies crypto-management for you and helps unlock additional financial value.

Ready to kick things off? You can jump right over to RAIN’s app and start trading financial assets for yourself.

Middle East cryptocurrency exchange ‘Rain’ to be Shari’a compliant

Middle East cryptocurrency exchange ‘Rain’ to be Shari’a compliant

  • Rain is a cryptocurrency exchange that is now Shari’a compliant (certified by Shariyah Review Bureau)
  • Middle East focused exchange Rain has been operating within the regulatory sandbox of the Central Bank of Bahrain (CBB) since December 2017
  • The company is targeting a 2019 launch rain.bh

Rain, a Bahrain based cryptocurrency exchange operating out of the Regulatory Sandbox, has today announced its successful Shari’a compliance certification completed by Shariyah Review Bureau (“SRB”). SRB is licensed by the Central Bank of Bahrain as a Shari’a Advisory firm authorized to issue Shari’a compliance certifications.

SRB has reviewed Rain’s brokerage service and has determined that the sale, purchase and custodian activities of Rain are in compliance with Shari’a principles.

Rain aims to deliver more value with a Shari’a compliant cryptocurrency exchange. The Shari’a certification covers a suite of three cryptocurrencies (bitcoin, ethereum, and litecoin). Rain expects to enable top-tier family offices, sophisticated investors and Islamic institutional investors to buy, sell and store cryptocurrency in a Shari’a compliant way.

Rain was founded in 2016 by four entrepreneurs Yehia Badawy, Abdullah Almoaiqel, AJ Nelson and Joseph Dallago. They shared a joint vision to create a fully Shari’a compliant exchange to provide trust for local cryptocurrency traders.

Rain’s founders said in a joint statement: “This is a major milestone in the cryptocurrency and Islamic markets. This is the implementation of Rain’s mission to provide the Middle East with a cryptocurrency exchange that meets the highest standards in terms of regulation, accessibility, security and trust. We are excited to open the Islamic markets to cryptocurrency with a Shari’a compliant exchange and a suite of cryptocurrency investment opportunities.”

Shariyah Review Bureau has been expanding its position in the world of fintech by advising clients like Stellar, X8 Currency, Ovamba and Beehive. “Our engagement with Rain is another important step to extending our position in this rapidly growing market,” said Yasser S. Dahlawi, Founder and CEO of SRB. “With more than 13 years of experience in the Shari’a certification and Shari’a audit businesses, we are confident that we will be able to further develop the Islamic crypto and exchange business systematically and help customers like Rain open new opportunities for investors.” He added, “We are looking forward to taking the next steps in our Shari’a supervisory role of Rain’s cryptocurrency exchange.”

Customers can join the official waiting list at www.rain.bh and download the mobile app in Appstore and Playstore.

For more information please contact press@rain.bh

 

PermianChain recognized as the first Shari’a compliant platform for digitizing oil reserves

PermianChain recognized as the first Shari’a compliant platform for digitizing oil reserves

Dubai: Permian Holding announced today that it has received Sharia Certification from the Shariyah Review Bureau (SRB), the Bahrain-based global Sharia certification and audit services specialist. Permian Holding is set to monetize oil assets via PermianChain Technologies, its blockchain-based start-up and the move to ensure Sharia compliance means that it will be able to broaden its pool of potential investors.

Permian Holding invests in the acquisition of proven oil reserves to generate revenues for suppliers and reduce the administrative costs that can discourage investors from involving themselves in the sector. As part of its ongoing expansion effort, Permian Holding has engaged the Shariyah Review Bureau to ensure that all its developmental activities from tokenization to acquisitions, including the ability to monetize proven reserves, are executed in a Sharia compliant manner.

“We are offering a Platform-as-a-Service (PaaS) that helps solve the working capital requirements of oil exploration and production companies while allowing investors equity benefits from the value of proven reserves,” said Mohamed El Masri, Director of Permian Holding and Co-Founder and CEO at PermianChain Technologies. “Fused with our blockchain technology, our commitment to Sharia compliance will become our competitive advantage and help us meet the needs of Islamic investors. SRB is a globally respected shariah advisor that brings a strong value-added approach to our strategy of offering oil-backed crypto-assets as an alternative investment product for wealth preservation and liquidity potential. We believe our approach will benefit a wide range of investors by offering opportunities beyond traditional asset-classes.”

The blockchain-based crypto-economic tokenization model will be managed with a clear, consistent, transparent and secure investment process. PermianChain’s unique listing process will be available for mainly upstream businesses or public entities with proven reserves and existing oil campaigns. The reserves, once produced, will be sold to midstream companies on the PermianChain’s closed-loopB2B-exchange.

Discussing the changes that PermianChain is seeking to inspire in the energy sector, Yasser S. Dahlawi, CEO of SRB stated, “We are delighted to be working on such a bold sector initiative and will continue to provide an added-value layer of supervision to Permian Holding’s sound governance framework. With only few weeks until PermianChain’s blockchain platform goes live, we look forward to helping ensure that all issued tokens, proven oil reserves, equity crowdfunding, income generation, and related activities are compliant with Sharia principles.”

Experience the New Digital Sukuk

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’s Smart Contract based Sukuk Platform Expands Sharia Capabilities with Shariyah Review Bureau

Wethaq’s Smart Contract based Sukuk Platform Expands Sharia Capabilities with Shariyah Review Bureau

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.”

Load More