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!