R3 STRIKES STRATEGIC PARTNERSHIP WITH DUBAI FIRM

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3 Strikes Strategic Partnership With Dubai Firm

• As per news reports, Software firm R3 has entered
  into a strategic partnership with Wethaq, which
  is a Dubai-based fintech startup. This
  partnership has taken place with the aim of
  building next-generation financial architecture
  for Islamic capital markets.

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• R3 is an enterprise software company specializing
  in developing distributed ledger platforms for
  financial institutions. It offers CRYPTO 2.0,
  which is the application of cryptographic
  technology and distributed ledger-based protocols
  in global financial markets. R3 leads an
  ecosystem of more than 300 firms that work
  together to build distributed applications using
  Corda for use in industry verticals such as
  financial services, healthcare, insurance,
  digital assets, and trade finance.

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• Wethaq Takaful Insurance Company is a
  Kuwait-based shareholding company which engages
  in providing cooperative insurance and
  reinsurance products and services. The insurance
  products and services of the company include
  motors, fire and property, construction and
  engineering, liabilities, financial, health and
  life, and marine and aviation insurance. Wethaq
  has the right to own, sell, and purchase real
  estate and financial instruments.

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• Wethaq Takaful Insurance Company in Egypt is a
  subsidiary that is engaged in insurance and
  reinsurance activities. Wethaq is a
  platform-as-a-service firm that aims to use Corda
  to manage the issuance, pre-sale, management, and
  financialization of Sukuk securities, which are
  Islamic financial certificates similar to bonds.

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• As per the International Islamic Financial Market
  Annual Sukuk Report 2019, Sukuks total issuance
  reached 123.15 billion in 2018, thus
  representing a 5 per cent increase from 116.7
  billion in 2017. In 2018, Wethaq started working
  on a proof-of-concept for a blockchain solution
  to Sukuk management. It worked with the aim of
  having distributed ledger operate as a registry
  and central securities depository, improve
  interoperability with other payment and
  settlement platforms, and create a network for
  regulators, participants, and providers to
  communicate.

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• Wethaq has also sought regulatory approval from
  jurisdictional and Shariah bodies. As mentioned
  in a joint report by R3 and Wethaq in light of
  the highly regulated Islamic environment, the
  employability of smart clauses give Shariah
  boards the opportunity to ensure Shariah
  compliance by building and mapping real-world
  Shariah requirements within the structure
  itself.

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• In the words of David E.Rutter, the CEO of R3,
  Blockchain is driving an unprecedented period of
  innovation across capital markets, with more
  assets moving towards complete digitization. He
  also added, Saudi Arabia and the wider Middle
  East region are areas where we see huge potential
  for Corda to modernize the economy and our
  partnership with Wethaq is a step towards
  achieving that.

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• The blockchain platform will digitize Sukuk,
  thereby decreasing both the cost and time of
  issuance, a process that currently involves input
  from many clearinghouses, banks, and trustee
  entities. Corda will streamline this lifecycle.
  Furthermore, Corda may enable wider distribution,
  which will lead to more issuers and investors, by
  standardizing the digital assets with global
  financial infrastructure.

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