Wafr launches WafrChain blockchain platform to support sukuk tokenization

AI-assisted source summary · not independently verified. Content standards

Wafr has launched the WafrChain blockchain platform for Shariah-compliant sukuk, and sukuk tokenization on the platform has begun. The platform stores issuance terms and approval records from the issuer’s Shariah committee on a permissioned private blockchain, and uses smart contracts to arrange profit payments. Settlement can be made in fiat currency via SWIFT or local real-time gross settlement systems, or in stablecoins. The company says each transaction can reach finality within 300 milliseconds.