ArabianChain, Curiositas to create ‘Wethaq’

ArabianChain Founder and CEO Mohammed Alsehli
Updated 10 July 2018
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ArabianChain, Curiositas to create ‘Wethaq’

ArabianChain Technology, a Middle Eastern innovator in the blockchain industry, has signed a joint venture with Dubai-and-London-based innovation firm Curiositas to create Wethaq — the world’s first platform for Islamic capital markets using smart contracts and legal automation.

Wethaq will play the role of a platform-as-a-service for financial institutions, fundraisers and investors to use in the pre-sale, issuance, management and secondary trading of sukuk products.

Curiositas is an innovation firm that develops new technologies that shape finance, law and the digital economy. The objective of the joint venture is to combine Curiositas’ legal automation and financial engineering expertise with ArabianChain’s Distributed Ledger Technology (DLT) protocol and smart contracts.

Dimitrios Vourakis, managing director of Curiositas, said: “Our platform matters as there is an urgent need for automation and standardization in Islamic capital markets. Financial institutions, fundraisers and investors incur substantial operational costs and third-party charges in Islamic capital markets and face more complexity and intermediaries than those encountered in conventional markets. Wethaq separates the essential structuring services provided by financial institutions from additional services such as custodianship, and payments, and offers the latter on its automated platform.”

For a competitively priced success fee, clients will be able to use Wethaq’s comprehensive and standardized platform for the entire lifecycle of their sukuk product. The platform’s target customers include financial institutions, investment banks, lawyers, auditors, ratings agencies, accredited investors and fundraisers. 

ArabianChain Founder and CEO Mohammed Alsehli said: “This is the first ever global venture using frontier technology in Islamic capital markets and we believe that the Islamic finance ecosystem will benefit from this transparent, efficient and competitively priced platform. Due to its rigorous compliance and increased transparency, we expect both international investors and more conservative Islamic investors will consider investing in sukuk products through Wethaq. 

“We expect the Islamic capital markets to embrace Wethaq across the globe and we have already received great interest from Islamic financial institutions in the region who would be keen to use our platform once launched.”


Al-Habtoor receives members of Dubai Police’s Esaad

Updated 15 January 2019
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Al-Habtoor receives members of Dubai Police’s Esaad

Khalaf Al-Habtoor, founding chairman of the Al-Habtoor Group, received a delegation from the Dubai Police Esaad Program Committee at the Al-Habtoor Group head office on Monday. Mona Al-Ameri, head of the happiness committee, Dubai Police, thanked Al-Habtoor for his continuous support for the Dubai Police employee happiness initiative and presented the Al-Habtoor Group chairman, and Vice Chairman and CEO Mohammed Al-Habtoor with their personalized Esaad cards.

Dubai Police representatives included Masoud Ibrahim Alhammad, Khalid Alsuwaidi, Ahmed bin Ghafan, Ibrahim Alblooshi, Salah Amin, Mohammed Shoaib Albalooshi, Gaafar Salim, Sayed Ibrahim, Abdullah Haidarah, Hasan Saleh, Thureya Balhoul, Waheeda Abbas, Waheeda Abdulqadir, Mariyam Saeed Abdulhakeem, Khalil Ibrahim Ali and Mahmood Ibrahim. Also present was Abdul Salam Marzooqi, director of UAE affairs and community relations, Al-Habtoor Group.

Khalaf Al-Habtoor said: “I am happy to collaborate with the Dubai Police in their Esaad program and be able to show our men and women in the Dubai Police corps our appreciation for their commitment to our safety.

“Dubai’s appeal as an investment haven is in its stability, and that is largely due to the safety and security the Dubai Police provides. I commend them for their continued service to our community.”

Al-Habtoor called for the private sector to work closely with the public sector and commended the Esaad program committee for their efforts to reward employees for their performance, commitment and dedication to the job. 

Al-Ameri, head of the happiness committee, thanked Al-Habtoor for the warm welcome and gave a detailed brief about the Esaad card and its uses across various sectors including: Education, tourism, hospitality, aviation, entertainment and leisure, real estate and retail.

She said: “The Esaad card is trusted by the civil servants in Dubai and the UAE. The number of Esaad cardholders is currently at 108,498 employees from 128 governmental and semi-governmental departments.”

Al-Ameri commended the Al-Habtoor Group for its continuous support for community activities, noting that the Esaad program is an innovative program designed to achieve happiness in the community.

Al-Habtoor Group joined the Esaad program in October 2017 offering Dubai Police staff extended benefits and discounts at Habtoor Hospitality and Real Estate properties, including hotels, restaurant, leisure and entertainment facilities in the UAE and abroad. Dubai Police staff are offered a 50 percent discount at Al-Habtoor Group hotels in Dubai and internationally, as well as a 20 percent reduction at the group’s leisure and entertainment facilities. It also includes special rates on the new apartments at Al-Habtoor City Residence Collection.