A wealthtech start-up is working on introducing an investment platform allowing fractional Sukuk and bond investments in Bahrain next year, with a view of exporting the solution to the rest of the GCC and the Middle East, and the North African and South Asian regions.
INABLR, a participant of the Central Bank of Bahrain (CBB)’s regulatory sandbox program since April 2021, confirmed that it is building the infrastructure platform on the Tezos blockchain. The planned platform will enable individuals to invest and directly own fractional units of secondary market traded bonds and Sukuk for as little as US$1,000.
“Subject to successful testing, we plan to exit the sandbox by early next year and commercially launch our operations by the second quarter of 2022. We are delighted to work with the CBB on these innovative solutions and equally pleased with the entire Bahrain fintech ecosystem,” Usman Atta, INABLR’s head of regulatory affairs and compliance, shared.
Tezos Gulf last October secured a Fatwa certifying that its blockchain’s governance mechanism, proof-of-stake consensus mechanism and formal verification techniques are compliant with Shariah principles.