Tuesday, May 21, 2024
ReportSaudi fintech to roll out Islamic real estate investment platform; eyes Dubai...

Saudi fintech to roll out Islamic real estate investment platform; eyes Dubai license

Just a month after it has secured a Fatwa certifying its public blockchain is Shariah compliant, Tezos Gulf will be facilitating a Riyadh-headquartered fintech company in building an Islamic real estate investment platform on its Tezos blockchain for the tokenization of real estate assets.

Aqar Chain’s upcoming platform will enable the acquisition of real estate assets, placing these assets on the Tezos blockchain and tokenizing them.

“The readiness and ease-of-use of the Tezos platform, along with its robust security standards, give us an infrastructure and the capability of adapting to our business model. Tezos has also recently acquired a Shariah compliance certificate which enables us to offer 100% Shariah compliant investment options to our investors. This will help us widen our investor scope,” said Haitham AlHammadi, COO of Aqar Chain.

It must be noted that Shariyah Review Bureau’s Shariah certification only extends to the Tezos blockchain, and not Aqar Chain’s business model nor operating mechanism.

Aqar Chain, which is looking to provide global real estate investment opportunities via cryptocurrency, has applied for a Category 4 crowdfunding license from the Dubai International Financial Centre.

The expansion into the UAE is backed by promising blockchain technology adoption in the GCC, and in particular the emirate.

“[The] UAE has been the frontrunner by creating regulatory bodies and issuing operating licenses in various sectors and is the only jurisdiction to do that in the GCC,” noted Haitham.


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