Wafr, a Dubai-based fintech, has launched WafrChain, its platform for on-chain Shariah-compliant sukuk. The company also announced a Pre-Seed funding round backed by individual investors Coen Jonker and Neal Cross. Sukuk tokenization is now live on the platform.
What WafrChain does
WafrChain is a private, permissioned blockchain that connects issuers, distributors, and institutional buyers. Instrument terms, profit schedules, and maturity dates are recorded on-chain alongside the issuer's Shariah board approvals. Smart contracts route profit payments, with settlement available in fiat or stablecoins.
Company background
Wafr's co-founding team includes Chief Executive Officer Mahmoud Bouchelif and Chief Product Officer Anthony Murphy. Bouchelif previously founded LeanTech SG and built it to a profitable, 7-figure revenue business without external funding. Murphy has experience launching digital banking products at AMP, Commonwealth Bank of Australia, and Macquarie Bank.
Network design
The network provides transaction finality in 300 milliseconds and limits each participant to its own activity. It can continue operating with only one-third of its nodes active. Institutions can integrate through a single API.
Beyond sukuk, Wafr plans to add fund tokenization, tokenized deposits, trade finance, and business-to-business settlement. Consumer services will include global accounts, cross-border remittances, and cards, subject to regulatory approvals. The company said those services will be introduced through licensed partners where required.