Dubai's Wafr launches sukuk blockchain, backed by Tyme and DBS alumni
What's the deal? Dubai-based Islamic fintech Wafr has launched WafrChain, a private permissioned blockchain for issuing, distributing and settling Shariah-compliant sukuk. The company disclosed a pre-seed round backed by Coen Jonker, co-founder of Tyme GroupDealroom has a profile for this one. Try Dealroom →, and Neal CrossDealroom has a profile for this one. Try Dealroom →, former chief innovation officer of DBS Bank. The financial terms were not disclosed.
What's the endgame? WafrChain consolidates the sukuk lifecycle — typically eight separate institutions — onto one shared record. Instrument terms and Shariah board approvals are recorded on-chain before distribution, and smart contracts route profit payments automatically.
The platform supports fiat settlement via real-time gross settlement systems and SWIFT, plus stablecoin settlement, with institutions connecting through a single API. Transactions reach finality in 300 milliseconds, and each participant sees only its own activity.
Who's behind it? Jonker is a former Commonwealth Bank of AustraliaDealroom has a profile for this one. Try Dealroom → group executive; Cross co-founded PictureWealth. Wafr's team is led by chief executive officer Mahmoud Bouchelif, a former Islamic banker, and chief product officer Anthony Murphy, whose background includes digital banking launches at AMP, Commonwealth Bank of Australia and Macquarie Bank.
Why now? Global Islamic finance assets reached US$6.5 trillion in 2025, up 9% year on year, with sukuk outstanding at US$1.14 trillion, according to the ICD–LSEG Islamic Finance Development Report 2026. Annual issuance grew 14.5% to US$291.4 billion. Wafr says a single issuance can take many months to reach market because of reconciliation across parties.
What's next? Sukuk tokenisation is live, and Wafr's roadmap extends to fund tokenisation, tokenised deposits, trade finance and business-to-business settlement. Planned consumer services include global accounts, cross-border remittances and cards.
What could go wrong? The platform must prove adoption among institutional issuers and distributors to convert market scale into traction. Its significance will hinge on regulatory and Shariah governance, and on evidence it can connect with existing market infrastructure.
The signal: Tokenised sukuk is moving beyond small pilots. Malaysia's Khazanah issued a US$23.9M pilot in April, and in August CIMBDealroom has a profile for this one. Try Dealroom → tested tokenised settlement for US$330M of a US$401.7M issuance. Wafr's launch is timely — but interoperability, investor readiness and liquidity remain unresolved across the sector.
Read more: kalkine.co.uk
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