UAE Fintech Wafr Launches Blockchain Platform

UAE-based fintech startup Wafr has raised an undisclosed pre-Seed funding round and launched WafrChain, a blockchain platform designed to digitise the issuance, distribution and settlement of Islamic sukuk, or Shariah-compliant financial certificates.

The funding round includes investments from Coen Jonker, co-founder of digital banking group Tyme Group, and Neal Cross, co-founder of PictureWealth and former Chief Innovation Officer at DBS Bank. The company has not disclosed the amount raised or its valuation.

Founded in 2026 by Mahmoud Bouchelif and Anthony Murphy, Wafr aims to simplify Islamic financial services through blockchain technology. Its WafrChain platform connects financial institutions, issuers and investors through shared digital infrastructure, recording sukuk details and Shariah approvals while using smart contracts to facilitate profit payments.

The platform supports settlement through conventional banking systems and stablecoins, with institutions able to integrate through an application programming interface (API). Wafr reports transaction confirmation times of approximately 300 milliseconds and uses a permissioned blockchain structure to restrict access to sensitive financial information.

According to Wafr, conventional sukuk issuance can involve eight separate parties and take several months to complete. WafrChain aims to streamline the process, although the company has not disclosed independently verified reductions in processing times or costs.

Following the launch, Wafr plans to expand into fund tokenisation, digital deposits, trade finance and business-to-business settlement. Longer-term plans include international accounts, cross-border remittances and payment cards, subject to regulatory approvals.