Status

Deployed, on Solana devnet

The addresses of the live demo series (sukuk token, payment token, issuer) are on its asset page, each linked to Solana Explorer.

Proven

• The whole lifecycle, on devnet. Issue a series, approve investors, subscribe, transfer, pay a distribution, with assertions on the balances after each step.
• The rules hold against attempts to break them. Tests run the compiled program and try a transfer to an unregistered wallet, a forged recipient, a transfer over the cap, a revoked investor, and the hook called outside a transfer. Each is refused.
• A real browser can do it. A script drives Chrome through connect, fund, approval, subscribe, portfolio, transfer and a refused transfer, against devnet.
• Identity verification end to end, in the sandbox. A German test applicant is approved onchain; applicants from the United States and Indonesia are refused.
• A distribution repeated is paid once.

See Testing for how to run each of these.

Not true yet

• No licence, no regulatory approval, no sharia certification. No sharia board has reviewed the structure.
• The token represents nothing. There is no underlying sukuk, no custodian, no trust or wakalah arrangement, and no affiliation with any sovereign issuer.
• Not audited. The compliance program has had no professional security review.
• Single keys. The issuer and compliance authorities are single keys held by the operator's API, not a multisig.
• The holding cap is not enforced by the program on a primary subscription, only by the API.
• Tangibility is published, not enforced. Nothing updates the ratio or restricts transfers to par when it falls.
• Sandbox identity checks only, with no sanctions or AML screening.
• Devnet only.

The gaps are tracked as issues labelled compliance and production, and mapped in Compliance mapping.