mywaqf-blog

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The Waqf landscape in the contemporary world is plagued with issues of liquidity

The Waqf landscape in the contemporary world is plagued with issues of liquidity, transparency, and mismanagement, all of which constrains the full utilization of the potential of Waqf and impedes the complete development of the projects. For years, experts have tried to solve these issues but to no avail. This is of course until February 2019, when a technology-based organisation called Finterra, launched its flagship product, the “WAQF Chain”. It had managed to develop a blockchain with Waqf as its use case.

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Singapore-based FinTech company called Finterra has introduced a WAQF Chain

With the invention of new technologies, new opportunities present themselves. Singapore-based FinTech company called Finterra has introduced a WAQF Chain model which is reviving the Waqf system using the revolutionary blockchain technology.

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A number of Waqf foundations established centuries ago

A number of Waqf foundations established centuries ago, such as the Kaaba in Mecca, still serve millions to this day. However, the period of the Ottoman Empire, a time recognised today as the highlight of Waqf civilisation. For six centuries, the Ottoman Empire succeeded in eliminating poverty and achieving socio-economic growth in the empire through the Waqf system.

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3 Reasons Why Waqf And Blockchain Are A Perfect Match

There are quite a number of things in life which are simply and undeniably stronger together than they are apart. This article focuses on exposing one such pairing: Blockchain and Waqf. 

Now most of you are probably wondering, what does charitable Islamic endowment have to do with a digital ledger of records (or blocks)? I am here to explain how the two actually live in a symbiotic relationship that has the potential of benefitting one another.

Let me take you back to a point in history, specifically the Ottoman era, when the establishment of Waqf derived outstanding results and benefits in terms of enriching the welfare of an individual throughout his or her lifetime. And through the Waqf foundation system, buildings and lands were used to provide education, medical services, water and other essential services to those in need and develop the capital, and as a result the Ottoman Empire succeeded in eliminating poverty for centuries. Waqf used to play this significant role in improving the lives of individuals, societies and economies, but it is no longer the case today.

 The Waqf landscape in the contemporary world is plagued with issues of liquidity, transparency, and mismanagement, all of which constrains the full utilization of the potential of Waqf and impedes the complete development of the projects. For years, experts have tried to solve these issues but to no avail. This is of course until February 2019, when a technology-based organisation called Finterra, launched its flagship product, the “WAQF Chain”. It had managed to develop a blockchain with Waqf as its use case.

 Liquidity

 Finterra formulated a platform designed to tackle all of the issues mentioned earlier, by harnessing the blockchain technology to raise capital for the development of Waqf projects. The arrival of technological advancements such as blockchain has given people hope for the revival of the glory days of Waqf in the modern world. Enabling the donation of cash Waqf solved the problem of unproductive and immobilised Waqf properties, because the money donated are used for Projects or Causes which provides never-ending benefits to the ummah.

 Transparency

 One of the main advantages of blockchain technology is the total transparency offered in the distributed ledger, where every transaction is recorded publicly and individuals who are provided authority can view the transactions. Users who donate on the WAQF Chain platform can track their contributions from the moment it is gifted until the beneficiaries have reaped the rewards. Moreover, using the “smart contract”—a computer programme or algorithm that automatically executes itself when the predefined conditions are met—could further enhance the performance and efficacy of the Waqf institution, while also increasing the security, providing transparency and adherence to the Waqf stipulations.

Awareness

This relationship between blockchain and Waqf is a two-way street and therefore both reap benefits from one another. One of the key challenges facing blockchain is the lack of knowledge of the technology and how it works, which is why the adoption and applications of blockchain technology garners interest and raises awareness in each sector. As a result, the concept of Waqf can go a long way in enhancing the legitimacy and image of the blockchain technology, therefore, more banks, investors and potential clients would be willing to work with blockchain-based companies.

In a nutshell

 Utilising blockchain for Waqf projects and using Waqf for blockchain is beneficial to others who are impacted by this union. Donors suddenly have a trusted platform to do good and earn perpetual rewards for their actions. People in need are positively affected by the donations made, because cash Waqf can pool liquid donations to build institutions like a madrasa, hospital and orphanage. Other blockchain companies can also benefit when reputation of the blockchain technology is drastically improved as a result.

 For more information, read about WAQF Chain.

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With CSR being a requirement for financial corporations

It would be considered the missing block in social impact initiatives as they, on the one hand, encourage members of society to donate to social/waqf causes and, on the other, reduce government deficit which in turn reduces tax rates. This would be done by way of promoting and encouraging institutions, such as waqf, by way of formally legislating tax incentives/rebates for individuals and organizations that contribute to it. With CSR being a requirement for financial corporations, policy makers have the responsibility to ensure that these corporations dedicate their surplus funds to causes that are beneficial, sustainable and long-term.

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During earlier times waqf had reached such great heights

Here we may observe that taxes and zakat have a number of similarities in that they are both fixed in percentage and are obligatory upon certain members of society. Waqf, on the other hand, is a practice that is voluntary i.e. done out of the goodwill of a person or an organization. During earlier times waqf had reached such great heights that in places like the Ottoman Empire it accounted for over 1/3 of the State’s revenue and catered for all kinds of communal projects, including the feeding of mountain animals so as to prevent them from coming down to the cities where people lived. This consequently resulted in the collection of zakat/taxes becoming almost obsolete.

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FINTERRA’s WAQF Chain aims to increase engagement

FINTERRA’s WAQF Chain aims to increase engagement and raise awareness as well as funds for WAQF development via crowd funding of WAQF projects. The use of blockchain technology goes a long way in making processes more efficient, transparent and immutable. This is in keeping with the Shariah principles.

For more information visit https://mywaqf.com/

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The Waqf Chain community contributes to raising funds

The Waqf Chain community contributes to raising funds, managing and transferring the ownership ofWaqf. Muslims easily donate through this platform. Work with an innovative approach and utilize blockchain technology to handle Islamic charitable endowments (Waqf). The fund is utilized for social assignments like mosques, schools and welfare schemes. #blockchain#Waqf

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Finterra has luckily made it to the Top 10 list

Finterra has luckily made it to the Top 10 list in the IGNITE pitch competition 2019. Be a part of the WAQF Chain, support & vote for us.Create and publish a cause with this platform. Take it easy and list your cause on the World’s Largest Waqffinancing platform.#Finterra#SocialSolutionforBlockchain#OwnYourFuture#Wakaf#Sharqyouth.

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Planning to top up your account?

Are you a registered member of WAQF Chain? Planning to top up your account? If you are, it’s quite easy& secure to operate on the World’s Largest Waqf Financing Platform -Finterra’sWAQF Chain.#Finterra#IslamicFinance#SocialSolutionforBlockchain#WAQFChain#IslamicFintech#OwnYourFuture#Blockchaintechnology

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WAQF Chain aims to promote Waqf development

WAQF Chain aims to promote Waqf development.Enjoy easy access to my WAQF Causes including Charity, Islamic Investments and P2P Financing makes a positive social impact. MyWAQF fundraises contributions of amounts of funds through WAQF Chain community.#Finterra#SocialSolutionforBlockchain#WAQFChain#IslamicFinance#Blockchain

 Finterra’s WAQF Chain brings engagement and raises awareness and funds for WAQF development through fundraising of Waqf projects. Follow us on Twitter. Also check out other social media links such as:

FACEBOOK: http://bit.ly/FINTERRAFB

INSTAGRAM: http://bit.ly/FINTERRAINSTA

LINKEDIN: http://bit.ly/FINTERRALINKEDIN

YOUTUBE:

http://bit.ly/FINTERRAYT

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The 7th GLOBAL WAQF Conference 2019 focuses on driving the transformation

The 7th GLOBAL WAQF Conference 2019 focuses on driving the transformation of economic & social integration together with global economy. The platform ensures prosperity, happiness and governance of justice, fairness in wealth generation, asset management and distribution in the society. #Finterra#socialsolutionforblockchain#IslamicFinance#WAQF

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Are you a registered member of WAQF Chain?

Are you a registered member of WAQF Chain? Planning to top up your account? If you are nodding your head yes, it’s quite easy& secure to operate on the World’s Only Waqf Financing Platform -Finterra’s WAQF Chain.#Finterra#IslamicFinance#SocialSolutionforBlockchain#WAQFChain#IslamicFintech#OwnYourFuture#Blockchaintechnology

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What principles of Islamic finance are all about?

Well, conventional Western Finance and Islamic Finance differ in terms of principles. In fact, some practices and principles used in conventional finance are not at all acceptable under the Islamic laws. According to Islam,taking finance with interest payments is an exploitive practice which benefits financer at the expense of the borrower. Hence, collecting and paying with interest is not acceptable.

The rules of Islamic finance also include participating in contracts with high risk and uncertainties. In fact, the material finality of transaction is important. Parties entering into contracts during Islamic finance share profit or loss and risks associated with the transaction. With this rule, no party can avail more benefits from the transaction more than the other party.

There are various arrangements developed to comply with Shari’ah:

Mudaraba: This is known as a common partnership where one partner (rab-ul-amal) acts like an investor and provide capital to another partner (mudarib), responsible for managing the capital. Both the partners can share the profits as per pre-agreed rate.

Musharaka: The principle is quite similar to mudaraba except that all parties involved in the partnership contribute to the capital and share profit and loss on a pre-agreed ratio. It works with two types of partnerships such as:

Permanent: As per this partnership, project does not have a deadline and continues to work till the involved parties agree to continue operations.

Diminishing: In this partnership, the bank and investor jointly purchase a property. The bank is supposed to transfers its portion of equity in the property to the investor in exchange for cash. It is often utilized while acquiring properties.

In a nutshell, all the above mentioned instruments are used for financing WAQF projects along with blockchain technology to contribute towards social welfare. It helps to eradicate poverty and strengthen economy.

Finterra’s WAQF Chain focuses towards enhancing engagement and raise awareness and funds for Waqf development through the fundraising of Waqf projects. To get more information, follow us on Twitter. Also check out other social media links such as:

 FACEBOOK: http://bit.ly/FINTERRAFB

INSTAGRAM: http://bit.ly/FINTERRAINSTA

LINKEDIN: http://bit.ly/FINTERRALINKEDIN

YOUTUBE: http://bit.ly/FINTERRAYT

[mywaqf-blog]

What principles of Islamic finance are all about?

Well, conventional Western Finance and Islamic Finance differ in terms of principles. In fact, some practices and principles used in conventional finance are not at all acceptable under the Islamic laws. According to Islam,taking finance with interest payments is an exploitive practice which benefits financer at the expense of the borrower. Hence, collecting and paying with interest is not acceptable.

The rules of Islamic finance also include participating in contracts with high risk and uncertainties. In fact, the material finality of transaction is important. In fact, parties entering into contracts during Islamic finance share profit or loss and risks associated with the transaction. With this rule, no party can avail more benefits from the transaction more than the other party.

There are various arrangements developed to comply with Shari’ah:

Mudaraba: This is known as a common partnership where one partner (rab-ul-amal) acts like an investor and provide capital to another partner (mudarib), responsible for managing the capital. Both the partners can share the profits as per pre-agreed rate.

Musharaka: The concerned principle is quite similar to mudaraba except that all parties involved in the partnership contribute to the capital and share profit and loss on a pre-agreed ratio. It works with two types of partnerships such as:

Permanent: As per this partnership, project does not have a deadline and continues to work until the involved parties agree to continue operations.

Diminishing: In this partnership, the bank and investor jointly purchase a property. The bank is supposed to transfers its portion of equity in the property to the investor in exchange for cash. It is often utilized while acquiring properties.

In a nutshell, all the above mentioned instruments are used for financing WAQF projects along with blockchain technology to contribute towards social welfare. It helps to eradicate poverty and strengthen economy.

Finterra’s WAQF Chain focuses towards enhancing engagement and raise awareness and funds for Waqf development through the fundraising of Waqf projects. To get more information, follow us on Twitter. Also check out other social media links such as:

 FACEBOOK: http://bit.ly/FINTERRAFB

INSTAGRAM: http://bit.ly/FINTERRAINSTA

LINKEDIN: http://bit.ly/FINTERRALINKEDIN

YOUTUBE: http://bit.ly/FINTERRAYT

For more information visit https://plbz.it/2qNOMFS

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Finterra’s WAQF chain brings engagement

Finterra’s WAQF chain brings engagement and raises awareness and funds for WAQF development through the fundraising of WAQF projects. Follow us on Twitter. Also check out other social media links such as:

FACEBOOK: http://bit.ly/FINTERRAFB

INSTAGRAM:  http://bit.ly/FINTERRAINSTA

LINKEDIN:  http://bit.ly/FINTERRALINKEDIN

YOUTUBE:  http://bit.ly/FINTERRAYT