blokchain for waqf

1. How Waqf and Blockchain contribute to social welfare?
The project named as “Waqf Chain” works with smart contracts so as to ease the process of
setting up, authorizing and authenticating endowed properties. And Finterra develops a
specific interface for the selected asset. Thankfully, contributions are made through Finterra
or other means which also involves the possibility of various purpose and interests
depending on funders’ expectations.
To be more specific, contribution as charity, loans, investments or bonds are to be
integrated. According to Finterra, every project is supposed to have its own digital token
under the ERC-777 standard. The concerned token will be placed into a project crowdfund
smart contract.
Once the crowdfund has been completed, any resulting project tokens are absolutely
claimable by participants. Basically, tokens are digital assets representatives of a
participant’s stake in concerned project. Finterra has onboarded Bank Muamalat Malaysia
for the project. They are in discussion with several other Islamic banks as well.
The concerned initiative proves to be significant because the utilization of blockchain
technology to tokenize Waqf assets could eradicate the issue of lack of transparency in the
Waqf ecosystem.
Finterra is based in Singapore but the company holds strong presence in Malaysia. It is also
tapping the country’s sophisticated Islamic financial ecosystem. They also signed a
memorandum of agreement with Asia Pacific University of Technology and Innovation (APU)
so as to set up the Gallactic Blockchain Center of Excellence.
Well, APU is setting up computing resources on the campus together with Finterra. They
provide access to Finterra’s Gallactic Blockchain platform for its faculty and students to
develop skills required for building decentralized applications, keeping in mind the next
generation digital users.
A venture is focused to use blockchain technology to modernize the management and
investments of Islamic endowment crowdfund known as “waqf”. It would tap into a vast but
underutilized pool of assets all across the Muslim world.
Being a financial technology company, Singapore-based firm Finterra has developed a
reliable crowdfunding platform which utilizes digital ledger technology or blockchain to
create “smart contracts” that would be tied to specific waqf projects.
Waqf provides a more efficient way to raise money, manage and transfer ownership of
waqf. It receives donation from Muslims to operate social projects like mosques, schools
and welfare schemes.
Great news is that Islamic endowments are believed to hold large portfolios of real estate,
commercial businesses and other assets. It has been estimated of as much as $1 trillion of
assets held in waqf globally.

2. Till now, assets in many waqf are underutilized and earn low returns because of ineffective
management. It requires further donations to keep running smoothly.
Remember, use of blockchain is beneficial for waqf as it can track each contract
electronically.
Finterra’s WAQF chain is focused to enhance engagement and raise awareness and funds
for WAQF development through crowd funding of WAQF projects. For more details, 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