Blockchain Waqf: Enabling Access to Social Islamic Finance

EasyChair Preprint 2919

Abstract

Waqf as means to help the needy persons and sustain economic development in Muslim society have now seen low contribution due to cumbersome procedures. An innovative technology has spread in fast manner known as Blockchain has given a hope to activate and revival the idle Waqf which lead to enhance its income and reflect on well-being of the populations. This paper aims to discuss the utilisation of innovative financial technology as Blockchain in Waqf. The objective of this paper is to overcome the hindrance and consider certain new techniques of managing awqaf in new digital arena. With this in view, this conceptual paper reviews both terms Waqf and Blockchain with special focus on Finterra waqf-chain as case study. This paper uses online desk research as sources of data to scrutinise waqf-chain. This paper proposes putting digital process through waqf chain to enable transparency for the institutions of waqf, beneficiary and donators in order to improve more performance and efficiency in managing waqf. This study is limited to focus on clarifying waqf chain process and does not discuss regulatory issues or how it can be implemented in different regions or any other aspect as shariah compliance. It is strongly believed that a new practical thinking about embedding innovative Blockchain and Waqf will encourage the parties intervene in waqf to trust in waqf chain to raise funds and sustain the development of the Islamic society

Keyphrases: Blockchain, Islamic innovative technology, Waqf, philanthropy finance, waqfchain

@booklet{EasyChair:2919,
  author    = {Ghezal Mohamed and Ahcene Lahsasna},
  title     = {Blockchain Waqf: Enabling Access to Social Islamic Finance},
  howpublished = {EasyChair Preprint 2919},
  year      = {EasyChair, 2020}}