KUALA LUMPUR, Feb 19 (Bernama) – Platform developer, Finterra Technologies Sdn Bhd has launched the “Finterra Waqf Chain”, the world’s first waqf chain via the blockchain technology.
Founder Hamid Rashid said the company aimed to expand its waqf services to 12 countries, including India, Singapore, Oman, Bahrain, Qatar, Kuwait, Saudi Arabia and Kenya by next year to cater to global demand.
He said the company had met the regulatory requirements, approvals and partnership in the countries, adding that Oman and Kenya would be able to use the service this year.
Waqf is the voluntary, permanent and irrevocable dedication of a portion of one’s wealth, whether in cash or in kind.
“There is no such platform for such services globally, therefore, we want to create a platform that gives Muslims around the world the opportunity to participate in waqf, whether in cash or other instruments like Mudharabah, Musharakah or sukuk-based instruments,” he told reporters after the launch of the platform here today.
The launch was held in conjunction with the Islamic Fintech Dialogue 2019 here today.
Hamid said the platform would address issues regarding waqf contributions by providing a smart contract multi-chain ecosystem using the blockchain technology, which allows users to trace their participation and transactions within the chain, ensuring immutability and transparency.
It allows waqf boards, non-governmental organisations, trusts and other stakeholders to submit project outlines/ plans for waqf projects and developments.
During the launch, Hamid said the company aimed to raise RM100 million this year to provide hostels for underprivileged students in local universities.
He said the hostels would be partially funded via crowdfunding efforts and various waqf by Islamic banks,.
“They will either be given free accommodations or a discount (on the rent),” he said, adding that the hostels would also be available for non-Muslim students.
He said non-Muslims could also make waqf contributions and that the funds could also be given to non-Muslim charities.
Finterra’s platform currently has more than 700,000 users.
Users are required to register and create an account, after which they may deposit the funds into the Finterra Waqf Chain.
The funds will be held in a bank’s trust account, and depositors could view causes created on the platform such as charitable causes, Islamic-investment opportunities and Islamic peer-to-peer lending.