Waqfcoin: an innovation to serve humanity
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Serving humanity must be an objective of all human beings. There are many ways in which humanity can be served. One of the most convenient ways to do this is via donation. The most critical challenge facing the donors is uncertainty in knowing whether the donation is spent on the intended purpose. The lack of transparency by trustees managing donation funds have created lack of trust among the donors when it comes to donating for humanity. The Islamic concept of Waqf in which donations are made for noble causes faces the same issue as well. This is the main reason why Waqf is declining in today's era, where finding donors is a challenge. According to reports, Singapore-based fintech firm Finterra has developed a crowdfunding platform that uses blockchain to create smart contracts that would be linked to specific Waqf projects.
Waqf , Serving humanity , Waqfcoin , Cash waqf
A. Mohsin, M. I., & Muneeza, A. (2018). Waqfcoin: an innovation to serve humanity. CPI Financial, (August 2018). Retrieved from http://www.cpifinancial.net/features/category/islamic-finance/post/46263/waqfcoin-an-innovation-to-serve-humanity