Waqfintech and Sustainable Socio- Economic Development Cover Image

Waqfintech and Sustainable Socio- Economic Development
Waqfintech and Sustainable Socio- Economic Development

Author(s): Magda Ismail Abdel Mohsin
Subject(s): National Economy, Islam studies, Social development, Economic development, Socio-Economic Research
Published by: New Millennium Discoveries Ltd
Keywords: Waqfintech; Waqfcrowd; Waqfcoin; Cash Waqf; Crowdfunding; Blockchain; Cryptocurrency;

Summary/Abstract: This paper aims to discuss the use of financial technology in waqf (Islamic endowment) for funding religious and social causes. It is believed that waqfintech could reach a wider audience and benefit more people in need through the use of innovative financial technology like crowdfunding and blockchain. The main objective of this paper is to introduce the concept of waqfcrowd and waqfcoin as a means of collecting and managing waqf in the digital age. Waqf institutions can thus take advantage of technological innovation to utilise the convenience and efficiency offered by financial technology. This is a conceptual paper which reviews the relevant literature regarding waqf and financial technology. One major limitation of this paper is that it does not discuss the regulatory and operational details of how to institutionalise blockchain technology in different regions. This paper intends to inspire Islamic financial institutions and waqf institutions to harness the potential of waqfintech to raise funds in an effective way.

  • Issue Year: 6/2019
  • Issue No: 3
  • Page Range: 130-141
  • Page Count: 12
  • Language: English