Finterra

The Islamic Corporation for the Development of the Private Sector signed a collaboration MoU with FINTERRA Pte Ltd

Mr. Ayman Sejiny, the CEO of The Islamic Corporation for the Development of the Private Sector (ICD) and Mr. Satesh Khemlani, the Managing Director of Finterra, signed a Memorandum of Understanding to achieve sustainable business growth. Both organizations have common beneficiaries and share similar social impact development goals. The collaboration with Finterra is based on its highly powered blockchain solutions for Islamic social finance under the names of SadaqahChain®, WAQFChain® and ZakatChain®. The MoU was digitally signed during a virtual signing ceremony. The parties will explore opportunities of blockchain in OIC member countries in close collaboration with national licensed crowd-lending/crowd-funding operators.

Waqfcoin: Crowdfunding Platform Uses Blockchain to Serve Humanity

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. Cash Waqf is a type of Waqf which is categorised as movable Waqf. It aims to promote service to mankind by establishing the endowment using money as opposed to using immovable assets. The idea of Waqfcoin lies on the principles of cash Waqf. Blockchain technology can be used to build trust in Waqf management and to ensure accountability. The technology could also provide a comprehensive global database on Waqf, which can be easily created and maintained in a transparent manner.

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