IslamicFinance.de

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.