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Eye of Riyadh
Business & Money | Thursday 5 April, 2018 8:42 am |

Decoding Modern Waqf : A Social Blockchain Solution for Saudi Arabia

There has been a gradual realization of Waqf  as a pertinent tool that has the potential to enhance economic, financial, social and other aspects of human life.  Waqf  has taken place in many Islamic countries for centuries and as in definition, Waqf  is the holding of one’s property and preserving it for confined benefits of certain philanthropy with no divergence. 

A new venture aims to use blockchain technology to modernize the management and investments of Waqf , that would tap into a vast but underutilized pool of assets across the Muslim world.

Singapore-based financial technology company Finterra has developed a platform that is socially, economically and, morally viable for the global development of Endowment (Waqf ) assets, via crowdfunding, and under the privy of regulatory compliances.

“Finterra’s Blockchain solution is developing and growing, we are finding new and innovative ways of using our BlockChain platform to implement new solutions in various business lines. But our main aim is to re-invigorate and bring a solution to the 800 year old problem of Waqf . Through our platform we will make it easier for Land/Property Trustees, Waqf  Boards and even individuals to develop and realise monetary values on their assets that will benefit the communities and societies that the Waqf  was intended for,” said Hamid Rashid, Founder and CEO of Finterra, who will also be speaking at Decoding Blockchain KSA this April.

Waqf  in Saudi Arabia is well organized across the public and private sectors generally; yet, this organized structure of Waqf  does not keep pace with the growing and diversified nature of Waqf  as a whole sector which requires reconsideration of the managerial aspects of Waqf  in Saudi Arabia.

According to the Awqaf Board in Saudi Arabia there are approx 124,000 Waqf  properties and land parcels in the country, and a BlockChain platform could help develop, re-develop and  build new projects using  Shariah compliant Smart Contracts.

The Waqf  Blockchain solution can give users financial freedom by making transactions more efficient and transparent. Users in their ecosystem are able to use their platforms for a range of activities like utility payments, telco top up purchases and flight and hotel bookings, all at a discounted rate. Finterra’s fully inclusive financial platform that aims to bridge the gap between consumers and providers, offers the world’s first borderless blockchain driven, zero fee cloud based platform.

“The Waqf  BlockChain solution is really a first, we have spent a lot of time and consultation with various Waqf  Boards and experts in Waqf  & Shariah to create a solution that will work and more importantly be Shariah compliant,” added Hamid Rashid.

He firmly believes that blockchain solutions are definitely the way forward with regards to Waqf  management and that its efficiency, transparency, and cost effectiveness will benefit the society at large.

In light of these developments, Bizwingz Production House is hosting Saudi Arabia’s very first blockchain conference, Decoding Blockchain KSA 2018. The conference offers unique networking opportunities for attendees to connect with Fintech and Blockchain industry leaders and innovators who are looking to explore the distributed ledger technology, while providing an ideal platform to understand the promising technology of Blockchain in the modern Middle East world.

The conference offers VCs, bankers, government officials, payment companies and more the opportunity to not only actively exchange information but to also establish powerful strategic alliances.

The conference will present a range of speaker sessions through which participants are given the opportunity to meet with innovators who offer business solutions that will help banks and financial institutions reduce costs and improve efficiency and integrity.

Come watch the best minds in the blockchain industry from across the pan-Saudi region, as well as the rest of the world, convene on a single platform on the 23rd and 24th of April, 2018 at (venue).

Registrations are open – Ensure your participation for the ultimate knowledge-sharing conference at the earliest.

Register Your Interest (http://www.decodingblockchain.com/)

Feel free to reach out to the below contact for further discussion concerning your attendance at the conference.

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