The International Waqf and Blockchain Forum (IWBF) concluded a successful discussion that saw the revival of what was once the hallmark of Muslim charitable endowment (Waqf).
The one-day international forum was the largest of its kind, that saw over 600 delegates that comprised of multiple fields and backgrounds such as academicians, NGOs, practitioners, regulators, government officials, corporate technology companies, financial institutions, students as well as Malaysian and International dignitaries. The event was jointly organized by Finterra Technologies Sdn Bhd, a leading blockchain development company and the International Centre for Waqf Research (ICWR) which is a division under the International Islamic University Malaysia (IIUM).
From left to right, Satesh Khemlani, His excellency Amin Pathan, YB Datuk Wira Dr. Abu Bakar Mohamad Diah and Hamid Rashid are pictured here on stage.
In his address, he touched upon some of the intricacies in the development of Waqf “With the rise in innovations happening in the financial and technological terrain, he stressed that Islamic finance and religious authorities, including Waqf principles will need to maneuver carefully and reinvent themselves especially in terms governance to remain relevant especially since they constitute a major socio-economic institution in the today’s financial market”
Mr Hamid Rashid, CEO of Finterra mentions that, “This venture aims to use blockchain technology to modernize the management of Islamic development.” He added that “The IWBF platform is there to establish clarity and a collective understanding of the potential that blockchain technology possesses for the facilitation and development of Waqf assets on a global scale, whilst also promoting new economy alternatives to enhance Muslim unity”.
IWBF 2018 saw the official signing of five key Memoranda of Understanding (MOU) agreements between Finterra Technologies and IIUM, The Haj Committee of Rajasthan, CLMV Holding (Cambodia) Co LTD, Myashi and NanoMalaysia Bhd.
Dignitaries and industry experts arrived from all over the region– namely Singapore, Hong Kong, China, India, Pakistan, Indonesia, South Africa, Australia, Iraq, Iran and Kuwait just to name a few.
Additionally, there were four awards given to leading personalities recognizing their work in Waqf development;
From left to right, Jean-Luc Gustave, Dr. Lahsasna Ahcene, Dr. Farrukh Habib and Hamid Rashid pictured here during the Q&A session.
- Lifetime Achievement for Initiative in Waqf – YBhg Dato’ Haji Darmawi bin Haji Hamdani
- Lifetime Achievement in Waqf Research & Practice – Prof Dr Syed Khalid Rashid
- Excellence in Muslim Minority Rights – The Honourable Minister, Mr Amin Pathan
- Excellence in Waqf for Education – The Honourable Minister, Mr Tanveer Sait
Some of the luminaries that graced the event include;
- Prof. Dr. Azmi Omar – CEO, International Centre for Education in Islamic Finance (INCIEF)
- Dr. Mohammed Obaidullah – Lead Economist, Islamic Development Bank Group (IDB)
- Assoc. Prof. Dr. Magda Ismail Abdel Mohsin- Associate Professor, International Centre for Education in Islamic Finance (INCIEF)
- Dr. Farrukh Habib – Researcher at International Shariah Research Academy for Islamic Finance (ISRA)
- Assoc. Prof. Dr Ahcene Lahsasna – Vice President Malaysian Financial Planning Council (MPFC), Shariah Advisor of Maybank Islamic & Chairman of Group Shariah Committee of ETIQA
- Mr. Hamid Rashid- Founder & CEO of Finterra Blockchain
Some key partners of the event included:
- NanoMalaysia Bhd
- CyberSecurity Malaysia
Finterra is a private limited company dedicated to building the next generation of Blockchain technology. Finterra develops a platform that is socially, economically and morally viable for the global development of Endowment (Waqf) assets, under the privy of regulatory compliances.
The Finterra Blockchain is a highly evolved technology platform, considered by many as the benchmark of the industry for its tokenization, smart contracting, ultra-ledgers and consensus features.
ICWR is an international research center at International Islamic University Malaysia (IIUM) focusing on research activities relating to waqf and endowment. Since its establishment in 2013, it has organized 5 Global Waqf Conferences – stimulating global discussions on all issues relating to waqf. ICWR has propelled waqf as the most feasible alternative to replace the modern capitalist system that has failed to alleviate poverty and ensure economic and social justice.