THE FINTERRA WAQFCHAIN
Waqf is recognised as the most notable expression of Islamic philanthropy. Standing out as one of the greatest achievements of Islamic civilization, it is a philanthropic foundation through which long-term assets that generate income flows can be created and preserved. These assets in turn help the process of production and creation of wealth for the overall benefit of society.
Built on blockchain technology, it allows Waqf bodies, NGOs, Corporate CSRs, Trusts and other stakeholders with the opportunity to create or fund causes, submit project outlines / plans which are required to fund Waqf and/or Charitable projects and causes.
Each project has its own Smart Contract standard under the ERC-777. These Smart Contracts are placed into a project fundraising which only can be started once all due diligence requirements have been passed. After the fundraising is completed, the resulting Smart Contracts attached to the project are claimable by participants, as these digital assets are representative of a participant’s stake in that specific Waqf and/or Charitable project or cause.
FEATURES & BENEFITS
Transparency in all financial transactions stored immutably & publicly for Stakeholders review
Eradication of corruption as the Smart Contracts are backed by Blockchain consensus
Integrated ecosystem of all related parties on the same platform
Fundraising for Islamic Social Finance development and causes
Unlocking the liquidity locked in Waqf asset
All Endowment Smart Contracts adhere to the ERC-777 standardized interface.
Vital documentations are uploaded and stored publicly in an immutable and distributed manner on IPFS, ensuring safety and transparency of the project as it moves forward.
Smart Contract distribution, KYC/AML, modes of payment and project revenue are handled automatically in the Smart Contract logic guaranteeing fairness and accounting accuracy for Smart Contract holders.
Specific project terms are encoded into (and enforced by) a Smart Contract in a tamper proof manner.
HOW IT WORKS
Registered Waqf Admins publish Cash Waqf Funds and Asset Management Funds which offers Islamic investment opportunities and Registered SMEs publish Asset Leasing projects which offers Islamic leasing investment opportunities for crowd participation.
Relevant stakeholders are engaged to ensure the success of the projects.
User (individuals, Corporate CSR and Trusts) registers and create an account, deposits funds into the Finterra WAQFChain account
Users are able to choose their preferred type of Cause/Funds on the WAQFChain platform such as:
- Charitable Causes
- Cash Waqf Funds
- Asset Management Funds
- Asset Leasing Projects
Users receive Smart Contracts for each participation through which their contributions can be tracked back to the last mile ensuring immutability and transparency.