Year
2018
Country
Qatar
Language
English
Abstract
| Waqf is a perpetual endowment or simply the holding of a certain asset by a person having the trust and preserving it for the benefit of the beneficiary. Historically, waqf was a socio-economic tool for sustaining Muslim societies against poverty. Enough literature offers the financial and regulatory constraints and points to the mammoth potential in offers if revived and managed efficiently. Recently, waqf has become an important agenda for the economic empowerment of Muslims and humanity at large. One of the financing models under consideration is crowdfunding which is the practice of funding a project or venture by raising small amounts of money from many people, typically via the Internet. Waqf registered as corporate can be utilized for crowdfunding provided it is incorporated as a separate entity and not a waqf corporation. It, however, will retain the issues of transparency, accountability and data protection. This paper explores the possibility of a technological solution to the problem offered by blockchain technology. At its basics, blockchain is a globally distributed ledger or database capable of running on millions of devices and open to anyone. Anything of value like information, money, titles, deeds, music, art scientific discoveries, intellectual property, and even votes can be managed securely and privately without intermediaries. The impact of blockchain technology has disrupted the global financial sector and seen the emergence of a new one like Fintech. This paper, thereupon, attempts to offer a viable alternative source of financing to develop waqf land, through crowdfunding using the potential offered by blockchain technology. It will suggest and elucidate how blockchain will digitize the process of waqf property management through the use of smart contact to crowdfund waqf project under regulatory regime to build trust among stakeholders as an alternative to the existing financing system. |
English
City
Doha, Qatar
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CIS Program Old
CIS publications
No
CIS Thesis
No