Using Blockchain Technology To Revolutionize Waqf: The Finterra Waqf Chain Model

Abstract

Blockchain is one of the most promising technologies in the financial system, carrying the potential of reducing corruption, ensuring speedy and safe transactions and exchanges, and eventually assisting in risk management within the interconnected world financial system. This paper aims to provide insights into the potential of Blockchain to change WAQF application by presenting Finterra as a FinTech company that provides a platform that could bring multiple parties in contact with Waqf managers. The Finterra WAQF Chain platform is an online resource for social crowdfunding that employs Blockchain notions and solutions. Finterra succeed to find solutions to the issues of poor management, liquidity, and uncertainty of the old Waqf properties that have been placed in an idle state via its WAQF Chain platform, it also adds an extra element of openness and assurance through feedback