About Wakaful

We are your one stop shop for Digital Waqf Solutions. Wakaful uses a Waqf or an Islamic trust to regulate our activities in providing digital financial services to unbanked communities. Wakaful introduces unique Digital Waqf or a Digital Islamic Trust solutions that can be used by individuals, organizations and even communities. Our core values are stewardship, accountability, and transparency which are in line with the core principles of Waqf.

 

What is a Digital Waqf Fund ?

A Digital Waqf Funds is when community members dedicate funds through our platform that are dedicated to our specific cause. Driven by financial inclusion, Wakaful utilises these funds to provide financial services to impoverished communities. The funds are held in trust and are managed digitally using our platform. Our team is exited to pilot our platform, a Digital Waqf that brings alternative financial services to the under served!

 


ENABLING FINANCIAL FREEDOM

 


 

How does it work ?

Our platform connects members of the community, it brings Patrons who donate funds, Financial Services Providers, and End Beneficiaries (through Social Enterprises and NGOs) all on one platform. Wakaful stems from the idea that we can create financial value from a local stakeholder ecosystem. By creating these connections, Patrons are able to donate funds in a traceable manner and we see through that financial services are distributed to the B40 communities in a sustainable and ethical manner.

Wakaful uses distributed Waqf governance platform is created using smart contracts built on the Ethereum blockchain. Blockchain Technology or DLT provides many advantages for this usecase as it provides an audit trail for realtime reporting to stakeholders on the utilisation of dedicated assets. Assets can be movable assets such as cash, or immovable assets such as lands or buildings.

Our team was united by the mission to find an Islamic Financial model that uniquely combines with Blockchain Technology to make financial services inclusive, scalable, and transparent. After four years of research and trial & error, we are finally ready to pilot!

  

The Pilot

Wakaful has been selected as finalists for UNCDF & BNM Wakaful is currently piloting with ecosystem stakeholder companies in Malaysia to provide Takaful protection to impoverished communities. To participate, reach out to us by sending us an email to founders@wakaful.com .