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 does our Software do?
A Waqf fund is a pool of funds dedicated by a community or individuals for a specific cause. Driven by financial inclusion, Wakaful provides a blockchain software solution to manage and govern these funds towards the shared goal determined by the creators of the fund. Wakaful holds these funds in trust but the funds are managed through our platform. Our team is excited to pilot our platform, a Digital Waqf that could bring 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 to sponsor people out of poverty through education, and access to financial services. 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.
The Wakaful ‘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 which we can use to churn realtime financial 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!
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 firstname.lastname@example.org .
Update : 24 Dec 2019
Wakaful finished as one of the top six finalists of the UNCDF Accelerator during #myfintechweek 2019 please read our blog to find out more. Also, please contact us for a potential pilot.