Problems We Want to Solve
The Insurance and Takaful industry is facing considerable problems related to inclusion and accessibility of insurance products in Malaysia. According to Actuarial Partners, only 16% out of RM 24 billion of total insurance claims in 2016 were paid out to the bottom 40% in Malaysia. Wakaful is a platform that utilises Islamic social finance and combines Waqf and Takaful in hopes of making insurance and health care services more accessible to the bottom 40% in Malaysia.
Wakaful uses a digital governance platform that manages Waqf assets. The Wakaful platform utilizes Smart Contracts built on top of the Ethereum Blockchain developed by our technology partner, R1.my.
The platform brings key stakeholders together on the platform and is able to streamline some of the processes resulting in reduced costs.
Wakaful aims to drive innovation within the Takaful industry and to make Takaful products more accessible to the bottom 40% with the digital Waqf governance platform.
Why Blockchain Applications in the Takaful Industry
The topics which were discussed during the event were quite unique and brought forward strong topics and questions surrounding the nascent nature of the Islamic Fintech industry and its enormous potential. There is a need to provide more accessible products to the market, however the Islamic financial industry still lags behind the fierce pace at which conventional fintech industry is growing. There is no doubt that there is a market and opportunity to drive takaful products to the bottom 40%. We hope to work together with industry players to assist us in innovating beyond what we know today in hopes of achieving inclusion in the Takaful industry.
A few question we keep asking ourselves is whether blockchain technology is mature enough for applications in the Takaful industry? What would the architecture look like that is best suited for the industry’s needs ? We hope that Wakaful would play a part in answering these questions.
Do get in touch with us if you feel your organisation should be part of our journey. You may reach us by clicking
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