Blockchain for Waqf Management

Abstract

The notion of waqf has always exerted a rather significant effect upon the progression of the Muslims from the light of socioeconomic by incorporating participants from small or huge groups in a collaborative manner. In fact, waqf does not only refer to non-movable assets, but also cash donations as funds with continuous income. Beyond doubt, waqf in terms of cash benefits in terms of its liquidity and flexibility. Hence, some frameworks that serve as guideline in managing waqf cash have been generated so as to enhance social services. In recent times, integration of digital technology has allowed improved specialty, along with vast knowledge, enhanced safety and quality, as well as increment in productivity. As such, the Blockchain (BC) is a cutting-edge advancement linked to bitcoin. The fundamental concept of the BC refers to the access to ledger by its participants without the need of a third party. Therefore, the BC could be applied in waqf as a tool for accumulating funds across the globe in a hassle-free manner. With that claimed, the BC eases provision of perpetual funds for better waqf management. As such, by using literature approach, this study looked into the technology of BC from the light of waqf management associated to movable and immovable assets. The outcomes from this work offer a framework for further studies pertaining to BC, which may serve as a new model for waqf management.

Keywords: blockchain, waqf, bitcoin

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