Kuala Lumpur… December 2018… Arguably, the most noteworthy manifestation of Islamic philanthropy, waqf is the voluntary, permanent and irrevocable dedication of a portion of one’s wealth for charitable purposes. Standing out as one of the greatest achievements of Islamic civilisation, waqf is a philanthropic foundation, designed to maximise the value of endowments.

So, how does FINTERRA plan to deliver the changes needed to develop WAQF assets estimated at USD 1 trillion dollars and reinvent a system that has been in existence for nearly a thousand years. Especially, in keeping aligned to WAQF principles and to a larger extent, Islamic finance, in terms of governance and regulations in order to remain relevant.

FINTERRA’s WAQF Chain focuses on the evolution of blockchain as a technology, how Smart Contracts drive value and security on the blockchain and how these technologies are utilised for the development of WAQF in the 21st century. The WAQF Chain model lays bare the roles of the WAQF Board/Awqaf, the Fund Management, Financial Auditing, Takaful/Insurance, Construction, Asset Management, and how best to automate these roles on blockchain.

Furthermore, the WAQF Chain looks to address a key challenge in WAQF Development – capital raising. To raise investment capital to develop Endowed (WAQF) land faces a considerable challenge as financial institutions will not provide any form of unsecured funding to developers as the endowed land is not by anyone person/entity. FINTERRA’s WAQF Chain aims to raise capital for approved projects via a Crowd Funding mechanism and the use of Islamic Financial Instruments such as Cash WAQF, Islamic Loans, Mudarbah, and Sukuk, built using Smart Contracts, and executed on FINTERRA’s GALLACTIC Blockchain. This, FINTERRA believes, addresses the challenges faced by WAQF/ Advisory boards and developers in delivering value and continuing revenue for the purpose that the Endowed (WAQF) land was specified for.


About FINTERRA

FINTERRA is a start-up fintech company, specialising in harnessing and building solutions aimed at Global use cases and problem statements that are built on the GALLACTIC blockchain platform, positioning Finterra to be a global leader in next generation Fintech, providing “Social Solutions for Blockchain”.
For further information, please visit www.finterra.org or contact:

David Swinburne
Head of Alliance Management
+60 16 967 9476
[email protected]