WAQF INSTITUTIONS IN THE DIGITAL ERA: BLOCKCHAIN AND WAQF INTEGRATION

Abstract

Waqf, as a means to support the needy and sustain economic development within Muslim communities, has seen diminished contributions due to cumbersome administrative procedures. However, the advent of Blockchain technology offers promising potential to revitalize idle Waqf assets, thereby enhancing income and improving the well-being of populations. This paper explores the application of innovative financial technology, specifically Blockchain, in the management of Waqf. The primary objective is to address existing barriers and introduce new techniques for managing Waqf in the digital era. To this end, the paper provides a conceptual review of both Waqf and Blockchain, with a particular focus on the Finterra Waqf-chain as a case study. Utilizing online desk research for data collection, this study scrutinizes the Waqf-chain. It proposes the implementation of digital processes through the Waqf-chain to enhance transparency among Waqf institutions, beneficiaries, and donors, thereby improving performance and efficiency in Waqf management. The paper posits that integrating innovative Blockchain technology with Waqf management will foster trust among stakeholders, facilitate fundraising, and support the sustainable development of Islamic society