Abstract
This study is an attempt to reexamine the ‘social failure’ and the contemporary dynamics of development needs in the Muslim World. Recent developments have been showcasing unconventional tools emanating from the Islamic finance and banking sector in augmenting 2030 Global Goals.
Islamic finance and banking industry has been becoming more receptive in addressing global challenges through offering hi-technology tools to better utilize waqf investments and awqaf models in a transparent way in order to result in financial inclusion and inclusive economic development. To cite few examples, Finterra’s Blockchain technology is recognized by the United Nations and Global Regulators, as the standard for social crowdfunding for the development of Endowment(Waqf), e-commerce and money services. This development could be seen as a transformative change within the financial landscape in its perspective to the use of waqf, in the sense that blockchain has the capacity to trace contract electronically across the lifespan of the investment. In other words, there exists new opportunities and possibilities available using blockchain technology to facilitate in the development and sustainability of Waqf.
Given the global credibility and relevance of the UN SDGs, this study will foray potential roadmaps for international organizations towards achievement of social goals, which intersect with the Islamic principles. One of the potential ways is to apply traditional concept (Waqf) with modernity by using tools such as Blockchain technologies and other financial technologies.
Blockchain is a fertile platform for humanitarian work including Waqf activities due to its ability to improve efficiency, reduce transaction costs, enable transparency, traceability and trust in transactions. We argue that blockchain powered waqf management can bolster Islamic moral economy which targets human-centred development by prioritizing social justice, equality, and inclusive development practices.
This study draws attention on the urgent need to mobilize various actors, stakeholders and agencies to showcase that Islamic social finance and Awqaf are part of the inclusive humanitarian and development system. We will portray potential applications revolving around Muslim philanthropy. Muslim Philanthropy needs to embrace new dynamics and applications such as blockchain and better act as a catalyst in developing sustainable tools for inclusive development. All the 17 Sustainable Development Goals are well aligned with the basic principles and aspirations of Islamic philanthropy and UN organizations and other globally visible multilateral organizations need effective partnerships between Muslim philanthropic organizations. We argue that Muslim philanthropy, powered by blockchain mechanisms using Waqf, has the potential to play a vital role in institutionalizing the Muslim philanthropic activities, which in turn promote insurmountable support in meeting UN Global Goals.
Islamic finance and banking industry has been becoming more receptive in addressing global challenges through offering hi-technology tools to better utilize waqf investments and awqaf models in a transparent way in order to result in financial inclusion and inclusive economic development. To cite few examples, Finterra’s Blockchain technology is recognized by the United Nations and Global Regulators, as the standard for social crowdfunding for the development of Endowment(Waqf), e-commerce and money services. This development could be seen as a transformative change within the financial landscape in its perspective to the use of waqf, in the sense that blockchain has the capacity to trace contract electronically across the lifespan of the investment. In other words, there exists new opportunities and possibilities available using blockchain technology to facilitate in the development and sustainability of Waqf.
Given the global credibility and relevance of the UN SDGs, this study will foray potential roadmaps for international organizations towards achievement of social goals, which intersect with the Islamic principles. One of the potential ways is to apply traditional concept (Waqf) with modernity by using tools such as Blockchain technologies and other financial technologies.
Blockchain is a fertile platform for humanitarian work including Waqf activities due to its ability to improve efficiency, reduce transaction costs, enable transparency, traceability and trust in transactions. We argue that blockchain powered waqf management can bolster Islamic moral economy which targets human-centred development by prioritizing social justice, equality, and inclusive development practices.
This study draws attention on the urgent need to mobilize various actors, stakeholders and agencies to showcase that Islamic social finance and Awqaf are part of the inclusive humanitarian and development system. We will portray potential applications revolving around Muslim philanthropy. Muslim Philanthropy needs to embrace new dynamics and applications such as blockchain and better act as a catalyst in developing sustainable tools for inclusive development. All the 17 Sustainable Development Goals are well aligned with the basic principles and aspirations of Islamic philanthropy and UN organizations and other globally visible multilateral organizations need effective partnerships between Muslim philanthropic organizations. We argue that Muslim philanthropy, powered by blockchain mechanisms using Waqf, has the potential to play a vital role in institutionalizing the Muslim philanthropic activities, which in turn promote insurmountable support in meeting UN Global Goals.
| Original language | English |
|---|---|
| Publication status | Published - 27 Jun 2019 |
| Event | SASE 2019 – Fathomless Futures: Algorithmic and Imagined - New York, United States Duration: 27 Jun 2019 → 29 Jun 2019 |
Conference
| Conference | SASE 2019 – Fathomless Futures: Algorithmic and Imagined |
|---|---|
| Country/Territory | United States |
| City | New York |
| Period | 27/06/19 → 29/06/19 |