Integrating waqf crowdfunding into the blockchain: a modern approach for creating a waqf market

Looking at current global reports, it seems that half of the world’s population is suffering economically and socially. According to the most recent estimates, in 2013, 10.7 per cent of the world’s population (767 million people) lived on less than US$1.90 a day (World Bank|Poverty Overview 2018). Moreover, millions of people lack adequate shelter and access to portable water, health services and education and suffer from extreme hunger (Shah 2013). Muslim countries are not exceptional, even though many anti-poverty programmes have been implemented, yet the Islamic Development Bank reported that 351.2 million people are living on less than $1.25 a day (SESRIC – Statistical, Economic and Social Research and Training Centre for Islamic Countries 2015). Highlighting these upsetting statistics reveals the need to explore alternative ways to address some of the current global issues through the study of the role of the institution of waqf and the potentials of fintech.