#Asia Ex-Malaysian PM Abdullah Badawi launches the world’s first Islamic-based crowdfunding platform


WaqfWorld.org combines waqf (Islamic endowment) with the dynamism of crowdfunding


From left: Umar Munshi (founder, Ethis Ventures), Dr Suhaili Alma’amun, Adi Rahman (Managing Partner, Waqf World), Tun Abdullah Badawi, Tan Sri Fuzi Abdul Razak, Secretary General of WIEF, Prof Dr Dato Mazlin Mokhtar Deputy Vice Chancellor of UKM.

Ex-Malaysian Prime Minister Abdullah Badawi has recently launched the world’s first waqf (Islamic endowment) crowdfunding platform at the 12th World Islamic Economic Foundation Forum (WIEF) in Jakarta called Waqf World.

Waqf World combines waqf with the dynamism of crowdfunding. Waqf is defined as ‘an endowment made by a Muslim to a religious, educational, social or charitable cause’. It is a permanent and institutionalised act of donation. Once a waqf is created, the property cannot be donated, bequeathed/inherited, or sold.

Historically, waqf has served many purposes including the construction and maintenance of Islamic religious, educational, scientific and social institutions.

Also Read: Report: Malaysia tops Islamic app penetration during this year’s Ramadan

Waqf World is developed and operated by the EthisVentures.com Family of Islamic Crowdfunding platforms, as part of its Corporate Social Responsibility (CSR) efforts.

The Islamic crowdfunding platform does not charge beneficiaries or users any fees and is completely free for the initial phase. Operational costs are partially borne by voluntary contributions, and other resources are provided by Ethis Ventures.

The idea of establishing waqf-based crowdfunding was first proposed by the Research Centre for Islamic Economics and Finance (EKONIS), Universiti Kebangsaan Malaysia (UKM) in a roundtable discussion organised by the Islamic Development Bank’s Research and Training Institute (IRTI) in January 2016 in Jeddah.

Founding Patron, Abdullah Badawi saw the potential of waqf crowdfunding to develop the ummah (community). Waqf is a passion for Abdullah Badawi, who had implemented breakthrough waqf initiatives during his tenure as the 5th Prime Minister of Malaysia.

Also Read: This app wants to make Quran memorisation a fun and easy routine

Community development is the focus of Waqf World, which uses technology to improve Cash Waqf flows to partners called mutawallis (authorised or recognised waqf trustees or managers) and charities for their campaigns including Islamic microfinance, education or human capital development, humanitarian relief, social enterprise or religious activities/assets.

“Waqf is an institution that can unite and bring socio-economic development to the Muslim World,” the ex-PM said in a press statement.

“We welcome all Waqf organisations from around the world to list their projects with us. At the same time, we also strictly uphold and develop strong corporate governance, so as to build trust and sustainability,” said Managing Partner of Waqf World, Adi Rahman.

The post Ex-Malaysian PM Abdullah Badawi launches the world’s first Islamic-based crowdfunding platform appeared first on e27.

from e27 http://ift.tt/2aPjYfp

This entry was posted in #Asia by Startup365. Bookmark the permalink.

About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !