Leveraging Blockchain Technology to Bring Transparency to Zakat, Sadaqah & Waqf
Islamic Philanthropy Generates Up To $1 tn Annually in Charitable Funds. However its beneficial impact is often absent of transparent & accountable delivery mechanisms
IslamiChain will change this using Blockchain Technology & Decentralised Digital Identity
The goal is to address the main challenges that currently limit Islamic giving’s effectiveness with IslamiChain. Technology enables the platform to foster impact-driven philanthropy and mobilise this major source of charitable giving from one of the world’s most philanthropic religious communities towards the alleviation of the world’s most significant problems. It is innovative in its implementation, whilst respectful of Islamic traditions and principles. This has the potential to positively transform the relationship between alms giver and the giving, and revolutionise the donor-recipient nexus as we know it today.
At the heart of Islam, the world’s second largest religion with an estimated 1.9 billion adherents, lies the compassionate giving of part of one’s wealth to the poor and suffering. The practice of mandatory giving, Zakat, is a fundamental pillar of Islam that mandates about 2.5% of one’s accumulated wealth and savings is given to the poor and needy. Sadaqah, which is the voluntary giving in Islam, is a more flexible discretionary charity encouraged as a practice to give thanks for the blessings in one’s life. These practices have played a key role in shaping Islamic history and society.