About WAQF Chain
What is Waqf?
What is Finterra WAQF Chain?
What is the Mission of Finterra WAQF Chain?
How does it work?
Contributors will be able to contribute to specific Cause(s), and if the NGO reaches their goal within the fundraising period, the money will be transferred to the NGO who will then execute the project with the funds raised. If the goal is not raised within the fundraising period, then the funds accumulated will be refunded back to all contributors.
Blockchain
What is a Blockchain?
What is so unique about Blockchain?
- It is shared publicly: servers, or nodes, maintain entries (known as blocks) and every nodes sees the transaction data that is stored in the blocks when created
- Is decentralized: no central authority is required to approve transactions and set rules
- Is secure: database is an immutable and irreversible record thus the ledeger cannot be revised or tempered with; even by the operators of the database
- Is trusted: requires computer servers to reach a consensus, which allows for transactions to occur between unknown parties
- Is automated: conflicting or double transactions does not happen in the database and transactions occur automatically
What are Smart Contracts and what are the advantages?
Smart Contracts are what makes the benefits of Blockchain technology a reality since it contains embedded information on ownership of the transactions and parties involved. This information cannot be amended or tampered with and will be generated as soon as the transaction is executed.
Registration
Who can participate in the WAQF Chain?
- 1. Contributors : individuals, corporations, trusts and foundations, etc that wishes to contribute to social Causes.
- 2. NGOs: registered entities that wishes to raise funds for Social Causes
Is the WAQF Chain Platform only for Muslims?
How to Sign Up as a Donor?
- (i) Go to www.mywaqf.com
- (ii) Click to Join as a Member
- (iii) Enter your details
- (iv) Click Register
How do I join as an NGO?
- (i) Go to www.mywaqf.com
- (ii) Enter your NGO details
- (iii) Enter your details
- (iv) Click Register
Is there any fee for being a donor?
There is a success fee that is charged on the NGOs on top of the target amount in case the project was successfully funded. This is a negotiable fee that is mutually agreed by Finterra and the NGOs before the fund raising begins.
Is Finterra WAQF Chain available in all countries?
Causes
Can anyone publish Causes on WAQF Chain to raise funds?
If you are an Individual or Corporation in need to raise funds for social projects, you may collaborate with a registered NGO at your discretion and publish the Cause under said NGO. For further information on the matter, please contact support@finterra.org
What are the requirements that needs to be fulfilled before publishing a Cause?
- Cause Details (Title, Description, Start and End Date, Address, Frequency at which NGO will provide Cause Updates to Contributors)
- Funding Details (Total fundraising target, soft target or the minimum amount that needs to be raised, Success Fee)
Is there a Due Diligence process done before a Cause is published?
What happens if a Cause gets rejected?
Contributions
What currencies can be used to contribute in WAQF Chain Platform?
How can I contribute to a Cause?
After this, you can choose the Cause you wish to contribute to and contribute with just 2-clicks.
What are the payment methods available?
Additionally, Corporate contributors will be able to generate an Invoice through the system and make the payment via cheque or cash as per terms and conditions that will be provided with the Invoice.
How can I make sure that my contribution was successful?
Is there a way I can keep track of my charity contributions through WAQF Chain?
This is to make sure that the contributors are assured that the money they contributed is being utilized for the identified project and is a mandatory requirement for the NGO to maintain its position in the platform.
What Taxes are applied to my contributions?
Are my contributions exempted from Tax?
However, it is not mandatory for NGOs to offer Tax Emption for all Causes.
Is the money deposited directly to Finterra or to the NGOs?
The money is only transferred to the NGOs after the Cause is closed successfully. If not, the money will be refunded back to the contributors in full.
Other Features and Offerings
Why should I choose Finterra WAQF Chain Platform?
Please visit https://mywaqf.com/how-it-works/ for more details.