About WAQF Chain

What is Waqf?

Waqf (pronounced as Wakaf) is a form of perpetual, continuous and sustainable charity and pious action or endowment. This act of endowment is a form of Sadaqah (i.e. voluntary charity).

What is Finterra WAQF Chain?

It is a platform built on Blockchain that brings together contributors and entities seeking funds for Waqf projects and/or campaigns.

What is the Mission of Finterra WAQF Chain?

The Mission of Finterra WAQF Chain is to provide an easy to use platform that will help in the revival of Waqf through various approaches like Charity, Investments and Peer-to-Peer (P2P) Financing.

How does it work?

The WAQF Chain platform is very simple; we provide you with a platform where you can view Causes (i.e. Social Projects) published by registered Non-Profit Organizations (NGOs). These Causes will be published to achieve a certain goal within a set fundraising period.

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?

It is a database or a ledger that maintains a continuously growing list of data records or transactions.

What is so unique about Blockchain?

While it is similar to a spreadsheet, it has unique features:

  • 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 a complex set of software codes with components designed to automate execution and settlement.

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?

Two types of Users can participate in the platform:

  • 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?

No. Charity and Waqf contributions can be made by Muslims and non-Muslims alike.

How to Sign Up as a Donor?

It’s very simple. You will need to complete 4 simple steps.

  • (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?

Its very simple. You will need to complete 4 simple steps.

  • (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?

Currently, no fees are charged however, Finterra may introduce certain fees in the future, and all users will be informed of the fees and its purpose once it is introduced.

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?

The WAQF Chain platform is currently available in Malaysia. It will be rolled out in many other countries later this year.

Causes

Can anyone publish Causes on WAQF Chain to raise funds?

To ensure proper accountability and to mitigate risks of fraud, only registered NGOs will be able to publish Causes after they have completed an outlined Know-Your-Customer (KYC) process.

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?

NGOs will be able to create a Cause in 3 simple steps through the “Cause Creation Wizard” within the platform. The mandatory information you would need to provide to create a Cause are:

  • 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?

Yes. Once an NGO creates a Cause in the platform, it is submitted for approval before it is published. Finterra’s experts will conduct the necessary review and verification process before the approval is given to publish the Cause.

What happens if a Cause gets rejected?

NGOs will be able to re-submit the Cause for approval for a maximum of 2 times. The Finterra team will provide NGOs with detailed instructions of missing information or any other details that needs to be amended before the Cause is resubmitted.

Contributions

What currencies can be used to contribute in WAQF Chain Platform?

You can contribute to Causes using Malaysian Ringgit and FIN ERC-20.

How can I contribute to a Cause?

When you register, you will be given a WAQF Chain Account which you can top up using your preferred payment methods.

After this, you can choose the Cause you wish to contribute to and contribute with just 2-clicks.

What are the payment methods available?

Contributors will be able to make payments via Online Banking, Credit/Debit Card or through Promo Code Vouchers which is offered by Finterra.

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?

Since the WAQF Chain is built on Blockchain, you will be able to view Smart Contracts (i.e. acknowledgement) of all transactions made in the platform.

Is there a way I can keep track of my charity contributions through WAQF Chain?

Yes. Once funds are released to the NGO after a successful fundraising period, WAQF Chain will require the NGOs to submit periodic updates of the project so you can keep up with the progress of the project you contributed to.

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?

Currently, no Taxes are charged however, Finterra may introduce certain taxes in the future as applicable to the relevant rules and regulations within the jurisdiction, and all users will be informed of the taxes and its purpose once it is introduced.

Are my contributions exempted from Tax?

If the NGO is offers Tax Exemption for contributions and have the relevant registrations, they will indicate in the Cause details. Any Cause that does not specify as such is not applicable for Tax Exemption.

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 contributed will be held in a Trust Account with a partnering Bank on behalf of the contributors.

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?

Along with contributing to charitable Causes, you will also be able to have social impacts through Social Matrixes such as Green Contribution, Power Saving, Golden Contributor and Referral programs that are customized depending on your user type. These features are designed to increase your Social Impact whilst contributing to the Causes that benefits the marginalized community within the society.
Please visit https://mywaqf.com/how-it-works/ for more details.

What does the future look for Finterra WAQF Chain platform?

WAQF Chain platform is just beginning its adventure. In the future, WAQF Chain will enable users to not only fundraise for charities (no ROI) but also contribute to Shariah compliant investments (ROI) and P2P financing (ROI) to empower Small and Medium Enterprises (SMEs) whilst contributing to Waqf development projects.

How can I find out more?

You can contact us via support@finterra.org