Finterra Calls for All Thought Leaders and Regulators to Envision A Global Waqf Bank
Malaysia has the potential to become the first nation in the world to set up a global “Waqf” bank using blockchain technology, expounded Hamid Rashid, the Founder of FINTERRA. He went on to say that a global Waqf bank would be able to tap into a previously untapped realm of Waqf properties backed charities, investments and opportunities, adding that he hoped Bank Negara Malaysia would take the lead. Malaysia has set itself as a thought leader and issuer of Islamic finance/banking instruments globally, since the early 2000. It is only logical that Malaysian regulators take the lead, in bringing Islamic finance/banking onto a FinTech/Blockchain platform for the masses. In October 2017, FINTERRA, a technology-based organisation, started operation. In February 2019, during the 2nd Edition of the Islamic Fintech Dialogue 2019 (IFD2019) in Kuala Lumpur, FINTERRA launched its highly anticipated “WAQF Chain”, the world’s first Waqf on the blockchain. The platform is a blockchain-based