World’s First Islamic Endowment Crowdfunding Platform Launched
Monday, August 8, 2016
Tun Abdullah Badawi, the former Prime Minister of Malaysia, has launched the Waqf (Islamic Endowment) crowdfunding platform or WaqfWorld. Described as the “worlds first” the new platform was announced at the 12th World Islamic Economic Foundation Forum (WIEF) held in Jakarta this past week The platform was developed in partnership with EthisVentures.com.
Waqf is defined as ‘an endowment made by a Muslim to a religious, educational, social or charitable cause’. Waqf is an important foundation of the Muslim religion and is a permanent and institutionalized act of donation. Once a Waqf is created the property may no longer be donated, bequeathed or sold in the future. It is a recommended benevolent act in Islam, as it is based on contributing to philanthropic causes recommended by textual sources, namely the Quran and the Sunnah (examples of Prophet Muhammad).
Historically, waqf has served many purposes including the construction and maintenance of Islamic religious, educational, scientific and social institutions. WaqfWorld.org is said to combine Waqf with the dynamism of crowdfunding.