New waqf crowdfunding platform to address misconceptions about Islamic endowments

Photo: WaqfWorld.org was launched at the 12th World Islamic Economic Forum (WIEF) in Jakarta, Indonesia. From left: Umar Munshi (founder, Ethis Ventures), Dr Suhaili Alma’amun, Adi Rahman (Managing Partner, Waqf World), Tun Abdullah Badawi, Tan Sri Fuzi Abdul Razak, Secretary General of WIEF, Prof Dr Dato Mazlin Mokhtar Deputy Vice Chancellor of UKM.

KUALA LUMPUR - The newly-launched waqf crowdfunding platform, WaqfWorld.org, wants to change the misperception that waqf is only for the wealthy and that it is based only on land or real estate, its partner developer Umar Munshi told Salaam Gateway.

“Because of this misinformation, we feel that waqf has not realised its immense potential. With crowdfunding, Muslims can now make well-informed donations of small amounts easily and seamlessly online,” said Munshi in an email interview with Salaam Gateway.

Munshi is founder of Islamic crowdfunding platform EthisVentures, which is a partner developer in WaqfWorld.

WaqfWorld’s main objective is to add value to the Islamic Economy by implementing crowdfunding technology and become a viable platform for waqf funding globally, said Munshi. 

“We want to be an aggregator of high quality, transparent and sustainable waqf campaigns that have a strong social impact. Beyond that, we also want to develop the capacity to track and analyse the impact of waqf and to provide reports to donors,” he said, adding that the platform also hopes to engage with the younger Muslim population as crowdfunding is an approach that resonates with this market.

Currently, WaqfWorld is working on four projects with a collective value of 78,480 Singapore dollars ($58,500), according to Munshi.

The platform wants to focus on projects and campaigns that are more sustainable, such as microfinance, where the cash waqf goes through continuous cycles of financing, as opposed to being consumed or used only once, Munshi added.

“We strive to work closely with our mutawalli or waqf charity partners to provide all important and pertinent information to help donors understand the nature and impact of campaigns. We also plan to provide financial reports and breakdown of calculations in the near future,” said Munshi.

However, he noted that achieving these can be challenging when dealing with traditional organisations that are not used to such an approach and culture.

© SalaamGateway.com 2016