21 Oct, 2019
The Islamic Research and Training Institute (IRTI) is to establish an electronic platform for the protection and verification of Awqaf (Islamic endowments) properties. The platform aims at preserving the rights of beneficiaries of the Awqaf and ensuring the sustainability of its developmental and social functions.
The “Ish’had” Platform will be built using modern financial technologies, FinTech, including Blockchain and Internet of Things, to ensure the verifiability of Awqaf records, management and performance, so that Awqaf can achieve their objectives and maintain their sustainability across generations.
IRTI points out that the platform does not interfere with the local procedures and requirements of the country hosting the Waqf. The platform is an open choice for all Waqf institutions and Waqf donors to benefit from its authentication services that provide additional protection, transparency and supervision of the Waqf by members of the platform around the globe.
The “Ish’had” Platform is to complement the platform of the World Waqf Center of Excellence, which the Islamic Development Bank (IsDB) plans to establish in Medina, Saudi Arabia, this year. The Center of Excellence aims to support Awqaf institutions and enhance communication and collaboration among members of the Awqaf industry worldwide.