Banking, Finance & Takaful

The future of Zakat and Waqf is here!

Malaysia's charity platform GlobalSadaqah enables donations in cryptocurrency!

GlobalSadaqah is a donation crowdfunding platform run by Ethis from Malaysia, a leading global fintech company focused on the Islamic economy. They support the donation of impactful Sadaqah, Zakat and Waqf by matching donors to credible Charity Partners on their platform.

Global Sadaqah has been operating since 2018, and as of now they are accepting contributions in Bitcoin as well. This is a major relief for the Muslims that have been holding digital assets and seeking for ways to pay their zakat duties. As mentioned in their press release, GlobalSadaqah states that over USD 8 Billion of digital assets is held by Muslims most of which is eligible for zakat.

In their statement, Umar Munshi, Managing Director of Ethis Global, the parent company of GlobalSadaqah says: “Blockchain has a lot of potential to increase the effectiveness of social finance. This is just the first step for us to integrate blockchain into the Islamic fintech ecosystem we are building. Another interesting area is blockchain-based notarizing of Waqf (Islamic endowments) documents and wills, among other things.”

To make this happen, GlobalSadaqah has collaborated with Sinegy  – a registered digital asset exchange, and LuxTag – a blockchain based anti-caunterfeit, track&trace solution provider.  Their main motivation behind this initiative is ‘to raise awareness  and to educate the community of Muslim cryptocurrency owners about the need to pay Zakat on their digital assets’ as mentioned in their statement.

Apart from Bitcoin, GlobalSadaqah allow donors to donate using FPX (direct bank transfer system), Visa, Mastercard, PayPal, and various e-wallet, or donations via ApplePay and GooglePay from countries where the service is supported.

Islamic Financing models can be used to reduce the damage our economies are facing nowdays and support our economic upraising. It is on the institutions, such as GlobalSadaqah, to ensure that proper collection and distribution of funds is carried out, their efficient role in times like these is paramount!

Copyright by HalaalQuest 2020

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