Jeddah, Kingdom of Saudi Arabia: – The Islamic Research and Training Institute (IRTI), a member of the Islamic Development Bank (IsDB) Group, 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.
-Ends-
About the IRTI:
The Islamic Research and Training Institute (IRTI) is a Member of the Islamic Development Bank (IsDB) Group responsible for knowledge creation and dissemination in Islamic Economics and Finance, and fostering the use of Islamic Finance to contribute to the sustainable development of IsDB member countries. More information about IRTI is available on www.irti.org . For enquiries about IRTI, please contact Habeeb Idris Pindiga ( hpindiga@isdb.org ).
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
