Waqf, also known as Islamic endowment, is a type of religious charity in which the donor sets aside a portion of their wealth to benefit the community in perpetuity. Waqf funds are typically used to provide financial assistance to those in need, such as education and medical care, as well as to construct mosques, schools, and other public buildings. Waqf funds are also frequently used to help the poor, support scientific research, and promote religious education. Waqf funds are also frequently used to fund charitable activities such as the construction of water wells, the provision of food for the hungry, and the provision of health care and education to the needy.
Qudscoin is the native token of the blockchain-based Waqf system, a new type of Waqf management system that uses blockchain technology to manage and track Waqf funds. It is a decentralised, immutable, and transparent system designed to ensure that funds are properly and efficiently managed and distributed. The system provides a safe and dependable method for recording, storing, and managing all Waqf transactions, while reducing the risk of fraud and corruption. Furthermore, it ensures that Waqf funds are managed and distributed according to Islamic principles and Waqf regulations. This system has the potential to transform the way Waqf funds are managed by creating a more efficient, effective, and secure Waqf management system.
More on this disruptive and transformative method in the following post.