GlobalSadaqah to Enable Zakat and Waqf Payments Using Bitcoinby Fintech News Malaysia May 11, 2020 2 comments
GlobalSadaqah in collaboration with SINEGY and LuxTag announced today an initiative to facilitate cryptocurrency donations on their platform. In their statement, they said that the aim of this collaboration is to raise awareness and to educate the community of Muslim cryptocurrency owners about the need to pay Zakat on their digital assets.
GlobalSadaqah Islamic Social Finance Platform focusing on CSR, Zakat and Waqf Management. It features a wide range of campaigns from trusted and verified partners from across the globe. SINEGY is a digital asset exchange which is approved by the Securities Commission Malaysia and Luxtag enables the tracking and tracing of products using blockchain.
Mohd Alim, Co-Founder and Chief Product Officer of Global Sadaqah believes that the crypto community can make a huge impact and that this is a major step forward.
As of today, with the addition of Bitcoin, GlobalSadaqah allows donors to donate using FPX (direct bank transfer system), Visa, Mastercard, PayPal, and various e-wallet options in Malaysia such as TouchnGo, Boost, GrabPay, and RazerPay. Donations via ApplePay and GooglePay are also available for donors donating from countries where the service is supported. They said this is in line with GlobalSadaqah’s mission to make giving charity as easy and as efficient as possible.
Umar Munshi, Managing Director of Ethis Global, the parent company of GlobalSadaqah said,
‘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.’
Islamic social finance has been identified as a large and important avenue to alleviate the challenges brought about by the ongoing pandemic, and can play a large role in economic recovery through social upliftment. Zakat alone is estimated to be at least five hundred billion dollars a year.