CONTEMPORARY CHALLENGES OF WAQF AND THE ROLE OF BLOCKCHAIN IN THEIR SOLUTIONS

Abstract

Over history Islamic waqf has been suffering from problems and facing a variety of challenges that have aggravated and even become worse with colonial invasion that rocked the Muslim world. Colonialists realized the dynamic role of waqf in the socio-economic structure of the Muslim communities and thus targeted, and relatively succeeded in, undermining waqf institutions. Though Muslim countries have gained liberty, imperialism still holds back the development of waqf; particularly after the advent and mounting pressure of globalization. This paper attempts to identify the major problems facing wafq in modern times and tries to draw the attention of those concerned with the development of Islamic waqf to the new technology of blockchain with its vast capabilities that could be helpful to the solution of many waqf problems. The descriptive approach has been adopted to present the pressing waqf problems and challenges and how blockchain technology could contribute to their solutions. The paper concludes that blockchain technology seems extremely promising for overcoming waqf problems and recommends the adoption of this technology for the flourishing of Islamic waqf institutions and the creation of crypto-currency waqf funds.