Using Blockchain in WAQF, Wills and Inheritance Solutions in the Islamic System

Abstract

The paper aims to provide a review of literature on the Islamic social institution of WAQF, dissecting the components of WAQF and the classic Islamic laws that guide its formation and implementation. WAQFs are Islamic social finance institutions that have played a critical role in achieving sustainable development in Islamic society. During the Ottoman era, it was operated effectively to ensure the founder's wishes until the advent of Islamic finance. The study highlights the challenges that the WAQF institution faces and the viability of the Blockchain system in mitigating these challenges and managing WAQF across the globe, which should help achieve the convectional objectives WAQF. Approach/Methodology/Design: The study reviewed the most recent research papers on the WAQF Islamic social finance institution to isolate the institution's components, legal framework and challenges, and outline the solutions Blockchain system can provide.