ISSN: 2222-6990
Open access
This paper discusses the blockchain frameworks for evaluating trustworthiness in managing waqf management system. The frameworks are Ethereum, Hyperledger, Finterra Waqfchain and Waqf Blockchain (WB). The invention of the blockchain has offered many benefits to the waqf institution since this institution faced many challenges such as lack of data transparency, accountability issues, weak of historical records, improper audit and improper compliance practices that may breaks donors’ trust to use waqf system as a platform to make donation. However, the framework has their own pros and cons in order to make waqf management system more transparent, trusted and efficient. As a result, Ethereum framework shows the most suitable blockchain platform that can be used for the waqf management system.
Aziz, A. H., Hamid, B. A., & Bouheraoua, S. (2019). Maximizing social impact through waqf solutions. International Bank for Reconstruction and Development.
Shaikh, S. A., Ismail, A. G., & Shafiai, M. (2017). Application of waqf for social and development finance. ISRA International Journal of Islamic Finance, 9, 5-14.
Mohamed, G., & Lahsasna, A. (2020). Blockchain waqf: enabling access to social Islamic finance. EasyChair Preprint 2919.
Sapuan, N. M., Zeni, N. A., & Hashim, S. L. (2017). Elevation of waqf industry for social wellbeing in Malaysia: issues and challenges. International Journal of Advanced Biotechnology and Research (IJBR), 8, 312-318.
Shukri, N., Zamri, S., Muneeza, A., & Ghulam, H. (2019). Waqf Development in Marawi City via Issuance of Perpetual Waqf Sukuk. International Journal of Management and Applied Research, 6, 68-80.
Ahmed, U., Mohammed, M. O., & Ogunbado, A. F. (2015). Examining the Traditional Waqf-Based Financing Methods and Their Implications on Socio-Economic Development. IOSR Journal of Business and Management, 17, 119-125.
Baqutayan, S. M. (2018). Waqf revival: A policy perspective. Journal of Science Technology and Innovation Policy, 4, 20-27.
Azganin, H. (2019). Redevelopment of idle waqf property through financial technology: Case of Malaysia. International Review of Entrepreneurial Finance, 2, 42-58.
Zulaikha, S., & Rusmita, S. A. (2018). Blockchain for waqf management. KnE Social Sciences.
Ahmad, A. U. F., & Habib, H. (2019). Using blockchain and smart contracts for waqf institutions.
Mohamed, H. (2016). The blockchain and Islamic finance. Journal of Islamic Banking and Finance, 27-30.
Gazali, H. M., & Che, C. M. H. (2019). A conceptual framework for cash waqf with blockchain in financing education for the Islamic religious school in Malaysia. Al-Itqan: Journal of Islamic Sciences and Comparative Studies, 3, 73-88.
Rashid, S. K. (2018). Potential of waqf in contemporary world. Journal of King Abdul Aziz University: Islamic Economics, 31, 53-69.
Elasrag & Hussein. (2019). Blockchain for Islamic Finance: Obstacle Challenges. Munich Personal RePEc Archieve (MPRA).
Sultan, K., Ruhi, U., & Lakhani, R. (2018). Conceptualizing Blockchains: Characteristics & Applications.
Chakraborty, S., Dutta, K., & Berndt, D. (2017). Blockchain based resource management.
Allessie, D., Sobolewski, M., & Vaccari. (2019). Blockchain for digital government. JRC Science for Policy Report.
Bassil, Y. (2012). A simulation model for the waterfall software development life cycle. International Journal of Engineering & Technology, 2, 2049–3444.
Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017). An overview of blockchain technology: Architecture, consensus, and future trends. International Congress on Big Data.
Beklemysheva, A. (2019). Making Effective Use of Smart Contracts.
Niforos, M., Ramachandran, V., & Rehermann, T. (2017). Block Chain: Opportunities for Private Enterprises in Emerging Market. International Finance Corporation.
Zhai, S. Y., Yuanyuan, L., Jing, Q., Cheng, Z., & Jiangming. (2019). Research on the Application of Cryptography on the Blockchain. Journal of Physics: Conference Series.
Mohsin, M., & Muneeza, A. (2019). Integrating waqf crowdfunding into the blockchain: a modern approach for creating a waqf market. Fintech in Islamic Finance Theory and Practice, 266-280.
Agarwal, Pratyush, J., Shruti, M., & Abhijit. (2018). Decentralized and financial approach to effective charity.
Saleh, H., Avdoshin, S., & Dzhonov, A. (2019). Platform for tracking donations of charitable foundations based on blockchain technology. Actual Problems of Systems and Software Engineering (APSSE).
Sirisha, N. S., Agarwal, T., Monde, R., Yadav, R., & Hande, R. (2019). Proposed solution for trackable donations using blockchain. International Conference on Nascent Technologies in Engineering (ICNTE).
Baokun, H., & He, L. (2019). Research on charity system based on blockchain. IOP Conference Series: Materials Science and Engineering.
Jeong, J., Kim, D., Lee, Y., Jung, J., & Son, Y. (2020). A study of private donation system based on blockchain for transparency and privacy. International Conference on Electronics, Information, and Communication (ICEIC).
Mohite, A., & Acharya, A. (2018). Blockchain for government fund tracking using Hyperledger. International Conference on Computational Techniques, Electronics and Mechanical Systems (CTEMS).
In-Text Citation: (Huang & Nordin, 2021)
To Cite this Article: Huang, N. S. M., & Nordin, S. (2021). A Comparative Study of Blockchain Framework for Waqf Management System. International Journal of Academic Research in Business and Social Sciences, 11(12), 2482–2491.
Copyright: © 2022 The Author(s)
Published by HRMARS (www.hrmars.com)
This article is published under the Creative Commons Attribution (CC BY 4.0) license. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this license may be seen at: http://creativecommons.org/licences/by/4.0/legalcode