Blockchain Technology and the Potential of Waqf Revival

Islamic endowments (Waqf) used to play a pivotal role in socioeconomic development. However, this role receded significantly as the waqf sector became rife with challenges of corruption, inefficiency, and neglect, which were not overcome despite efforts by governments and waqf institutions in several countries. Nevertheless, the emergence of blockchain technology is expected to breathe new life into waqf owing to its capacity to build trust and overcome waqf’s prevalent challenges. The objective of the dissertation is to answer the question: What is the role that blockchain technology can play in the revival of waqf? The dissertation is presented as a series of interlinked essays and uses a combination of qualitative techniques, including case studies and semi-structured interviews, to analyze the potential role of blockchain in enhancing waqf fund management by using modern wealth management techniques and exploring the extent to which the existing ecosystem is conducive to the successful adoption of blockchain technology in waqf. Moreover, the dissertation uses semi-structured interviews to identify the enabling conditions conducive to the successful adoption of blockchain in waqf and the organizational form a blockchain project takes.

The dissertation findings delineate that blockchain waqf adoption starts by clearly identifying the blockchain waqf value proposition and leveraging ecosystem dynamics with key stakeholders. In addition, the dissertation finds that while blockchain technology has the potential to revolutionize the waqf sector, its adoption faces several impediments. This dissertation contributes to the discourse on the digital transformation of the waqf sector by employing blockchain technology and contributes to the limited data on waqf by producing knowledge through semi-structured interviews conducted with key players in the blockchain waqf ecosystem. In addition, the findings outline implications that can be extended to blockchain potential in charity and socially oriented projects.