FINTERRA has established links to public and private Waqfs, Saudi Awqaf & large charity organizations
Singaporean Headquartered FINTERRA company with offices in Abu Dhabi UAE, first launched in 2018 with the aim of providing blockchain solutions in the area of Islamic Finance including WAQF. UNLOCK published a news piece on them when they signed their MOU for GCC first Blockchain based crowd funding platform for Waqf charities and sharia based investments in Oman.
During the announcement Hamid Rashid, Founder of FINTERRA stated, “With the blessings of the (authorities in Oman) we were able to reach out to various Islamic (financial institutions here), and in the last one year, we have been able to sign several MoUs, which has been translated into a working paper, which becomes a strategy paper,” He added, “FINTERRA, will be issuing Islamic social and economic tools to account holders based on Value-Based Intermediation (VBI). With a tool like the VBI based Waqf Blockchain allows for the community to participate in the development of Awqaf through contributions and through funding Awqaf based pools of funds whether cash or land based. Those funds, when asset managed by Islamic banks, the revenues and profits go in various ratios into charitable causes, into investments, and into social causes.”
FINTERRA offers various other solutions which include Crypto-exchange solutions, ecommerce, loyalty point, money services in addition to the Gallactic Blockchain and Waqf Chain. According to their website FINTERRA’s Blockchain unique infrastructure leverages on an augmented blockchain (GALLACTIC, Hyperledger and Stellar) and is integrated with P2P, distributed off-chain storage, streaming database layers.
In a tweet on January 24th 2020, Finterra’s Founder Mr. Rashid stated, “Today I’m truly very proud. FINTERRA has established major presence in Riyadh, Saudi Arabia & has started to invest heavily into infrastructure and manpower resources in the Kingdom. FINTERRA has established links to public and private Waqfs, Saudi Awqaf & large charity organizations.”
He added, “With this move, FINTERRA’s Islamic Social Finance blockchain platforms for Sadaqah, Waqf & Zakat are being adopted by agencies across the kingdom. The grand launching of our KSA Office in Tamkeen Towers, Riyadh (now under renovation) will take place in April”