Malaysian company developing blockchain-based app for charities. IBF Net, a company based in Malaysia, said it is working to introduce blockchain technology in Islamic charities.
Blockchain technology would raise the confidence of current donors according to a press release on its blog. It would also inspire new donors to make their zakat, a reward for charitable donations made under Islamic law, and sadaqah, or voluntary charity. The product, called RecurPay, will be on the Tezos platform and facilitate recurring and automatic small payments.
IBF Net said blockchain technology would create a framework that will allow the donor to ensure that their payments, whether it is zakat, sadaqah, or cash endowments, reach the beneficiaries. If they have donations for a large project that is being implemented in stages, the donor can see the effect of their contribution on specific steps.
According to IBF Net CEO Mohammed Alim, introducing blockchain technology would bring many benefits to Islamic charity, such as increased transparency, decreased intermediation costs and an expanded donor base such as crypto-donors.
The company clarified that the application of blockchain would not be limited to charitable works only. Later on, RecurPay may be applied in electronic commerce.
[image: Jia Le]