Student Name | School | Degree | Year | |
---|---|---|---|---|
Adeem zaki | BSCS | Undergraduate | Fourth | [email protected] |
Touseef ali | BSCS | Undergraduate | Fourth | [email protected] |
Ashba Arshad | BSCS | Undergraduate | Fourth | [email protected] |
Fabia khalil | BSCS | Undergraduate | Fourth | [email protected] |
Inter School Idea ? | No |
Do you need expertises from another area: | No |
If Yes please provide details of expertises you need: |
Idea Name: | Musharakah through Blockchain |
Slogan: | say no to riba |
Supervisor Name: | Mohsin Abas |
Supervisor Designation: | Assistant Professor |
Supervisor School: | Other |
Supervisor Department: | Assistant Professor |
Contact number: | |
Email ID: | [email protected] |
Abstract: | |
In Islamic banking purely Musharakah concept is not implemented yet so here we propose a conceptual Musharakah model that uses Blockchain. There will be multiple pools where people can invest and can track their records. Also, each pool will be consisting of investors and as well as voters where voters will be playing a role to vote as Salis.The profits and losses will be divided equally. | |
What is the unmet need in society that your idea will fulfill ? | |
We can state that Islamic Banking presently faces limitations in applying a pure Musharakah concept due to certain trust issues, lack of transparency, lack of expertise, time taken, and the nature of competition with conventional banks. And it's not totally riba free. | |
Who needs it ? How many would benefit ? | |
Our audience is businessmen and any investor who wants to invest in some business.There will be multiple pools, people can invest and can track their records. Each pool will be considered as two or more people agreeing on a single contract and that one single contract represented as a single pool. | |
How will the solution works | |
we propose a conceptual Musharakah model that uses Blockchain. Musharakah is a kind of collaboration where two or more two people combine their assets in order to enjoy similar rights. there will be a notary smart contract . Users can notarize their documents. Notary will accept the document and notarize it. Musharakah Controller will create Musharakah pools. Users can access the document if they provide a valid signature. Musharkah ERC20 will be the governance token for Musharakah pool. | |
Who are your competitors ? How is your solution different | |
our competitors are Islamic banks.Blockchain can increase the transparency framework for the Musharakah contracts, and therefore reduce the trust gap and encourage customers to use Musharakah. In a sense, Musharakah partnerships require no more of the banker, than is required in a genuine business. | |
Status: | new |
Entry Date & Time: | 2022-12-30 (1818) |