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Idea - FICS

Musharakah through Blockchain

Team and Contact Details

Student Name School Degree Year Email
Adeem zakiBSCSUndergraduateFourth[email protected]
Touseef aliBSCSUndergraduateFourth[email protected]
Ashba ArshadBSCSUndergraduateFourth[email protected]
Fabia khalilBSCSUndergraduateFourth[email protected]

Inter School Idea ? No
Do you need expertises from another area: No
If Yes please provide details of expertises you need:

Idea Details

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)