RecurPay is intended to ensure that Islamic donations arrive where they are needed.
The Malaysia-based company IBF Net plans to use blockchain technology to optimize Islamic donation organizations
As can be seen from a corresponding press release , the blockchain technology is intended to strengthen the donors‘ trust in the charitable organizations. The company primarily targets Muslims who want to make their zakat, a compulsory charitable donation in the Islamic religion. The associated financial service called RecurPay is processed via the Tezos blockchain and automatically makes repeated smaller donation payments.
IBF Net explains that blockchain technology can ensure that religious donations are made and actually reach those in need. If donations are made for a larger project, for example, the donor can also see what contribution their funds have made to the individual steps towards achieving the goal.
Mohammed Alim, Managing Director of IBF Net, believes that blockchain technology has many benefits for the Islamic charity industry. In this way, it creates increased transparency, is cost-effective and increases the pool of possible donors.
In addition, the RecurPay blockchain system used could not only be used for donations, but later also for online trading
Crypto and charity are increasingly going hand in hand. During the Corona crisis, several crypto companies launched calls for donations to support the fight against the pandemic. The donation platform Give.org meanwhile also uses blockchain technology, whereby the primary goal here is improved data protection for donors.