IP2PGlobal Has Safety Nets for Unsecured Tawarruq Financing

Takaful Reserve Fund to help unsecured lenders be protected in a default situation.

There may be many peer-to-peer lending platforms out there offering to match borrowers and lenders. However, there is still yet a platform that meets the demand that both borrowers and lenders are seeking for.

They are looking for a single platform that will be able to bring personal financing worldwide, has a fair global rate for borrowers, safety nets to protect lenders and a compensation fund.

iP2PGlobal aims at fulfilling that gap by providing a truly integrated single platform to fulfill the needs of both borrowers and lenders worldwide that has Anti-money Laundering and Know Your Customer Policy for both borrowers and lenders, credit scoring, global rates, e-financing agreements and debt collectibility and compensation fund.

IP2PGlobal will kickstart their platform by offering two financing products, which are unsecured personal financing and secured personal financing.

Both are based on Tawarruq sharia finance principles, which is used by most Islamic banks worldwide in providing personal financing. James Loy, iP2PGlobal Management Team’s CEO, said they understood some lenders are seeking for some protection in the event of default by borrowers.

This led them to introduce a Takaful Reserve Fund (TRF).

The aim of the TRF is to allow lenders an option to take some protection in cases of default in unsecured Tawarruq personal financing.

“The decision to invest is the lenders alone and they are solely responsible for the investment that they make through the platform. However to cushion some of the risks, iP2PGlobal will introduce a TRF where lenders will have the option to contribute to the TRF at the start of an unsecured Tawarruq financing,” James Loy said.

He elaborated that TRF will cover lenders for a net amount that can be reasonably recovered by an appointed Collection Agency, even after all actual recovery attempts by the agency have failed after a period of 90 days from the date of non-payment by a borrower.

Compensation from the TRF will depend on the availability of funds inside.

“To ensure we have sufficient funds inside the TRF from inception, IP2PGlobal will seed the TRF by pledging 15% of the ETH received from the TWQ crowdsale,” James Loy said.

Additionally, the TRF will serve another purpose, whereby it will be used to self-limit the amount of outstanding unsecured Tawarruq personal financing that can be funded through the platform at any given time.

This will be done via iP2PGlobal maintaining a capital adequacy ratio (CAR), similar to the one adopted by traditional banks.

Banks have to maintain a sufficient CAR to ensure they have sufficient capital (which is TRF in this instance) to repay its debts (amount of outstanding unsecured Tawarruq personal financing).

“iP2PGlobal will maintain the CAR similar to banks, which is 8%,” said James Loy.

TWQ Token Pre-ICO is ongoing 

iP2PGlobal Personal Financing Platform is offering a total 155,000,000 TWQ tokens for subscription for its pre-ICO, starting from 19th February, 2018 (00:00 UTC) to 29th April, 2018 (23:59 UTC).

Different bonuses are offered at different stages of the pre-ICO, which is outlined in the whitepaper.

The TWQ (Tawarruq) is an ERC20 token that confer the right to the token holder to submit an application for a personal financing based on a Commodity Tawarruq Trading program, through the iP2PGlobal platform and have it listed in the platform for prospective lenders to view and choose to finance.

The TWQ Token is a pure utility token and does or will not provide any other rights and functions to its holders.

Meanwhile, the ICO crowdsale starts on 30th April, 2018 (00:00 UTC) and ends on 13th May, 2018 (23:59 UTC).

The price being offered for the tokens is 0.0002 ETH for 1 TWQ during pre-ICO and ICO crowdsales.

For even better perks, large purchase bonus for individual subscriptions above 50ETH will be entitled to a 10% additional TWQ tokens.

ABOUT IP2PGLOBAL

iP2PGlobal brings together best practices of traditional banks and the world of cryptocurrency into one peer-to-peer (P2P) financing platform. It connects borrowers and lenders from across the globe on a single platform in a trusted, fast and easy manner. This is powered by its newly introduced utility token, TWQ, which is based on Ethereum’s ERC-20 Smart Contract Platform. iP2PGlobal is the solution in Re-Shaping Personal Financing.

The post IP2PGlobal Has Safety Nets for Unsecured Tawarruq Financing appeared first on Bitcoin Garden.

Komentar

Posting Komentar

Postingan populer dari blog ini

Transformation of education in post-industrial society

Gambar
Education has always been an expensive privilege; and the education sector has always been one of the most conservative. People chose profession once in their life and did not change it until retirement. Usually education meant studying at a university; self-taught people were rare. However, in the post-industrial society changes in the shape, sense and affordability of education finally began. According to Alvin Toffler, a well-known US sociologist, the emergence of the post-industrial society is a consequence of the intellectual revolution. The possession of knowledge and information will replace financial capital as the biggest value. Development of innovations, empowered by the most educated, will become the most important sector of economy. It means that high-quality affordable education will become even more important than now. The last time when the global education experienced a serious transformation was at the very beginning of the 21st century when the wide access to the I
Baca selengkapnya

Blockchain Supply Chain Forum will be held on January 10th in Hong Kong

Gambar
The concept of a blockchain – a distributed, tamper-proof and time-stamped database of transactions that can be managed without intermediaries – is highly attractive in the supply chain domain, and the industry has launched a number of proof-of-concept initiatives. However, awareness of how blockchains work and what they can accomplish for supply chain is still relatively low. The lack of knowledge is exacerbated by the fast pace at which the technology is evolving. A success Blockchain Supply Chain Forum was held on October 24th in Shanghai, professional blockchain organizer EventLinker and Global Supply Chain Council will organize the Blockchain Supply Chain Forum on January 10th in Hong Kong, it is the forum connecting blockchain experts, supply chain and logistics decision makers and tech innovators. This intimate gathering will explore how companies are investigating the use and deployment of the technology to help their supply chains in China. Organizer: EventLinker EventLin
Baca selengkapnya

After GDPR effect? In A Post Cookie World, Blockchain Is Rising

Gambar
The European General Data Protection Regulation (GDPR) was rolled out in May this year. It introduced far-reaching implications for companies which process personal data related to EU citizens. Even those far outside the EU could not fail to notice this change. Email inboxes were overflowing with opt-out reminders. Cookie banners now obscure many websites, forcing users to agree to a privacy policy so that they can browse the content on the site. Although the GDPR document itself clocks in at 88 pages, the majority of what it covers can be summed up in one word — consent. If companies are processing personal data, it must be done with the explicit, informed consent of the individual. For some forms of marketing, such as email subscriber lists, this involved minimal changes. Individuals already have to take the active step of providing their email addresses, and usually it is pretty clear why they are asked to do so. However, for the digital advertising industry, consent is far less
Baca selengkapnya