Question 1

Why should I use this platform?

Accepted Answer

We believe you have reasons to be concerned about the impact of a project before you decide to donate to or invest in the same. We help you in your decision-making with our “impact” ratings. A higher rating for a project implies that the project has made a higher impact and vice versa. If you are a project owner, then it is useful for you to get your project rated by an independent party like us. If your project is making high and significant impact that is reflected in your rating, it will be easier for you attract resources – donations and investments – to your project.

Question 2

Is this tool safe?

Accepted Answer

Yes, we keep all your information private and any information you share will never be shared with anyone. Read our privacy policy which is also rooted in norms prescribed by the Shariah in this regard.

Question 3

Can I find ratings at this platform for the entire universe of projects around us?

Accepted Answer

Our ratings are awarded to those projects only that voluntarily subject themselves to our scrutiny and share relevant data with us. The process of scrutiny and evaluation is demanding in terms of data and information, involving “patient” participation of the project-owner and the key stakeholders in the process. The outcome of the process is shared with the public, subject to the explicit consent of the project-owner.

Question 4

What kind of “impact” you measure and rate? How many metrics you use?

Accepted Answer

In order to measure impact, we use metrics that are derived from the frameworks of objectives of Shariah or the Maqasid al-Shariah (MaS) and the sustainable development goals (SDGs). These goals have corollaries that are mapped to each other. You will find good reading material in the “Resources” section to learn more on the themes and sub-themes. Currently, we are using a total of 681 metrics to measure and rate impact in the MaS framework and 634 in the SDG framework.

Question 5

How do the ratings look like?

Accepted Answer

We award ratings on a seven-point scale, the discrete points being +3, +2, +1, 0, -1, -2, -3. In words, they refer to impact being high-positive, moderate-positive, low-positive, zero, low-negative, moderate-negative, and high-negative respectively.  We use a seven-point scale as it neatly corresponds to parameters of a normal distribution in cases where adequate data is available on a specific metric. We provide ratings for each of the MaS and SDGs, as also for both as aggregates.

Question 6

What kind of data and information is used as inputs for the evaluation?

Accepted Answer

We ask questions to you as the project-owner and collect data and information on impact as measured by each “relevant” metric. Prior to this, we use tools of text-analytics on data and information that is uploaded by you as the project-owner and that is available on the internet to identify the “relevant” metrics. This considerably reduces your response time as the project-owner.

Question 7

How do you address the problem of inadequate data?

Accepted Answer

Data availability can be a constraint for some projects. Where adequate data on the industry/ sector is available, we undertake a relative evaluation of impact created by the given project as compared to the industry or sector average. Where data is not available, the evaluation is based only on your perceptions and subjective responses as the project-owner.

Question 8

How do you address the issue of any subjective bias in the evaluation process?

Accepted Answer

Where evaluation is based on perceptions of the project-owner only and not on industry or sector specific data, this may bring subjective bias into the process. We address this issue by estimating a bias-quotient (BQ) that captures the proportion of responses among total responses that reflect the perceptions of the project owner alone. The BQ ranges between 0 – 100 percent. A low bias-quotient implies greater objectivity and vice versa.

Question 9

As a project-owner how do I improve the project rating without losing time in creating new impact?

Accepted Answer

You need to undertake new projects and initiatives to create impact that can improve your rating. However, this can be time-consuming. We offer you an alternative way to achieve the same instantaneously through “transferring” existing impact tokens allocated to parties and projects at our Confluence platform which is a “social ledger” of impact already created by token-holders, measured and valued by us

Question 10

What if there is a divergence between a point rating (on the seven-point scale) provided by the project owner and that generated by statistical analysis? Which one is taken in the final estimation process?

Accepted Answer

For every question asked by us to measure impact, there is a pair of responses. Due to objectivity reasons, we use the one generated by statistical analysis. We also calculate the degree of divergence between the two as an average dissonance factor (DF). The DF takes discrete values between 0 and 6. For DF above 3, we revert back the project owner for further investigation and analysis.

Question 11

What is the duration and cost of getting rated?

Accepted Answer

We anticipate an optimal duration of about three months for the rating process to be completed from the point of initiation. Please note that the bias-quotient (BQ) and the dissonance factor (DF) are variables whose values will depend on the availability of relevant industry and sector data and the reliability of responses by the project-owner. We see the evaluation process as a joint exercise and we expect you to be prompt and proactive in responding to our further queries. Through a participative and consultative process we would seek to minimize both bias and dissonance and this would require two-way flow of queries and responses. The cost of each exercise will depend on the actual cost of information and of consultation hours that go into the process.

Blockchains and Metaverse: Islamic Perspective

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Shariah Perspectives on NFTs and Metaverse

Mufti Faraz Adam

Blockchain in Islamic Economy

Associate Prof Yuliani Dwi Lestari

Frequently Asked Questions

Last Updated on 17 July, 2022

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