Developing conceptual framework for zakat distribution impact on social welfare using financial technology and its implications on sustainable development goals (SDGs) in OIC countries
Although an Islamic social finance including zakat witness upsurge development in the size which was reached to $2 trillion in 2015 and expected to exceed $3 trillion by 2020, there is lack of transparency and timely reporting which resulted in a mismatch between zakat data collection and distributi...
| Main Authors: | , , , , |
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| Format: | Conference or Workshop Item |
| Language: | English English English |
| Published: |
PPZ Kedah
2019
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/74324/ http://irep.iium.edu.my/74324/13/74324-Developing%20conceptual%20framework%20for%20zakat%20distribution%20_Presentation.pdf http://irep.iium.edu.my/74324/11/74324-Developing%20conceptual%20framework%20for%20zakat%20distribution%20_certificate.pdf http://irep.iium.edu.my/74324/12/74324-Developing%20conceptual%20framework%20for%20zakat%20distribution%20_invitation%20letter.pdf |
| Summary: | Although an Islamic social finance including zakat witness upsurge development in the size which was reached to $2 trillion in 2015 and expected to exceed $3 trillion by 2020, there is lack of transparency and timely reporting which resulted in a mismatch between zakat data collection and distribution. This is due to the lack of adoption the Financial technology spe-cifically block chain and artificial intelligence system in zakat management to facilitate prop-er, timely and effective reporting in all OIC countries. Therefore, this research aims to pro-pose a ‘Islamic Social Welfare Financial Technology’ (ISW FinTech) as an innovative frame-work that assess zakat institutions operational efficiency and effective reporting of zakat col-lection, transparency and efficient distribution. This model will guide zakat management and distribution policies and practices as part of Islamic Social Welfare. It will establish transpar-ent and reliable system that will increase confidence and trust in the society on zakat collec-tion. With a more effective system it will accelerate poverty alleviation initiatives and achieve SDGs among OIC countries. |
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