ZAKAT AND BLOCKCHAIN: A REVIEW

Authors

  • Najiha Omar Universiti Sains Islam Malaysia
  • Khairil Faizal Khairi Universiti Sains Islam Malaysia

DOI:

https://doi.org/10.53840/ijiefer.v4i2.53

Keywords:

zakat, Blockchain, Islamic Finance, Digital, Financial Technology

Abstract

Zakat as means to help Muslims to increase their living standard and to sustain socio-economic justice. The efficiency in zakat management especially in zakat collection and zakat distribution is still lack due to low transparency and ineffectiveness distribution process. The evolving Fintech has become an important integrated practice, especially in financial transactions. Blockchain technology seems to increase the efficiency in zakat fund data collection which leads to enhance the effectiveness of zakat distribution. The purpose of this study is to identify the integration of Blockchain in zakat management to optimize zakat collection and zakat distribution. This study employed qualitative research, attempting to describe the contribution of Fintech in Zakat institutions. The synergy of Blockchain technology and zakat management contributes to higher transparency in the collection and distribution of zakat. However, there is a limitation on the integration of Blockchain technology in the zakat management which needs profound discussions in the future.

 

 

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Published

2021-12-01

How to Cite

Omar, N., & Khairi, K. F. (2021). ZAKAT AND BLOCKCHAIN: A REVIEW. International Journal of Islamic Economics and Finance Research, 4(2 December), 60-66. https://doi.org/10.53840/ijiefer.v4i2.53