MODERNIZING FARA’ID, WAQF, AND ZAKAT

Hazik Mohamed

Chapter 10 in Beyond Fintech:Technology Applications for the Islamic Economy, 2020, pp 193-208 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Responsible governance is a crucial issue in strengthening the performance of Islamic Social Finance institutions, viz. waqf, zakat, and those pertaining to inheritance (fara’id). Although past research has found that good governance in these institutions has been well implemented in some aspects, they, however, have not been implemented comprehensively.This research aims at elaborating good governance from the perspective of Islam and proposing technology to fill gaps in governance due to various factors, by effectively tracking and tracing assets such that it ends up to the deserving beneficiaries with minimal leakages.In this chapter, we provide ways as to how technologies like the blockchain and AI can operationalize the transparency and accountability that is required of important social institutions that govern the dispensation of fara’id law, and the management and distribution of waqf and zakat. These areas go beyond efficiency benefits in processes or projected cost-savings, but demand the highest level of ethical implementation of governance.

Keywords: Ethics and Technology; Digital Transformation; Regional Development; Customer Behaviour; Evolution of FinTech; Global Landscape; Payments; Asset under Management; InsurTech; Investments; Cloud Computing; Big Data Analytics; Blockchain; Internet of Things (IoT); Robo Advisors; Artificial Intelligence; Machine Learning; Islamic Finance; Endowment; Intellectual Property; Fraud Detection; Risk Mitigation; Cost-Effective; Increased Productivity; Immutable; Know Your Client (KYC); Media Rights; Coordination; Efficiency; Consensus-building; Agility; Scalability; Innovation; Cybersecurity; Collaboration; Venture Capital; Enterprise Solutions; Era of Digitization; Digital Ecosystem; Disruptive Models; Market Insights; Predictive Analytics; Insurance; Takaful; Capital Markets; Distributed Ledgers (DLT); Wealth Management; Islamic Markets; Sharing Economy; Trust Mechanism; Open Platforms; Web and Mobile; Cloud Computing; Trades and Settlements; Regulatory Controls; User Defined; Institutional Economics; Cryptocurrency (Tokens); Public Registries; Smart Contracts; Securities Clearing; Automation; Enforceability; Claims Processing (search for similar items in EconPapers)
JEL-codes: G1 G11 G2 O3 O32 (search for similar items in EconPapers)
Date: 2020
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