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Modernizing Fara’Id, Waqf, And Zakat

In: BEYOND FINTECH Technology Applications for the Islamic Economy

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  • Hazik Mohamed

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.

Suggested Citation

  • Hazik Mohamed, 2020. "Modernizing Fara’Id, Waqf, And Zakat," World Scientific Book Chapters, in: BEYOND FINTECH Technology Applications for the Islamic Economy, chapter 10, pages 193-208, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811222313_0010
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    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;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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