Financial inclusion through Zakat in Malaysia: essentiality of public participation during COVID-19 pandemic
The implementation of Zakat has been carried out for many centuries with the introduction of Islam. This inherent mechanism of financial inclusion stands out as a unique financial tool that divinely inspired. Contrary to other religious foundations, Islam ensures a socio-economic wealth circulation...
Saved in:
| Main Authors: | , , |
|---|---|
| Format: | Conference or Workshop Item |
| Language: | English English |
| Published: |
Akademi Pengajian Islam Kontemporari, Universiti Teknologi Mara (UiTM), Shah Alam, Selangor, Malaysia.
2020
|
| Subjects: | |
| Online Access: | http://irep.iium.edu.my/96386/19/96386_Financial%20inclusion%20through%20Zakat%20in%20Malaysia.pdf http://irep.iium.edu.my/96386/25/93686_%20Financial%20inclusion%20through%20Zakat%20in%20Malaysia_abstract.pdf http://irep.iium.edu.my/96386/ https://news.uitm.edu.my/conference-on-zakat-waqf-and-islamic-philanthropy-zawfi-2020/ |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | The implementation of Zakat has been carried out for many centuries with the introduction of Islam. This inherent mechanism of financial inclusion stands out as a unique financial tool that divinely inspired. Contrary to other religious foundations, Islam ensures a socio-economic wealth circulation to be carried out from the rich to the poor and needy group with the minimal compulsory payments. Nonetheless, the effectiveness of Zakat has been proven historically in combating poverty in the society. With the spread of COVID-19 pandemic around the world, there is apparent increase of Asnafs in Malaysia. While, Malaysians have to stay at their homes for safety and to break the chain of infections, the dependency on technology and communication can be traced through online platforms. By adopting qualitative methods, this research is carried to evaluate the participation of the public towards improving financial inclusion through Zakat. Specifically focusing during the national levelled lockdown in Malaysia, the researchers found that the identification of Asnafs are more effective with the public participation. Moreover, the accountability of Zakat institutions is increased which made them to have more expeditious in their delivery of assistances. The existence of fake news in the online platform carries a potential reputation risk towards the Zakat institutions. |
|---|