Enhancing socio-economic potential of Zakat through donation-based crowdfunding model in Bangladesh
This paper aims to develop a model to enhance social justice through zakat in Bangladesh by utilizing donation-based crowdfunding. Whilst being one of the most populous Muslim majority countries, Bangladesh still lacks a centralized policy regarding zakat. Zakat collection and distribution in Ban...
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| Main Authors: | , , , |
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| Format: | Conference or Workshop Item |
| Language: | English English |
| Published: |
Springer Science and Business Media Deutschland GmbH
2022
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/99750/2/99750_Enhancing%20socio-economic%20potential%20of%20Zakat.pdf http://irep.iium.edu.my/99750/3/99750_Enhancing%20socio-economic%20potential%20of%20Zakat_Scopus.pdf http://irep.iium.edu.my/99750/ https://link.springer.com/chapter/10.1007/978-3-031-08090-6_4 |
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| Summary: | This paper aims to develop a model to enhance social justice through zakat
in Bangladesh by utilizing donation-based crowdfunding. Whilst being one of the
most populous Muslim majority countries, Bangladesh still lacks a centralized policy
regarding zakat. Zakat collection and distribution in Bangladesh follows an informally coordinated model which is inefficient. In the absence of required government
engagement, solutions are needed to optimize the underutilized potential of zakat.
To accomplish this objective, this research employs a qualitative approach. It is
found that integrating zakat into a donation-based crowdfunding model is an innovative Islamic fintech approach that can contribute towards improving the socioeconomic potential of zakat in Bangladesh. The proposed model has the potential
to improve the socio-economic situation of zakat recipients, which can lead to an
increased standard of living and enhancement of social justice. The results of this
study may enhance the efficiency of zakat and its effects in Bangladesh. |
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