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Global Zakat Cooperation Chain to SDGs: How Shall Mechanisms and Master Plan Be?

In: Islamic Wealth and the SDGs

Author

Listed:
  • Fauzia Mubarik

    (National University of Modern Languages (NUML))

Abstract

This chapter primarily aims to analyze the role of artificial intelligence in the form of crowdfunding on the Zakat Fund reception and distribution worldwide. According to AAOIFI standard 7, the Corporate Social Responsibility funds are comprised of Zakat, Charity, and Qard-ul-Hasan among which Zakat is the compulsory fundamental of Islam. Most of the Muslims worldwide prefer to pay the Zakat directly without involving any financial intermediary which creates the imbalance in the allocation of the right amount of Zakat fund to the right Muslim population. As a Sustainable Development Goal (SDG) of poverty reduction, the World Zakat Fund has planned to digitize the Zakat allocation of funds to reach the right Muslim population. The digital innovation in the form of crowdfunding could be projected to be the most important and need of the time artificial intelligence product that may prove to be effective in penetration, regulation and control mechanism of the global Zakat management system respectively.

Suggested Citation

  • Fauzia Mubarik, 2021. "Global Zakat Cooperation Chain to SDGs: How Shall Mechanisms and Master Plan Be?," Springer Books, in: Mohd Ma'Sum Billah (ed.), Islamic Wealth and the SDGs, chapter 0, pages 439-450, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65313-2_22
    DOI: 10.1007/978-3-030-65313-2_22
    as

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