The Wisdom Of Giving

Wealth is something that is desired by humans. In attaining wealth, at times friends become foes. Because of wealth, siblings would turn against each other. Due to the greed for wealth, one forgets about halal and haram. While engrossed in attaining wealth, the ibadah (worship) unto Allah gets neglected. These are among the challenges pertaining to wealth.......

Giving Charity or Repaying Debt?

I have a debt which I owe a relative. I have clear intention to pay it off and the relative trusts in me to pay it back whenever. During Ramadan, I wanted to do good and I pledged a big amount to a charity. I paid half that amount and will shortly pay the other half. Did I do something wrong that is against the teaching of the Prophet (peace and blessings be upon him)? Should I have instead paid my debt down? Should I use the second payment to pay my debt or should I fulfill my promise to the charity?

Zakat Funds on Medical Activities?

We get frequent requests from governmental and non-governmental organizations to contribute to their humanitarian and medical activities; for example, buying a device for diagnosing diabetes, holding a conference on the conditions of the handicapped, or helping to cover the costs of the nursing staff of hospitals set up by philanthropists. Is it allowed to spend zakat funds on such activities, bearing in mind that they are spent to relieve the difficulties of the poor as well as others?

Islamic Finance: Using blockchain to improve transparency of zakat process

Today I attended the first day of 2nd Islamic Fintech Dialogue (@ Kuala Lumpur, Malaysia). For now, I will like to share this interesting article…

ZAKATprofessionals

This article first appeared in Personal Wealth, The Edge Malaysia Weekly, on August 27, 2018 – September 02, 2018.

The collection of zakat has been institutionalised in many Muslim countries. The promotion, collection and distribution of zakat are undertaken by the respective religious authorities according to shariah requirements.
However, there are several challenges, according to research papers. They include inefficiency, a lack of transparency in terms of how the funds are collected, managed and distributed, the differing views of Islamic scholars on how these should be dealt with and extensive bureaucracy.
To address these challenges, Dr Ziyaad Mahomed, associate dean of executive education and e-learning at the International Centre for Education in Islamic Finance (INCEIF), and his team have come up with an Islamic social financing app that leverages blockchain technology. The app — which won first prize in a competition organised by the Islamic Development Bank Group and the…

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