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…

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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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Zakat on Pigeons As a Source of Livelihood?

I am a man who has hundreds of pigeons, which I breed as a source of livelihood. Every new production, I sell off its squabs and spend on my family. By the end of the year, I do not find cash money. Only pigeons remain that fly here and there and gather in the tower at night. Now, I am confused about the proper way to pay the Zakat (obligatory charity) due on the pigeons?... (find your answer here)...