INTEGRATION OF BLOCKCHAIN AND FINTECH IN ZAKAT INSTRUMEN (INBLOKZ)

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Abstract
Through the advent of financial technology (fintech), zakat collection and distribution instruments can be developed through the fintech instruments as a digital central platform through 4.0 technology that has its advantages in mass access, big data, integrated AI and high-range participants in wide scale operations. This project is named as “Integration of Blockchain and Fintech in Zakat Instruments” (INBLOKZ). This paper has the objective to propose a model of collection and distribution of zakat through digital platform and blockchain integration (INBLOKZ) in improving the management and performance of zakat corporations. The financial technology element in zakat can be an effective instrument for hybrid operations between government bodies, private, and individuals through blue ocean strategy with the help of digitization of zakat operations that can identify asnaf development more accurately and up to date. The uniqueness of this concept is that it uses blockchain in data storage, integration with fintech start-ups, government departments, as well as B2B business platforms such as Alibaba Malaysia, as well as B2C such as Shopee and Lazada. This qualitative study was implemented using data collection methods through library research and data were analyzed based on inductive and deductive methods. The INBLOKZ model can be made into a product and subscribed by zakat collectors, charities, private companies and online merchants. It can fulfill the demands of the maqasid shariah in taking care of the lives of the B40 group, asnaf, taking care of property, and subsequently creating a society that can help the group out of poverty.
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Team Member
  1. MUHAMMAD SYAHRUL DEEN BIN AHMAD ROSLI
  2. MOHD AFANDI MAT RANI
  3. MOHD IZZAT AMSYAR MOHD ARIF
  4. SHOFIYYAH MOIDIN
  5. FAEZY ADENAN
  6. NORAZLINA MAMAT
  7. SITI SARAH BINTI IZHAM
  8. MoHD AMZARI TUMIRAN
Result