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The Development And Application Of The Zakat Collection Blockchain System

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dc.contributor.authorKhairil Faizal Khairien_US
dc.contributor.authorNur Hidayah Lailien_US
dc.contributor.authorHisham Sabrien_US
dc.contributor.authorAzuan Ahmaden_US
dc.contributor.authorVan Hieu Phamen_US
dc.contributor.authorManh Dung Tranen_US
dc.date.accessioned2024-05-28T06:41:10Z
dc.date.available2024-05-28T06:41:10Z
dc.date.issued2023
dc.date.submitted2023-6-6
dc.descriptionVolume 12 2023 Issue 1 (special issue) Page (294-306)en_US
dc.description.abstractZakat in Islam has historically been a vital institution in fulfilling religious needs and social welfare. Its effectiveness in medieval and modern Islam is evident. However, this institution is seemingly not without inefficiencies. Ineffectiveness distribution process and lack of transparency in the zakat management are commonly cited as key impediments (bin Khatiman et al., 2021). Blockchain is expected to solve these issues due to its ability to record and trace every transaction, allowing administrators to discharge their accountability to zakat stakeholders. Thus, this study intended to develop a zakat collection blockchain system with the aim to provide economical and integrated continuous real-time zakat transactions, transparency and traceability by developing smart contracts in zakat management. The study employed four stages of process based on waterfall model starting from the interview session and analyse of the standard operating procedure (SOP) on zakat collection in the Zakat Collection Centre or Pusat Pungutan Zakat-Majlis Agama Islam Wilayah Persekutuan (PPZ-MAIWP). Then, design requirement specification (DRS) is employed after being reviewed and approved by PPZ-MAIWP. The results show that the development of blockchain in the zakat collection system could be eradicating extreme poverty and boost shared prosperity among the community in the country. The study contributes through a transparent and reliable environment for exchanging data and carrying out transactions through a decentralized digital ledger technology to record anything of value and as a result able to ensure transparency, reliability, trust ability and traceability of the zakat transactions.en_US
dc.identifier.citationKhairi, K. F., Laili, N. H., Sabri, H., Ahmad, A., Pham, V. H., & Tran, M. D. (2023). The development and application of the zakat collection blockchain system [Special issue]. Journal of Governance & Regulation, 12(1), 294–306. https://doi.org/10.22495/jgrv12i1siart9en_US
dc.identifier.doi10.22495/jgrv12i1siart9
dc.identifier.epage396
dc.identifier.issn2306-6784
dc.identifier.issue1
dc.identifier.spage294
dc.identifier.urihttps://virtusinterpress.org/IMG/pdf/jgrv12i1siart9.pdf
dc.identifier.urihttps://oarep.usim.edu.my/handle/123456789/7577
dc.identifier.volume12
dc.language.isoen_USen_US
dc.publisherVirtus Interpressen_US
dc.relation.ispartofJournal of Governance & Regulationen_US
dc.subjectBlockchain, Fintech, Smart Contract, Islamic Finance, Zakat, Malaysiaen_US
dc.titleThe Development And Application Of The Zakat Collection Blockchain Systemen_US
dc.typeArticleen_US
dspace.entity.typePublication

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