Globalizing Islamic Philanthropy with Fintech – II

The idea of Islamic fintech has been gaining traction not only among the Islamic finance professionals, but also among the researchers and the academia. The Third Annual Islamic Finance Conference held in Makassar, Indonesia this week chose fintech as its theme, where scholars unanimously agreed that harnessing fintech will have a positive impact on the…

Globalizing Islamic Philanthropy with Fintech – I

Islamic philanthropy has customarily lacked a global character. Traditional Islamic scholarship discourages inter-country or inter-regional flow of zakat funds. From a Shariah point of view, the following well-known hadith forms the basis of such priority: ‏ “‏ ادْعُهُمْ إِلَى شَهَادَةِ أَنْ لاَ إِلَهَ إِلاَّ اللَّهُ، وَأَنِّي رَسُولُ اللَّهِ، فَإِنْ هُمْ أَطَاعُوا لِذَلِكَ فَأَعْلِمْهُمْ أَنَّ اللَّهَ قَدِ…

Promises of Blockchain for Awqaf

An international forum on Waqf and Blockchain with the theme “harnessing the potential of blockchain technology for global waqf development” is being held in Kuala Lumpur tomorrow. Jointly organized by the International Centre for Waqf Research of the International Islamic University Malaysia and FINTERRA, a start-up in the field of FinTech, this event promises to…

Enhancing the Idea of Corporate Waqf with Initial Waqf-Share Offer

The idea of corporate waqf has recently been enhanced further with an Initial Waqf-Share Offer. With an innovation of great value, the Waqaf An-Nur Corporation (WAN Corp)- the entity set up by Johor Corporation, a public sector conglomerate to manage the assets and shares it endows – has hit the market with an offer of…

Smart Contracts & Islamic Finance

The rationale behind the concept of smart contracts makes enormous sense to an Islamic economist. The original goal behind the idea (Szabo, 1994) was to apply the principles of traditional contracting and related business practices to the design of electronic commerce protocols between multitudes of unknown parties on the Internet. The author(s) of this concept…

Awqaf Governance – Thinking Inside the Box

Hisham Dafterdar, CPA, PhD Chairman, Awkaf Australia Ltd   Good governance is a major issue facing awqaf organisations. Despite the sector’s awesome size, awqaf remains one of the most misunderstood areas of the Islamic financial system. Because of awqaf’s private and usually esoteric nature, and lack of transparency how awqaf are governed and regulated, awqaf…

Why You Should Contribute to Projects Like Satakanya

It appears to be a “perfect” project. The proposed intervention in Satakanya village has all the ingredients of success. One, it is a small village of just 80 odd families (resource need for the intervention – human and financial – is modest). Two, all of them are extremely poor (no Shariah issue regarding their eligibility…

A Sadaqa-Funded Islamic CDD

This Ramadhan we seek transformation of a tiny impoverished village in India through a sadaqa-funded Islamic Community-Driven-Development initiative. This is an initiative in one of the poorest parts of the planet. Village Satakanya is located in the state of Odisha in India. Target: Transformation of the entire population of mustahiq (zakat recepients) in the village into muzakki…

Awqaf Brand – Business with Compassion

Hisham Dafterdar, CPA, PhD Chairman, Awkaf Australia Ltd A brand is more than just a name, a trademark, a logo, a symbol, or any other visual identity that distinguishes a product or service from others.  It is the value the brand stands for, the benefits it offers, and the overall impression we gain when dealing with…

Zakat Research: Some Empirical Findings

There is a growing body of theoretical and empirical research in the field of Islamic social finance in general and zakat in particular. In these blogs I seek to highlight some useful findings from such research. Below, three research papers in the field of zakat have been reviewed and their major findings highlighted. Norazlina Abd….