The Convergence of Crowd Funding and Zakat System in India: An Integrated Approach for Human Welfare

The impact of the Zakat system on human welfare is well established. In India, there is a significant development in terms of localised management of zakat system. However, the targeted delivery of zakat funds, unorganised collections and lack of transparency remain a matter of concern. There is no...

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Main Authors: Muhammed Ashiq, Ubaid Mushtaq
Format: Article
Language:English
Published: Universitas Ahmad Dahlan 2020-06-01
Series:Ihtifaz
Subjects:
Online Access:http://journal2.uad.ac.id/index.php/ijiefb/article/view/1879
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author Muhammed Ashiq
Ubaid Mushtaq
author_facet Muhammed Ashiq
Ubaid Mushtaq
author_sort Muhammed Ashiq
collection DOAJ
description The impact of the Zakat system on human welfare is well established. In India, there is a significant development in terms of localised management of zakat system. However, the targeted delivery of zakat funds, unorganised collections and lack of transparency remain a matter of concern. There is no formal institutional mechanism for efficient Zakat distribution, and problems of circularity are at mostly affecting the progress of welfare mechanisms. Problems of circularity of Zakat funds are still, largely, incoherent and practically disconnected with the mechanics of philanthropic institutions. In our theoretical model, crowdfunding for welfare scheme is being treated as the determinant, which could mediate and alter the performance of zakat welfare. Further, make it more accessible and catering to more comprehensive economic benefits for the community. In this exploratory theoretical paper, we also examine the nature of a common platform for the Zakat distribution. In addition to this, how it could reduce the scrutiny of Government intervention and proper channelisation of Islamic philanthropic activities.
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spelling doaj.art-30f031a2f34f453782a134fa65bf2cac2022-12-22T00:45:38ZengUniversitas Ahmad DahlanIhtifaz2622-47552622-47982020-06-0131273610.12928/ijiefb.v3i1.1879983The Convergence of Crowd Funding and Zakat System in India: An Integrated Approach for Human WelfareMuhammed Ashiq0Ubaid Mushtaq1Department of Humanities and Social Sciences Indian Institute of Technology, Kharagpur-721302 West Bengal, IndiaDepartment of Humanities and Social Sciences Indian Institute of Technology, Kharagpur-721302 West Bengal, IndiaThe impact of the Zakat system on human welfare is well established. In India, there is a significant development in terms of localised management of zakat system. However, the targeted delivery of zakat funds, unorganised collections and lack of transparency remain a matter of concern. There is no formal institutional mechanism for efficient Zakat distribution, and problems of circularity are at mostly affecting the progress of welfare mechanisms. Problems of circularity of Zakat funds are still, largely, incoherent and practically disconnected with the mechanics of philanthropic institutions. In our theoretical model, crowdfunding for welfare scheme is being treated as the determinant, which could mediate and alter the performance of zakat welfare. Further, make it more accessible and catering to more comprehensive economic benefits for the community. In this exploratory theoretical paper, we also examine the nature of a common platform for the Zakat distribution. In addition to this, how it could reduce the scrutiny of Government intervention and proper channelisation of Islamic philanthropic activities.http://journal2.uad.ac.id/index.php/ijiefb/article/view/1879zakat welfarecircularitycrowdfundingindia
spellingShingle Muhammed Ashiq
Ubaid Mushtaq
The Convergence of Crowd Funding and Zakat System in India: An Integrated Approach for Human Welfare
Ihtifaz
zakat welfare
circularity
crowdfunding
india
title The Convergence of Crowd Funding and Zakat System in India: An Integrated Approach for Human Welfare
title_full The Convergence of Crowd Funding and Zakat System in India: An Integrated Approach for Human Welfare
title_fullStr The Convergence of Crowd Funding and Zakat System in India: An Integrated Approach for Human Welfare
title_full_unstemmed The Convergence of Crowd Funding and Zakat System in India: An Integrated Approach for Human Welfare
title_short The Convergence of Crowd Funding and Zakat System in India: An Integrated Approach for Human Welfare
title_sort convergence of crowd funding and zakat system in india an integrated approach for human welfare
topic zakat welfare
circularity
crowdfunding
india
url http://journal2.uad.ac.id/index.php/ijiefb/article/view/1879
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