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Feasibility of Central Bank digital currency for blockchain-based zakat in Indonesia

Zulkifri, Zulkifri and Adam Sa'ad, Auwal and Salina, Kassim and Anwar Hasan, Abdullah Othman (2022) Feasibility of Central Bank digital currency for blockchain-based zakat in Indonesia. In: The International Conference on Business and Technology (ICBT 2021), 6-7 November 2021, Istanbul, Turkey.

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Distrust to zakat institutions is one of the causes zakat funds not reaching the potential amount in Indonesia. Blockchain technology, with its capability of tracing, can provide transparency information. The Blockchain-based Zakat can potentially overcome distrust issues to zakat institutions. However, the legal status of cryptocurrency is still skeptical. This study aims to see the feasibility of CBDC can be implemented in blockchain-based Zakat in Indonesia. The method used in this research is the qualitative method. An extensive literature review method was utilized to identify and analyze the relevant literature in order to propose the model. This study suggests Blockchain-based Zakat with the use of CBDC and BAZNAS as the zakat agencies.

Item Type: Conference or Workshop Item (Other)
Uncontrolled Keywords: Blochain, Zakat, CBDC, Trust
Subjects: BPC Science and Technology in Islam
BPH Islamic Economics
BPH Islamic Economics > BPH104 Islam and poverty
BPH Islamic Economics > BPH531 Zakat
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button): Institute of Islamic Banking & Finance (IIiBF)
Depositing User: DR. Auwal Adam Sa'ad
Date Deposited: 28 Jul 2022 16:18
Last Modified: 28 Jul 2022 16:18
URI: http://irep.iium.edu.my/id/eprint/98936

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