Blockchain for Islamic Social Responsibility Institutions

Background

There are various Islamic social finance institutions proposed by the Islamic law which always played a pivotal role of sustainable economic development in a Muslim society throughout the history of Islam. The whole social ecosystem was an integral element of the financial empowerment program of the people which actively contributed in the financial inclusion, poverty alleviation and fruitful mutual community initiatives. However, recently, such important institutions have been generally failed to produce substantial impact within the Muslim society. Part of this problem is due to the challenges and issues faced by such institutions. Whereas another part of the problem lies in the fact that the commercial aspect of Islamic finance has captured most of the academic and professional attention at the expense of the Islamic social finance. One can easily notice the dearth need of quality academic literature in the topic from technology perspective.

The Islamic social finance institutions comprise of zakat, sadaqat, waqf and qardh hasan proposed by the Islamic law. A brief description of each of these institutions is given for a better understanding of the readership.