The industrial revolution 4.0 (IR4.0) has marked a substantial impact on the global economic landscape. The generations of Robotics Process Automation (RPA), Artificial Intelligence (AI), the internet of things (IoT), and blockchain technology have been driving the recent IR4.0. Welcoming those technological changes is of practical and fundamental importance for industries’ sustainability and maintaining their relevance to the present context.
The most significant change that the IR4.0 has brought is the transformation of manual working systems into computerised managerial technique. That is the digitalisation of everything related to production in manufacturing industries and in other economic divisions, notably the financial sector. Take, the significant growth of financial technology or ‘fintech’ in recent years has evidenced that technology has been shaping the financial sectors. Fintech’s existence, as the experts have been discussed, to be benefited the unbanked population by simplifying the access of financing.
The technological changes in financial industry worldwide including in Indonesia, to some degree, is also significant to the domestic social finance sector, for example, zakat institutions. The recent debates among academics, industry professionals and other related zakat stakeholders, have addressed the notion of zakat and technology. Hudaefi, et.al (2019) in their paper that addressed in what way a zakat institution has been adaptive to the technological changes, presented relevant evidence for this matter in the context of Indonesia. In that regard, the recent fintech development in the country has been advantageous for social finance industry, such as zakat institutions, by engaging with them to leverage the online channels for zakat collection. Form this ground, it is thus the term ZakaTech be introduced in the 4th International Conference of Zakat (The 4th ICONZ).
ZakaTech refers to as the use of technology in the administration of zakat institutions. The digital transformation in critical aspects of management in zakat institutions is predicted to realise the contribution of zakat to inclusive development. Moreover, the nature of zakat, even it functions as religious worship performed by Muslims, in some extent, its substantive form is synonymous with social fund in the universal boundaries. Hence, in the current practice, zakat has been discussed its potential in financing the global call of United Nations Development Programme’s (UNDP) sustainable development goals (SDGs) 2020. Not only that, Indonesia’s Zakat Outlook 2020 highlights the opportunities and challenges for zakat upon being adaptable to the related scholarly discourse worldwide, like the notion of circular economy and blue economy.
Furthermore, the practice of zakat digital collection and distribution has led to another degree of risk, however. Hence, the institutions are required to establish the risk management framework for the related matters. In addition, as technology has been rapidly growing at the time Islamic social institutions emerging, other fundamental aspects for zakat institutions, such that is the establishment of shariah compliance for the institutions, demands further a comprehensive scholarly discussion.
4th ICONZ aims to address the challenges faced by zakat institutions, in terms of technical and fundamental aspects that related to the practice of zakat management in this so-called digital era. With the theme ‘ZakaTech for Inclusive Development’, the 4th ICONZ will be held virtually and welcomes the manuscripts that cover, and not limited to, the following topics:
1. The recent technology-based practice of zakat collection and distribution. The manuscripts submitted may cover the followings:
•Shariah related issues in digital zakat management.
•A case study from zakat institutions in adopting technology.
•Qualitative work explaining the history of a zakat institution in digitalising its management.
•Quantitative study investigating the impact of technology use in zakat administration.
•And other related topics.
2. The fundamental issue of Shariah-compliance for zakat institutions. The papers submitted may concern on:
•Constructing a conceptual framework of Shariah-compliance for zakat institutions.
•Defining the fundamental of Shariah risk and other related risks in the context of zakat institution.
•Exploring the potential risks caused by the implementation of technology and the conceptual framework to mitigate them.
•Proposing the framework of shariah audit for zakat institutions.
•A case study using the existing shariah audit framework for zakat institutions issued by an official agency and its potential of improvement.
•And other related issues.
3. The role of zakat institutions in responding the global issues that relate to the fundamental of zakat. The articles submitted may address the followings:
•Women studies with special relation to the utilisation and/or distribution of zakat.
•The role of zakat in empowering underprivileged community, particularly disabled people.
•Zakat and sustainable development goals (SDGs) 2020.
•Zakat and circular economy.
•Zakat and blue economy.
•Zakat and climate changes.
•And other related topics.
4. The performance of zakat institutions. The works submitted may cover:
•A case study measuring the performance of zakat institution using the National Zakat Index (NZI).
•Measuring the impact of zakat on the Mustahik’s welfare.
•Investigating financial performances of zakat institutions.
•Building a conceptual benchmark to measure the performance of zakat institution.
5. The contemporary issues related to the management of zakat. The articles may address the following:
• The relevance of ‘Zakatnomics’ concept for the current economic landscape.
• Establishing the definition of Muzakki millennials.
• Zakatable issues in capital market.
• Studying the zakat literacy ability among the Muzakki.
• Zakat issues in pension fund. And other relevant topics.
6. Accounting issues of Zakat institution. The manuscripts may cover the followings:
•The relevance of Zakat Core Principles (ZCP) in accounting issues of zakat institution.
•Financial information disclosure.
•AAOIFI standard and PSAK109 for zakat accounting.
•Case study financial reporting of zakat institution across different countries.
•Harmonisation of the existing financial reporting standards.