#islamicfintech

The other day I was talking to a high-ranking professional working for a top UAE bank about the challenges Islamic banks have been facing due to the rise of the fintech sector. He seemed to agree with me that the turmoil these banks have been facing is unprecedented. Forbes has recently published an article on the same topic. You may be able to read it on this link.

Does it mean that we are looking at a banking sector crisis that may take a lot of time and effort on the parts of Islamic banks to handle?

The Issue of Anonymity in Digital Zakat

We are taught that we should give charity anonymously so that it preserves our intention and saves us from showing off. But research has brought to light another startling point. 

563 development  professionals were interviewed in the US and Canada. It was found that the most  frequently  cited motivation  for anonymity  is  the  donor’s  desire simply ‘to  minimize  solicitations  from other  organizations’.

The Issue of Anonymity in Digital Zakat

With many advancements in the field of technology, Zakat collection methodologies have benefited a lot. But while it has brought about so much ease, there is a a dark side to it as well. 

Zakat organizations cannot close their eyes to privacy issues with personally identifiable information relating to beneficiaries. This information has the potential to be misused and exploited by other parties as well.