Kochi, India, 3 May 2018 – Two INCEIF Faculty members and three Alumni from India recently made a strong case for INCEIF as a knowledge leader in Islamic finance when they joined reputable international scholars and experts in zakat and related issues as speakers at the International Zakat Conference held in this financial and commercial capital of Kerala.
The conference, which focused on the significance of zakat in poverty alleviation, job creation and boosting human welfare, deliberated on zakat as a powerful tool for the economic welfare of the nation, and highlighted the development aspects and social relevance of the institution of zakat in Islam. It also sought to build a productive collaboration with national and international foundations active in the same field for greater efficiency in the mobilisation, allocation and distribution of zakat proceeds. India is home to the second largest Muslim population in the world. Reports quoted analysts as saying that the yearly zakat output of India ought to be to the tune of 200 billion rupees yet only 10% of Muslims in India currently pay zakat. Affluent Kerala Muslims can contribute between 20 billion to 30 billion rupees to the zakat fund annually. In countries like Malaysia, Indonesia and Brunei, the state directly collects and distributes zakat whereas in non-Muslim countries like the US, UK and India, the task is left to private organisations.
INCEIF Subject Matter Expert on Waqf and Zakat Assoc Prof Dr. Magda Ismail Abdel Mohsin spoke on the potential of zakat in ending poverty and empowering the community. She also elaborated on the use of technology in streamlining the distribution of zakat funds in an efficient and transparent manner. Subject Matter Expert on Islamic Social Finance Assistant Prof Dr Ziyaad Mahomed presented on `Zakat and the UN SDG: Driving the humanitarian agenda for socio-economic development.’
The three Alumni who also presented papers are:
- Dr Ebad Momin, Principal, Mount Judi Ventures of Banglore – `e-ZakatIndia – A disruptive model to zakat collection and distribution in India’
- Zainab Fida Ahsan, Finocracy of New Delhi – `Exploring zakat and awqaf as tools for community development’
- Jazeel Abdul Wahid, Manager of Operations, Indian Centre for Islamic Finance of New Delhi – `The role of zakat in supporting Sustainable Development Goals.’
Indian Centre for Islamic Finance is the co-organiser of the conference. Baithuzzakath Kerala ,the chief organiser of the conference, has a good track record in the field of collecting and distributing zakat funds in Kerala since it was founded in 2000.
The continuing success of INCEIF Alumni is a reflection of INCEIF’s on-going journey to be a globally recognised university of high repute for postgraduate studies in Islamic finance. Since the inaugural convocation in 2009, a number of INCEIF alumni have been singled out to participate in or lead Islamic finance initiatives such as the USD1.5-billion dual-tranche Malaysian Government sukuk and the establishment of Islamic Finance institutions in Moscow and Kazan.