Qitmeer Network Enhances Zakat Tracebility In Nigeria

Abstract

Zakat is mandatory annual alms given from property which zakat is due from it when it reaches nisab. There are challenges facing Zakat management in Nigeria which includes unawareness of Zakat calculation, lack of transparency in collection and distribution of Zakat, lack of Zakat payers’ confidence on their donation and lack of channeling Zakat to the eight groups of people on whom Zakat should be given. The challenges facing by Zakat management led to the failure of Zakat administrative to eradicate poverty and to uplift social welfare in the community. Qitmeer network is the first public chain serving the ecosystem of ethical finance, socially responsible investment and Islamic Finance for enhancing financial inclusion. Qitmeer network support Zakat management to gain the confidence of the public by ensuring transparency and disclosure of all Zakat activities in term of collection and distribution of Zakat. The traceability feature in Qitmeer network ensures that Zakat payers could select what project they would like to use their Zakat for, such as water irrigation, sanitation, poverty eradication and education. The objective of this paper is to analyze how Qitmeer network enhance Zakat traceability in Nigeria. Descriptive and analytical approach is exploited in this paper to analyze secondary and primary data on how Qitmeer Network enhance Zakat traceability in Nigeria. Finding in this paper reveals that the key need of transparency in Zakat management in Nigeria is to enhance the confidence of general public to donate Zakat through verified channels instead of giving it to individual who might not eligible to receive Zakat. Qitmeer network ensures Zakat data integrity through out all Zakat activities using mathematical model which can not be altered. Findings also shows that Qitmeer network enhance Zakat traceability and transparency in collection and distribution of zakat in Nigeria to fulfil purpose of Zakat in eradicating poverty and uplifting social welfares of people. Zakat