|Related Event||: Global Conference on Islamic Economics and Finance 2018|
|Date||: 24th October 2018|
|Venue||: Kuala Lumpur, Malaysia|
In a digital economy where the Information and Communication Technology (ICT)plays key role and is considered as a major component of an economy, a country that neglects this sector risk losing the opportunity that comes with it. In a globalised world, countries that adopt ICT in their economy open greater opportunities for their development. Thus, institutions and corporate organizations such as banks and other financial institutions have since embraced ICT which leads to their efficiency and effectiveness in their operations. Particularly, Muslim countries and institutions are lagging behind in technological innovation and adaptation. On the other hand, studies show that zakat has the potential of alleviating poverty of USD1.25 per day in Nigeria if properly applied. In view of this, the objective of this study is to appraise the zakat institutions in Nigeria with a view to determine their acceptance and application of ICT in their operations. However, the research uses the existing literature, published reports, contemporary journal articles and conference proceedings to support the arguments made. The findings reveal that, Nigerian zakat institutions utilize minimally the information and communication Technology that could have been widely applied to maximize collection and distribution of the zakat for socio economic development. The paper posits that for efficient and effective zakat practices in Nigeria, modern ICT are extremely needed to harness the institution and to enable it to achieve its socioeconomic objectives.
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