Using E-Wallet in Collecting and Distributing Zakat in Malaysia
Nassar Nordin1*, Syahidawati Shahwan1,2, Norhazlina Ibrahim1, Nurulbahiah Awang3
1 Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan Malaysia
2 Islamic Finance and Wealth Management Institute (IFWMI), Universiti Sains Islam Malaysia (USIM), Bandar Baru Nilai, 71800 Nilai, Negeri Sembilan Malaysia
3Department of Social Science & Humanities, Universiti Tenaga Nasional Malaysia (UNITEN), Putrajaya Campus, Jalan Ikram-Uniten, 43000 Kajang, Selangor
*Corresponding Author: [email protected]
Accepted: 15 February 2023 | Published: 1 March 2023
DOI:https://doi.org/10.55057/ijbtm.2023.5.1.16
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Abstract: Fintech, or financial technology, seeks to supplement conventional financial techniques in the provision of financial services and improve financial operations through the use of technology. The development of fintech has had a significant positive impact on social activities in addition to financial services. The administration of zakat has advanced to a new level of innovation in zakat collecting and distribution through the use of e-Wallets as one of the fintech channels. This dynamism has helped to partially resolve a long-standing issue with the zakat administration related to openness, accountability, and efficiency in zakat collection and distribution. E-Wallets are thought to have the ability to address these problems. The purpose of the study was to examine the available choices and the most common kind of e- Wallet related to zakat activities that are currently accessible on the market. Therefore, it is necessary to provide answers to queries such as the selections of e-Wallet that are accessible in the present market. It is interesting to examine which e-Wallet are preferable and whether these prominent e-wallet providers provide zakat payment services. The current study applied the qualitative methodology through content and descriptive analyses of articles, official documents, business papers from the commercial sector, and social media inputs. It is believed that this study would shed some new light on the role that e-Wallet providers play in collecting and distributing zakat and will add a new level of information to the public, particularly regarding e-Wallet collaboration with the Zakat institutions.
Keywords: Fintech (financial technology); e-Wallet; social finance; zakat collection; zakat distribution.
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1. Introduction
In the current Fourth Industrial Revolution (IR 4.0), finance technology (Fintech) is crucial in the financial system. Fintech is defined as the burgeoning array of financial technology applications designed to help financial institutions with their everyday tasks, which include offering banking and financial services to clients.
According to Mohamed and Ali (2019) and Schuefell (2016), Fintech is "a new financial industry that harnesses technology to improve financial activities”. The authors also contend that fintech as businesses and start-ups that offer banking and financial institutions solutions by utilising a cutting-edge financial and information technology. Based on the technology they
use and how it is used in practice, The Fintech sector was categorised into seven (7) primary categories by Chen et al. (2019): Peer-to-peer (P2P), internet of things, cybersecurity, blockchain, data analytics (IoT), robo-advising, and mobile transactions.
Fintech could be viewed as a "white knight" that can help improve the current zakat management to be more effective. The use of fintech can aid zakat authorities in providing all zakat payers and zakat recipients with an efficient zakat service management. All zakat-related transactions can now be completed online at any time, as opposed to in the past when they had to be done manually. Comparing this to traditional manual services that are subject to time constraints, it can undoubtedly assist the parties especially in money and time saving. This is consistent and in line with the Maqasid al Shariah when the effectiveness of zakat service providers is greater in delivering services to the community and ummah as a whole. Therefore, zakat organisations must show themselves as having a high level of trust in order to strengthen the trust of zakat payers and receivers. By harnessing the benefits of Fintech, the zakat payers' level of trust in these noble institutions can be boosted (Sahidi & Shukri, 2019).
E-Wallets, is known as a disruptive Fintech innovation, allowing for payments, transfers, microcredit, and the purchase of goods and services (Salim et al., 2020). Additionally, it makes activities like loan repayments, e-commerce, and mobile recharges simpler. This indicates that it is a particular type of online payment platform that serves as an intermediary for transactions performed online, which are frequently done using a smartphone. Nowadays, the function of e-wallet can be seen as to mimic the credit card, debit card or even physical wallet. For an e- Wallet to function properly, it must be connected to and funded by either the owner's credit card, debit card or bank account (Dar et al., 2020). At present, Malaysia's e-Wallet market is dominated by five companies: Boost, Touch ‘n Go, GrabPay, FavePay, and WeChat (Celcom, 10 June).
There are several methods to take advantage of the e-existence Wallet's in the era of digital financial services, including, for example, using its collecting and distribution activities to assist in addressing problems with zakat administration. The current study is novel because the vast majority of existing studies in this field merely concentrated on the benefits and drawbacks of e-Wallets (Somkid, 2020; Kolandaisamay & Subramaniam, 2020; Zulkifli et al., 2019).
Previous studies have focused on security (Arif, 2020; Kanimozhi, 2017), demography (Soegato, 2020), factors influencing young adults' e-Wallet use (Karim et al., 2020), and factors influencing people's behaviour to acculturate the use of e-Wallets (Sukaris et al., 2021;
Abdullah et al.). These studies go beyond the advantages and disadvantages of e-Wallet (Moghavemmi et al., 2021). Previous studies (Aman Shah et al., 2020, Ibrahim & Chek, 2020;
Mastura Razali, Nurul in Mohd, Nurhanisah Hadigunawan, 2021; Noor et al., 2020; Nugraha, 2021; Rachmat et al., 2020) show that the majority of the studies were also conducted in either Malaysia or Indonesia. However, there are few studies on the cooperation between Malaysian zakat institutions and e-Wallet providers.
As a result, the present study significantly advances the field of e-Wallet research by outlining the various current e-Wallet options on the market, including which ones are the most accepted, as well as if and how these accepted e-Wallet providers offer zakat payment services. This study contributes to a new level of public information, particularly regarding the growth of e- Wallet providers collaboration with the Zakat institutions, and provides novel insights into the role played by e-Wallet providers in zakat distribution and collection.
By examining textual material, this research used the qualitative methods to answer the research questions and to meet the objectives. Additionally, information gathered from blogs, websites, Facebook, and secondary documents, such as the annual reports of the companies were used to meet the research objectives. This paper is organised with a literature review and theoretical idea at the beginning, followed by the research methodology, discussion, and conclusion, while the recommendations and limitations are presented in the final section.
2. Literature Review
The Fiqh of Zakat
In the Arabic language, the term "Zakat" often signifies increase. The term is used for a variety of connotations based on this basic meaning, including clear, clever, fertile, blessed, clean, praise and others. Zakat is a phrase used in the study of Islamic law and refers to the deduction of a specific percentage from a particular asset for the benefit of those who deserve it, as ruled by Allah. In other words, it also refers to the property issued itself (JAWHAR, 2021). Many academics agree that zakat is a powerful tool for improving the economy of the ummah (Ab Rahman et al., 2012; Abdullah & Saad, 2014; Embong et al., 2013; Farah et al., 2017; Sahidi
& Shuk, 2019).
Unquestionably, the zakat administration system has existed before independence and has helped both zakat payers and zakat receivers by eradicating two of the largest sources of human suffering: Hunger and terror. This is in alignment with what is mentioned in the Qur'an (Imam Hafiz bin Kathir, 2018)1, "That it is Allah who offers peace to human beings from two sorts of great pain (hunger and terror)".
The Zakat Management and Institutions in Malaysia
As required by the Federal Constitution of Malaysia's Second List of the Ninth Schedule (state list), the management of zakat in the nation generally falls under the purview of the states.
Another way to state it is, the Sultans and Rulers of each state, with the aid of their separate Islamic Religious Councils and Zakat Collection Centers, are solely responsible for the management and administration of zakat in their jurisdictions. According to the information obtained, the zakat affairs in the states that make up the Federation of Malaysia were established using one of three models: Full corporatization, partial corporatization, or without corporatization (Abdul-majid & Esrati, 2018).
Table 1: The Model of Zakat Administration in Malaysia
No. Model State
1. Full corporatization Selangor, Pulau Pinang, Sabah, Sarawak
2. Partial corporatization Wilayah Persekutuan KL, Putrajaya and Labuan, Negeri Sembilan, Melaka, Pahang
3. Without corporatization Kedah, Perlis, Perak, Kelantan, Terengganu, Johor
In the first system, the collection and distribution of zakat are handled by a single corporatized administrator, such as the Lembaga Zakat Selangor (LZS), which is in use in the state of Selangor. The second method is a little different and is used in the Federal Territories of Putrajaya, Kuala Lumpur, and Labuan. Under this system, two different organisations are responsible for collecting and distributing Zakat. In accordance with this structure, the Baitulmal is in charge of distributing the zakat to the asnaf, while the Pusat Pungutan Zakat
1Al-Quraish: 4
(PPZ) is in charge of collecting the zakat from the muzakis. Naturally, the Baitulmal of that state will be responsible for zakat distribution and collection under the third category.
In the social finance system, zakat is a crucial element that aids in bridging the socioeconomic division within the ummah. According to the Jabatan Wakaf, Zakat and Haji (JAWHAR), the states of Malaysia contributed between RM 88 million and RM 855 million in zakat in 2019.
The distribution of zakat, on the other hand, varies for the same year from RM 71 million to RM 868 million. The following tables provide more information on these numbers:
Table 2: Zakat collection in Malaysia from 2015-2019
Table 3: Zakat distribution in Malaysia from 2019-2015
3. Research Methodology
For this research, the data were gathered using the qualitative approach based on a content analysis. This study gathered information and thoroughly examined academic literature on e- wallets. In addition, business fraternity and government data on zakat from JAWHAR were cited. Websites, such as Touch and Go, GrabPay, and Boost were helpful for finding information on e-wallet programmes. Information about electronic money laws was also found on the website of Bank Negara Malaysia (BNM). To help with the questions and objectives of the study, all of the data were analysed (Virginia Braun, Nikki Hayfield, & Victoria Clarke, 2019).
4. Results
In this IR 4.0 era, fintech is essential. Fintech is described as the fast-expanding field of financial technology applications created to help banks and other financial institutions to carry out their daily business, which includes offering customers banking and financial services.
In addition to these definitions, there are several technical and functional definitions to clarify the concepts behind the e-Wallet concept. According to Alexandra et al. (2020) and Aji et al.
(2020), an e-Wallet is technically described as a server-based digital payment method where the funds are kept on the server rather than in physical form like a chip card. Consequently, an electronic wallet (or "e-Wallet") is a type of financial instrument used to ease both online and offline transactions (Seranmadevi et al., 2019).
In a study, Ali et al. (2019) looked into the possible effects of Fintech on the Malaysian and Brunei Darussalamn Islamic financial industries. The findings clearly demonstrate that Fintech has a significant potential impact on both conventional and Islamic finance. Positive and negative effects are equally possible, therefore, there are always two sides to every story. In a positive notes Fintech and the digital transformation present more possibilities for Islamic Financial Institutions (IFIs) to seize better business opportunities. For instance, IFIs have the ability to create new business models, increase product efficiency and transparency, and offer more streamlined Islamic financial goods and services. On the other hand, if IFIs were to resist fully in embracing this experience, the result would be detrimental in that IFIs would risk losing both their consumers and market share.
In their 2020 Annual Report, Bank Negara Malaysia (BNM) noted the growing use of e- payment services; on average, people made 170 e-payments in 2020 compared to 150 in the previous year. E-Wallet transactions alone have seen a notable growth in volume of 131 percent to 0.6 billion from 0.3 billion in 2019, which is larger than the increase in online banking transactions (Bank Negara Malaysia, 2021). The following diagram shows the accomplishment:
Figure 1: Greater adoption of e-payment services
Fintech can be a powerful method to increase the usage of Islamic social finance instruments like zakat, wakaf, sadaqah, and qard hasan (Ali, 2019). As a result, more Muslims in the society can benefit from such social spending, achieving one of the core purposes of the Shariah, namely, the preservation of property. Therefore, using an e-Wallet, a fintech technology, is considered to be one of the most practical solutions to solve the problems of transparency, accountability, and efficiency.
Approved Issuers of Electronic Money
According to Section 11 of the Financial Services Act 2013, companies that issue designated payment instruments, as defined in Division 1, Part 1, Schedule 1 of the Act, must receive approval from the Bank Negara Malaysia (BNM) in Malaysia (Financial Services Act 2013, 2013). According to the most recent data released by BNM, 54 entities have been authorised to issue electronic money. Of these 54, 48 (or 88 %) are non-banking organisations, and 6 (or 11 %) are banks (Bank Negara Malaysia, 12 June 2021). In order to administer zakat, some of these 54 businesses collaborate with our national zakat managers. Tables 4 (a) and (b) list the e-Money issuers that are approved by BNM.
Table 4 (a): List of Non-bank e-Money Issuers Approved by BNM
Non-Bank
1. AEON Credit Services (M) Bhd.
2. Alipay Malaysia Sdn. Bhd. (formerly known as helloPay Malaysia Sdn. Bhd.)
3. Axiata Digital eCode Sdn. Bhd.
4. Bandar Utama City Centre Sdn. Bhd.
5. Bayo Pay (M) Sdn. Bhd.
6. BigPay Malaysia Sdn. Bhd.
7. BLoyalty Sdn. Bhd.
8. Chevron Malaysia Limited
9. DIV Services Sdn. Bhd. (formerly known as ePetrol Services Sdn. Bhd.)
10. Fass Payment Solutions Sdn. Bhd.
11. Finexus Cards Sdn. Bhd. (formerly known as MAA Cards Sdn. Bhd.)
12. Fullrich Malaysia Sdn Bhd
13. Gkash Sdn. Bhd.
14. Google Payment Malaysia Sdn. Bhd.
15. GoNetPay Sdn Bhd (formerly known as GoPay Sdn Bhd)
16. GPay Network (M) Sdn. Bhd.
17. Instapay Technologies Sdn. Bhd.
18. iPay88 (M) Sdn. Bhd.
19. I-Serve Payment Gateway Sdn. Bhd.
20. JuruQuest Consulting Sdn. Bhd.
21. KiplePay Sdn. Bhd. (formerly known as Webonline Dot Com Sdn. Bhd.)
22. ManagePay Services Sdn. Bhd.
23. Maxis Broadband Sdn. Bhd.
24. Merchantrade Asia Sdn. Bhd.
25. Mobile Money International Sdn. Bhd.
26. MobilityOne Sdn. Bhd.
27. MOL AccessPortal Sdn. Bhd.
28. MRuncit Commerce Sdn. Bhd.
29. MyEG Alternative Payment Services Sdn Bhd
30. PayPal Pte. Ltd.
31. Petron Fuel International Sdn. Bhd.
32. Presto Pay Sdn. Bhd. (formerly known as EPP Solution Sdn. Bhd.)
33. qBayar Sdn. Bhd.
34. Raffcomm Sdn. Bhd.
35. Razer Pay Wallet (M) Sdn. Bhd.
36. Serba Dinamik IT Solutions Sdn.Bhd.
37. Setel Ventures Sdn. Bhd.
38. ShopeePay Malaysia Sdn. Bhd. (formerly known as AirPay Malaysia Sdn. Bhd.)
39. SiliconNet Technologies Sdn. Bhd.
40. SMJ Teratai Sdn. Bhd.
41. Touch 'n Go Sdn. Bhd.
42. TNG Digital Sdn. Bhd.
43. TNG Digital Remittance Sdn. Bhd. (formerly known as Numoni DFS Sdn. Bhd.)
44. U Mobile Services Sdn. Bhd.
45. WannaPay Sdn. Bhd. (formerly known as ScanPay Sdn. Bhd.)
46. Wavpay Systems Sdn. Bhd.
47. WeChat Pay Malaysia Sdn. Bhd.
48. XOX Com Sdn. Bhd.
Table 4 (b): List of Bank e-Money Issuers Approved by BNM
E-Wallets that Support Zakat Payment and Collection BOOST
Over 213,000 merchant locations around Malaysia accept payments using Boost Pay, a potent lifestyle e-Wallet. A diverse range of international brands are represented in the parent business of Boost. 8.8 million people around the country supported Boost, including brands, such as Caring Pharmacy, McDonald's, Starbucks, TeaLive and well-known online shopping platforms like Shopee and Lazada.
What distinguishes Boost from its rivals is the BoostUP function, which lets users earn Boost Coins with each transaction. Then, the coins can be traded for coupons that can be used to purchase goods from their catalogues, including toys, housewares, and gift cards. Customers
Bank 1. AmBank (M) Berhad
2. Bank of China (M) Berhad 3. CIMB Bank Berhad 4. Malayan Banking Berhad 5. MBSB Bank Berhad 6. RHB Bank Berhad
may also reload mobile credits, top off gaming points, pay bills, and get bite-sized insurance coverage that is typically not provided by the insurance industry using the Boost app (myboost.com, 13 June 2021).
Boost is currently offering an in-app zakat payment option. Malaysians can currently pay zakat through Boost if they reside in one of five states: Selangor, Kedah, Wilayah Persekutuan Putrajaya, Wilayah Persekutuan Kuala Lumpur or Wilayah Persekutuan Labuan (ewhallet.com, 13 June 2021).
GOPayz
Customers of GoPayz, the multipurpose e-Wallet provided by U Mobile, can now make zakat payments to Lembaga Zakat Selangor (LZS) through the GoPayz app and website. Thanks to GoPayz, the first e-Wallet in Malaysia to provide this service, customers can now easily fulfil their zakat obligations, such as Zakat Pendapatan, Zakat Perniagaan, Zakat Simpanan, Zakat Saham, Zakat KWSP, Zakat Emas, Zakat Perak, Qadha Zakat, Zakat Fitrah, and Zakat Harta (lump sum payment) to LZS, via the app or web.
In order to fulfil its zakat commitments, GoPayz must also strive to be more than just an e- Wallet and a platform that connects consumers to low-cost digital financial and lifestyle services. The company is proud to have been named the country's first e-Wallet as a zakat collecting agent by Lembaga Zakat Selangor and is honoured to be able to support the yearly zakat requirement of its clients in a safe and secure digital ecosystem, anytime and anywhere.
GoPayz is committed to expanding its digital products in order to give its customers unrivalled accessibility and convenience.
Similar to this, Gopayz provides a zakat payment facility within its app. Customers can select one of the six zakat collection organisations that are currently supported by GoPayz, including Lembaga Zakat Selangor (LZS), Majlis Agama Islam dan Adat Melayu Perak (MAIPk), Lembaga Zakat Negeri Kedah (LZNK), Pusat Pungutan Zakat-MAIWP (PPZ-MAIWP), Pusat Kutipan Zakat Pahang, and Zakat Pulau Pinang (ZPP) (u.com.my, 13 June 2021).
Touch ‘n GO
With the Touch 'n Go e-Wallet, which is accepted by more than 250,000 retailers throughout Malaysia, completely cashless purchases are made possible. Two titans of finance, CIMB Bank and China's Ant Group, are the owners of the Touch 'n Go e-Wallet. It is without a doubt the frontrunner in terms of payment convenience for parking and transportation.
With features like in-app RFID PayDirect, users of the TnG e-Wallet may skip toll booths, pay for parking on the street or in a mall, top up gaming credits, and pay bills while still being able to access its extensive and user-friendly features. The wallet also supports the #JOMTEKSI payment mechanism, allowing users to effortlessly pay for taxi rides in addition to making payments convenient. Through a collaboration with Principal Asset Management Berhad, TnG GO+ users have the option to invest their available e-wallet monies in unit trust funds in order to gain future returns. The best aspect is that the user's e-wallet will be instantly credited with the returns, enabling them to compound their earnings growth exponentially. Because Touch and Go clients now have access to the ePenjana RM 50 wallet, the company has seen an increase in the number of new users and spend rate in 2020 (Celcom, 1 June 2021).
Touch 'n Go, as opposed to Boost and Gopayz, lets users pay zakat to Lembaga Zakat Selangor (LZS) via the LZS website, not an in-app feature. To make use of this service, clients must choose Touch 'n Go as their preferred payment method.
Other E-Wallets Offering Zakat Payment Mechanism
The three main e-Wallet companies that offer zakat payment options are Boost, Gopayz, and Touch 'n Go, as we have already covered in the previous paragraphs. Other companies besides these brands currently offer or previously did offer the same services. For example, the Tulus app was developed by a new Islamic financial technology company named Tulus Digital to increase Muslim users' access to zakat, wakaf, and infaq payment services. The app also collaborated with Touch 'n Go eWallet and Ikhlas.com to expand the selection of zakat payment alternatives. The business wants to offer more payment options and Islamic observances to its app services in the future (TheMalaysianReserve.com, 17 June 2021).
To help Muslims in the state pay their zakat, the Selangor Zakat Board (LZS) on December 13, 2020, designated Shopee, an online shopping platform provider as its representative for zakat collection. Through the Shopee app, Muslims in Selangor can now freely and whenever they want pay property zakat and zakat fitrah, as stated by the LZS Chief Executive Officer Saipolyazan M Yusop, effective December 18 (astroawani.com, 17 June 2021). The Selangor Zakat Board (LZS), in cooperation with Grab Malaysia, also offers a monthly zakat donation mechanism for Grab drivers using the Grab Driver application as part of the Grab Benefits programme (Lembaga Zakat Selangor, 17 June 2021).
5. Conclusion
Nowadays, switching from the traditional mode of payment for zakat collection to an e-Wallet is not that difficult because it is merely a matter of operational choice, without the need to follow a more drawn-out procedure, such as obtaining an edict from the appropriate Muftis. As was already noted, many Malaysian states are implementing this Fintech to streamline their zakat collecting. If the e-Wallet service providers do not contravene shariah guidelines, shariah will also accept the purchase of shariah-compliant goods and services via the app, excluding alcohol and other forbidden goods.
The refill bonus promotion and shariah-violating campaigns, such when certain e-Wallet companies hold a "lucky draw" for clients who use their service, are brought up as reminders to e-wallet provider businesses (Mirza, 2021). Additionally, pursuant to Section 11 of FSA 2013, in order to operate as a firm that issues designated payment instruments, e-Wallet providers must have Bank Negara Malaysia clearance. Since December 2019, Gopayz has been setting the bar high and was the first to make it possible for zakat managers in Selangor to receive payments through their platform. Without a doubt, this measure has addressed the issue of openness, trust, and confidence in zakat administration.
Optimizing e-Wallets, on the other hand, is now a requirement of the "new normal" and no longer a luxury. It may also assist flatten the pandemic's curve and make it simpler for small and medium-sized businesses to function under the movement control order in addition to aiding the underbanked and unbanked (MCO). Now, Muslims have two ways to fulfil their religious requirement to give zakat: Traditionally and via e-Wallet. It is commendable that Universiti Utara Malaysia (UUM) made the first zakat money distribution using e-Wallet.
Lembaga Zakat Negeri Kedah's plans for contactless zakat distribution have been made possible by this innovation. It also acts as a two-pronged strategy, ensuring not only the
mustahiq (zakat recipients), but also zakat administrators' trust, confidence, and transparency that the zakat monies received will be handled in line with Maqasid Shariah. For instance, e- Wallets should not be used for buying cigarettes or other illegal products (Salim, Abojeib, &
Baharom, 2020).
In the area of finance, the focus of the current research on e-Wallet optimization should be on helping policymakers to comprehend and become more aware of the significance of e-Wallets.
Therefore, another potential field for future research would be to look into whether the State Religious Council and other relevant authorities wish to apply the same methodology to other worships (ibadah) and dealings (muamalah), such as aqiqah, qurban, haji, umrah, takaful and khairat collection. In order to give Muslims more options for fulfilling their religious obligations, it is also worthwhile to investigate whether the remaining 54 electronic money issuers are inclined to think about jumping on board for the successful e-Wallet and Zakat collaboration.
Various sources were used in obtaining the data for the current study, which data were then subjected to content and descriptive analyses. The sources of data included official documents, business reports, professional writings, social media, and the author's personal observations of the collaboration between zakat institutions and e-Wallet providers currently in place that are mostly secondary. A better understanding of the subject and an exploration of the most recent trends could be obtained by conducting multiple interviews with experts, especially in terms of gathering accurate information about how users are currently responding when paying zakat via e-Wallet, given the limitations of the current techniques.
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