Investment Zakat Funds, And the Foundation of Zakat Selangor Model

Abstract

Abstract

This paper dealt the issue of investing Zakat funds as one of the most important issues in the Islamic jurisprudence contemporary issues, and it has a strong relationship with Makaacid Al Shari’a (the purposes of Islamic Shari’a) in terms of means and objectives. Through this study, the researcher presented the legal ruling on the investment of zakat funds, the various statements made by contemporary jurists, and what the researcher sees as evidence according to the strength of the evidence. The researcher went on three methods: the inductive methods, the analytical methods, and the interview methods; which he went to the field to provide him with information about issue of investing zakat funds at the Zakat Selangor Foundation in Shah Alam. The most important results of this research: The need to address the topics related to the five objectives in the Makaacid Al Shari’a (the purposes of Shari’a) to counter Orientalist ideas against Islamic law (Shari’a), Zakat funds may be invested by the institution, provided that after meeting the immediate need of the beneficiaries, and develop a plan to avoid losses. The most important recommendations of this research: The need to develop strategies for the development of Zakat investment methods, and The establishment of an Islamic International Bank for the Zakat, which will be responsible for the issue of investment of Zakat funds in general.