Alliance Islamic launched Malaysia's first book on zakat microfinancing

Alliance Islamic Bank Bhd launched Malaysia's first book on zakat microfinancing, titled 'Zakat and Microfinance', which pioneers the productive distribution of zakat funds as microfinancing to empower the underprivileged or asnaf micro-entrepreneurs.

As the objective of zakat is to alleviate poverty, the book aims to promote equitable development and financial inclusion of all categories of entrepreneurs.

Alliance Islamic chief executive officer Rizal IL-Ehzan Fadil Azim said the bank sees the potential of using Islamic social funds such as zakat to help the asnaf community, especially after the onset of the COVID-19 pandemic.

"Through this, we hope to serve the community better and create a greater social impact.

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