The Need for Corporate Governance

May 29th, 2015
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Arcadia University
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The principle of Shurah (Consultation) enunciated in the Qur’an as said by Allah (وأمرههم شورى بينهم)and practiced by the Prophet and those of his sahabah for addressing issues of public interest in particular and those that affect individuals in general is to ensure that proper decisions are taken in the interest of the general public and individuals concerned. Besides, it guarantees functionality of the decision not only because the best opinion is going to be taken but equally because every stakeholder is carried along in the decision and policy making process. It thus facilitates a sense of belonging and patriotism or loyalty.

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CORPORATE GOVERNANCE, TRANSPARENCY, RESPONSIBILITY AND ACCOUNTABILITY IN THE MANAGEMENT OF ZAKAT FUNDSExecutive SummaryZakat is one of the five pillars of Islam. It is one of the institutions in Islam aimed at ensuring equitable distribution of wealth among members of the Ummah so that, as Allah says,( ) meaning that wealth may not be confined to the wealthy ones alone. The institution is an excellent one as it has no equal or parallel in any other system and or civilization; thus the need for authorities in the Muslim communities and or nations to go extra miles to ensure effective collection and appropriate disbursement of it. The remarkable feat attained by Umar II (RA) to alleviate or check poverty in his own time with effective collection and appropriate disbursement of Zakat is a unique achievement in human history begging for scientific cum historical enquiry. Hence, in our efforts to employ the same institution to solve the problem of poverty in this Ummah of ours in particular and among humanity in general, appropriate mechanism, processes and procedures as well as facilities to ensure its workability should be put in place and this is exactly what this paper strives to achieve in order to realize the set objectives of the The International Zakat Organization (IZO). The management of IZO will emphasize and adopt the elements of good corporate governance to ensure effective collection and ap

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