A Framework of Zakat on Digital Assets in Malaysia: Perspectives of Millennials

Abstract

This study examines key factors influencing the acceptance of zakat on digital assets in Malaysia. It employs a modified Attitude-Social Influence-Efficacy (ASE) model and makes use of SmartPLS 4.0 to investigate the acceptance of zakat on digital assets among 440 millennial zakat payers. All factors derived from the ASE and the perceived fatwa legitimacy demonstrate significant relationships with the acceptance of zakat on digital assets. Our findings have practical implications. Namely, zakat institutions can enhance zakat on digital assets and utilisation by applying key concepts from the ASE model and considering the importance of fatwa legitimacy.