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"ABSTRACTThe limited source of development funding forced local government to find an innovative alternative. One of them is Corporate Social Responsibility (CSR). Although the prospect of CSR Funds as a source of local revenue is relatively big, mismanaging it could lead to a fraud which causes an underachieving the purpose of CSR itself. This paper specifically discussed an alternative budgeting process for local governments activities that CSR was its source of fund. The purpose of this paper is to provide applicable suggestions for local government in optimising CSR Funds as a source of local development funding that minimising the potential fraud. To achieve this objective, this paper used a qualitative approach through analysis of relevant regulations and previous studies. This paper argued that receiving CSR Funds in the form of goods or services could help local government to reduce the risk of fraud, both from a local financial management perspective and from the CSR point of view. In addition to assisting local government with an alternative optimisation source of development funding, this paper also contributed to providing input for the preparation of the National Medium Term Development Plan (RPJMN) 2020-2024 that is intertwined with the Sustainable Development Goals (SDGs). The proposed strategies were divided into short term, medium term, and long-term policies such that it can be implemented with clear and measurable targets."

"Penelitian ini membahas tentang pelaksanaan tata kelola dana desa setelah UU No. 6 tahun 2014 Tentang Desa dan pelaksanaan sinkronisasi antara lembaga terkait tentang tata kelola dana desa. Penelitian ini merupakan penelitian hukum normatif. Pelaksanaan tata kelola dana desa setelah UU No. 6/2014 masih terjadi disharmonisasi. Regulasi sektoral yang dikeluarkan oleh KemenDesa PDTT serta Kemendagri, dari aspek praktis di lapangan pelaksanaannya dirasakan masih menyulitkan bagi aparat desa. Pelaksanaan sinkronisasi antara lembaga terkait tentang tata kelola dana desa belum berjalan dengan optimal. Sinkronisasi belum dapat dilakukan karena masing-masing lembaga membentuk sendiri-sendiri regulasi sektoral. Implementasi suatu regulasi sangat mungkin bersinggungan dengan regulasi lainnya, bahkan pada praktiknya terdapat regulasi yang justru menyandera pelaksanaan dana desa itu sendiri. Ego sektoral masih mendominasi dalam menyusun regulasi, dan belum sepenuhnya mempertimbangkan secara matang implikasinya. Oleh karena itu, dalam hal yang berkaitan dengan desa, maka ketika Kemendagri akan melakukan pengaturan yang berkaitan dengan desa, harus berkoordinasi dengan KemenDesa, PDTT yang memiliki tugas, tanggung jawab dan kewenangan yang berkaitan dengan desa. Sehingga peraturan yang dikeluarkan oleh Kemendagri sudah merupakan hasil sinkronisasi dengan KemenDesa PDTT. Dengan dilakukannya sinkronisasi terhadap urusan pemdes dengan urusan pemda, maka implikasi pada level pelaksanaan adalah adanya acuan yang lebih jelas dan tidak ambigu. Berdasarkan analisa, diusulkan saran Perlunya proses pembentukan setiap regulasi oleh sektoral yang berkaitan dengan tata kelola dana desa melibatkan kementerian/lembaga terkait; Perlunya melaksanakan UU No. 30/2014 tentang Administrasi Pemerintahan dalam hal terjadi konflik regulasi dan konflik kewenangan; serta pemerintah hendaknya menghindari perubahan regulasi yang berdampak pada perubahan vital penyusunan RPJMDes dan APBDes.

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This study discusses the implementation of village fund governance after Law no. 6 year 2014 About the Village and implementation of synchronization between related institutions on village fund governance. This research is normative law research. Implementation of village fund governance after Law no. 6 2014 there is still disharmonization. Sectoral regulations issued by Ministry of Village and MoHA, from the practical aspect of the implementation field are still difficult for village officials. Implementation of synchronization between related institutions about governance of village funds has not run optimally. Synchronization can not be done because each institution establishes its own sectoral regulations. Implementation of a regulation is very likely to be tangent to other regulations, even in practice there is a regulation that actually holds the implementation of the village funds themselves. Sectoral ego still dominates in drafting regulations, and has not fully considered the implications. Therefore, in matters relating to the village, then when the MoHA will make arrangements relating to the village, it should coordinate with the Ministry of Village with duties, responsibilities and authorities relating to the village. So the regulations issued by the MoHA is already a result of synchronization with the Ministry of Village. With the synchronization of the village government affairs with the local government affairs, the implications at the implementation level are the existence of clearer and unambiguous references. Based on the analysis, proposed suggestion The need for the process of forming any regulation by sectoral related to village fund governance involves ministries related institutions The need to implement Law No. 30 2014 on Government Administration in the event of a conflict of regulation and conflict of authority And the government should avoid regulatory changes that have an impact on the vital changes in the preparation of the Medium term village development plan and Village income and expenditure budget."

"Tesis ini dimotivasi oleh kebijakan moneter yang ditempuh oleh sebagian besar negara di Asia termasuk Indonesia yang menempuh kebijakan tight money policy dengan cara menaikkan tingkat suku bunga domestik dalam upaya menstabilisasi nilai tukar domestik. Dengan pendekatan cointegraled vector error correction model ditemukan bahwa dalam jangka panjang memang ditemukan adanya relasi hubungan antara diferensiasi tingkat suku bunga dengan nilai tukar riil dan cadangan devisa. Dalam jangka pendek, kebijakan tingkat suku bunga domestik temyata tidak berpengaruh nyata terhadap perubahan nilai tukar rill karena perubahan nilai tukar rill ternyata lebih di tentukan oleh perubahan cadangan devisa yang merepresentasikan faktor-faktor fundamental ekonomi Indonesia dibandingkan perubahan diferensiasi tingkat suku bunga riil. "

"[ABSTRAK Tujuan penelitian ini adalah mengidentifikasi pengaruh Dana Pihak Ketiga (DPK), suku bunga rata-rata kredit modal kerja, Non Performing Loan (NPL), dan Produk Domestik Regional Bruto (PDRB) mempengaruhi penawaran kredit Bank Perkreditan Rakyat dan pengaruh Produk Domestik Regional Bruto (PDRB), inflasi kawasan, dan suku bunga rata-rata kredit modal kerja mempengaruhi permintaan kredit Bank Perkreditan Rakyat. Penelitian ini menggunakan metode panel data dan menguji regresi dengan model random effect model atas kemungkinan perbedaan kawasan dan waktu. Studi membuktikan bahwa DPK, suku bunga rata-rata kredit modal kerja, NPL, dan PDRB secara bersama-sama memiliki pengaruh yang signifikan terhadap penawaran kredit. Lalu, PDRB, inflasi kawasan, dan suku bunga rata-rata kredit modal kerja secara bersama-sama mempengaruhi permintaan kredit.

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ABSTRACT The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region?s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region?s inflation, and average lending rate of working capital simultaneously affect the credit demand.;The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region?s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region?s inflation, and average lending rate of working capital simultaneously affect the credit demand.;The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region?s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region?s inflation, and average lending rate of working capital simultaneously affect the credit demand.;The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region?s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region?s inflation, and average lending rate of working capital simultaneously affect the credit demand., The purpose of this study is to identify the impact of third party funds, average lending rate of working capital, non performing loan (NPL), and gross domestic regional products (GDRP) to affect credit supply of Rural Regional Bank and the affect of gross domestic regional product (GDRP), region’s inflation, and average lending rate of working capital affect the credit demand of Rural Regional Bank. This study using panel data method and regression with random effect model from model possibility of the region and time differences. The study proved that third party funds, average lending rate of working capital, NPL, and GDRP simultaneously having significant affect on the credit supply. Then GDRP, region’s inflation, and average lending rate of working capital simultaneously affect the credit demand.]"

"Penelitian ini bertujuan untuk melihat hubungan yang ada antara biaya reksa dana dengan kinerja dalam industri reksa dana saham di Indonesia. Secara khusus penelitian ini membahas kinerja reksa dana dengan menggunakan metode 4 faktor milik Carhart yang dipengaruhi oleh market portofolio, size, book to market, dan momentum. Metode Carhat akan menghasilkan nilai konstanta intercept ( ) yang akan menjelaskan apakah sebuah reksa dana menghasilkan (tidak menghasilkan) excess return. Nilai konstanta intercept ( ) ini yang dipakai untuk melihat hubungan yang ada antara biaya dengan kinerja pada reksa dana saham. Penelitian ini menggunakan 27 produk reksa dana saham yang terdaftar di BAPEPAM selama periode 2009-2013. Berdasarkan data analisis, penelitian ini menemukan adanya hubungan negatif antara biaya reksa dana dengan kinerja yang dihasilkan oleh masing-masing reksa dana saham. Hubungan negatif antara biaya dengan kinerja pada reksa dana dapat dijadikan referensi bagi para investor dalam memilih produk reksa dana untuk berinvestasi berdasarkan biayanya.

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The objective of this research is to study the relation between fee and performance in Indonesia?s equity mutual fund industry. In particular this research examines how to investigate mutual fund performance using four factors

Carhart method influenced by market portfolio, size, book to market and momentum. This method generates the intercept () which explain whether the value of () will generate (or not generate) the excess return in a mutual funds. The value of intercept () will be used to correlate the relation between fee and performance in equity mutual funds. This research uses 27 equity mutual funds listed in BAPEPAM from 2009-2013.

Based on analysis, this study found there is a negative relation between fee and performance of each equity mutual funds. The negative relation between fee and performance in mutual fund can be used as reference for investors to choose which mutual fund product for investment based on their fee."

"Penelitian ini dilakukan untuk menguji aktivitas pengukuran waktu pasar dan penyeleksian pada reksa dana syariah di Indonesia. Metode yang digunakan adalah metode Henriksson Merton (HM) dengan menggunakan pendekatan penilaian aset model capital asset pricing model (CAPM). Rentang waktu penelitian adalah dari tanggal 3 Januari 2005 sampai 31 Desember 2007 dengan menggunakan data harian. Hasil analisis aktivitas penyeleksian aset menunjukkan bahwa pada tahun 2005, hanya ada 1 reksa dana dengan aktivitas seleksi yang signifikan. Tahun 2006 dan 2007, ada 3 reksa dana dengan aktivitas seleksi yang signifikan. Semua aktivitas seleksi yang signifikan bernilai positif. Hasil analisis aktivitas pengukuran waktu pasar menunjukkan bahwa tidak ada reksa dana syariah yang melakukan pengukuran waktu yang positif dan berhasil. Penulis menemukan adanya indikasi aktivitas pengukuran waktu yang negatif sehingga dianggap tidak signifikan."

"Pelaksanaan rights issue yang berjalan lancar perlu didukung dengan keteraturan proses dalam menggunakan dana hasil rights issue. PT Ancora Indonesia Resources Tbk melakukan rights issue pada tahun 2008 dan menghasilkan dana yang salah satu realisasi penggunaan dananya untuk mengakuisisi PT Multi Nitrotama Kimia dimana akuisisi tersebut mengandung transaksi material dan benturan kepentingan. Pada tanggal 18 September 2008, PT Ancora Indonesia Resources Tbk melakukan Rapat Umum Pemegang Saham Independen. Faktanya, terdapat 7 (tujuh) pihak yang tidak independen hadir dan memberikan suara dalam RUPS yang kepemilikan sahamnya hanya bersifat kepemilikan tercatat sementara pemilik manfaat atas saham adalah PT Ancora Resources yang merupakan pemegang saham pengendali PT Ancora Indonesia Resources Tbk. Hal tersebut dilakukan untuk memenuhi kuorum dalam RUPS. Pokok permasalahan dalam penulisan ini adalah bagaimana keabsahan pemegang saham Perseroan yang berhak untuk mendapatkan rights dalam Penawaran Umum Terbatas I PT Ancora Indonesia Resources Tbk, prosedur RUPS Independen dan peran Notaris sebagai profesi penunjang pasar modal dalam penyelenggaraan RUPS Independen. Metode penelitian yang digunakan dalam penelitian ini adalah penelitian yuridis normatif. Penelitian dalam penulisan hukum ini menggunakan alat pengumpulan data berupa studi dokumen. Penelitian ini menggunakan metode analisis data dengan pendekatan kualitatif karena penelitian ini meneliti fakta tertentu yang bertujuan untuk mengerti atau memahami gejala yang diteliti. Kesimpulan yang didapat adalah bahwa keabsahan pemegang saham PT Ancora Indonesia Resources Tbk yang berhak untuk mendapatkan rights telah sesuai dengan peraturan perundang-undangan yang berlaku, prosedur RUPS Independen yang dilakukan oleh PT Ancora Indonesia Resources Tbk dalam rangka akuisisi PT MNK yang mengandung transaksi material dan benturan kepentingan tidak sesuai dengan peraturan perundang-undangan karena terdapat manipulasi terhadap kuorum kehadiran pemegang saham indepeden dan peran notaris dalam penyelenggaraan RUPS Independen diwujudkan dalam pembuatan akta Berita Acara RUPS.

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A well implementation of rights issue should be supported by regularity in the process of using the result funds of rights issue. PT Ancora Indonesia Resources Tbk conducted its rights issue in 2008 and generated funds, in which one of the realizations of the utilization of such funds was to perform the acquisition of PT Multi Nitrotama Kimia whereby such acquisition contains material transactions and conflict of interest. On September 18, 2008, PT Ancora Indonesia Resources Tbk held its Independent General Meeting of Shareholders (?GMS?). The fact shows that there were 7 (seven) non-independent parties present and gave its votes in the GMS, whose shares ownership is only a registered ownership, while the beneficial owner of the shares is PT Ancora Resources, the controlling shareholder of PT Ancora Indonesia Resources Tbk. Such was done to meet the quorum in the GMS. The main problems in this paper are, how is the validity of the Company?s shareholders who are entitled to obtain rights in the Limited Public Offering I of PT Ancora Indonesia Resources, procedure of the Independent GMS and the role of Notary as capital market supporting professional in the administration of the Independent GMS. The research method used in this study is normative legal research. Research in this legal writing used data collection tool in form of document study. This study uses data analysis method with qualitative approach as this study examines certain facts that aim to know or understand the observed phenomena. It reaches the conclusion that the validity of the shareholders of PT Ancora Indonesia Resources Tbk who are entitled to obtain rights has been in accordance with applicable laws and regulations, the procedure of Independent GMS held by PT Ancora Indonesia Resources Tbk in relation to the acquisition of PT MNK which contains material transaction and conflict of interest are not in accordance with laws and regulations as it contains manipulation of the quorum of the presence of Independent shareholders and role of notary in holding the Independent GMS embodied in the deed of Minutes of Meeting of the GMS."

"Anggaran pendidikan di Indonesia yang mencapai 20% dari APBN nyatanya belum mampu mengangkat kualitas pendidikan di tanah air. Sejak tahun 2016 mayoritas anggaran pendidikan dialokasikan untuk transfer ke daerah-daerah sebagai bentuk representasi pelaksaan desentralisasi fiskal secara utuh. Meskipun demikian, berdasarkan data kualitas guru, capaian siswa, serta kondisi Sarana dan Prasana penunjang pendidikan belum menunjukan perbaikan yang memuaskan. Penelitian ini kemudian hadir dengan tujuan untuk menemukan bukti empiris apakah kebijakan desentralisasi fiskal secara umum dan kebijakan dana alokasi khusus bidang pendidikan secara khusus mampu meningkatkan kualitas pendidikan di tanah air. Selain itu, penelitian ini akan mengakomodir beberapa variabel kontrol untuk memperluas pengertian akan variabel-variabel yang mempengaruhi kualitas pendidikan di Indonesia. Menggunakan data dari 496 Kabupaten/Kota di Indonesia pada rentang tahun 2017-2019 menggunakan metode 2SLS penulis menemukan bahwa DAK Bidang Pendidikan berpengaruh positif dan signifikan mempengaruhi Belanja Fungsi Pendidikan Kabupaten/Kota. Kemudian, Belanja Fungsi Pendidikan terbukti secara positif dan signifikan mempengaruhi skor Peta Mutu Pendidikan jenjang SMP Kabupaten/Kota di Indonesia.

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The education budget in Indonesia, which reaches 20% of the APBN, is considered to have not been able to raise the quality of education in the Indonesia. Since 2016 the majority of the education budget has been allocated for transfers to the regions as a form of representation for the full implementation of fiscal decentralization. However, based on data on teacher quality, student achievement, and the condition of educational support facilities and infrastructure, it has not shown a satisfactory improvement. This study aims to find empirical evidence whether the fiscal decentralization policy in general and the Special Allocation Fund policy in the education sector in particular is proven to be able to improve the quality of education in Regencies/Municipalities in Indonesia. In addition, this study will accommodate several control variables to broaden the understanding of the variables that affect the quality of education in Indonesia. Using data from 496 regencies/cities in Indonesia in the 2017-2019 range using the 2SLS method, the authors found that the DAK for the Education Sector had a positive and significant impact on the Expenditures for the Educational Function of Regencies/Municipalities. Where then the Education Function Expenditure is proven to positively and significantly affect the score of the junior high school education quality map of Districts/Cities in Indonesia."

"Penelitian ini bertujuan memberikan gambaran mengenai kinerja reksadana syariah campuran yang terdapat di Indonesia dan Malaysia selama November 2004 - Mei 2007 dengan menggunakan risk-adjusted return. Metode pengukuran kinerja ini memperhitungkan faktor risiko dan tingkat pengembalian (return) dari portofolio. Dalam penilaian kinerja dengan risk-adjusted return, metode yang digunakan dalam penelitian ini adalah Rasio Sharpe, Treynor, Jensen dan Modigliani. Penelitian ini menggunakan sampel 4 reksadana syariah Indonesia dan 18 reksadana syariah Malaysia, dimana seluruhnya adalah reksadana syariah dengan jenis investasi campuran antara saham obligasi (Asset Allocation - Unit Trust Fund di Malaysia). Sebagai benchmark, reksadana syariah Indonesia menggunakan Sertifikat Wadiah Bank Indonesia (SBI) sebagai risk-free asset dan Jakarta Islamic Index sebagai pasar investasi syariah. Sedangkan reksadana syariah Malaysia menggunakan Government Investment Issue (GII) sebagai risk-free asset dan Kuala Lumpur Shariah Index (KLSI) sebagai instrumen pasar. Hasil analisis menunjukkan bahwa kinerja harian reksadana syariah Indonesia unggul dalam metode Sharpe dan Modigliani dan Malaysia unggul dalam indeks Treynor dan Jensen. Hal ini menunjukkan bahwa secara harian, portofolio reksadana Indonesia individu relatif mengungguli Malaysia. Namun, bila mempertimbangkan sensitivitas terhadap pasar, reksadana syariah Malaysia lebih unggul. Untuk jangka waktu yang lebih panjang, reksadana syariah Malaysia memiliki kinerja relatif lebih baik. Hal ini mengindikasikan bahwa pasar reksadana Indonesia lebih aktif dalam arti lebih banyak mengambil keuntungan jangka pendek dibanding Malaysia.

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This research aims to give the overview of asset allocation - Islamic mutual funds? performance in Indonesia and Malaysia for the period November 2004 - May 2007 using risk-adjudted return method. This performance measurement method consider the risk and return factors of portfolio. In performance measurement using risk-adjusted return, methods used in this research are Sharpe Ratio, Treynor Index, Jensen Index, and Modigliani Ratio. This research is using sampels consist of 4 Indonesia Islamic Mutual Funds and 18 Malaysia Islamic Mutual Funds whereas all of the sampels are asset allocation type which consist of equity mutual fund and fixed income mutual fund. For benchmark, Indonesia Islamic Mutual Fund use Sertifikat Wadiah Bank Indonesia (SWBI) as risk-free asset and Jakarta Islamic Index (JII) as Islamic Investment Market. Otherwise, Malaysia Islamic Mutual Fund use Government Investment Issue (GII) as risk-free asset and Kuala Lumpur Shariah Index (KLSI) as market instrument.The results show that in daily performance of Indonesia Islamic Mutual Funds are relatively better than Malaysia for Sharpe Ratio and Modigliani Ratio but Malaysia Islamic Mutual Funds are relatively better for Treynor Index and Jensen Index. This case shows that in daily, Indonesia Islamic Mutual Funds are relatively better individually than Malaysia has. But, when we consider the market sensitivity, the Malaysia Islamic Mutual Funds are better than Indonesia. In longer period, Malaysia Islamic Mutual Funds have better performance than Indonesia. It means that Indonesia Mutual Fund market relatively more active which is more get return in the short term period."

"Zakat merupakan salah satu instrumen alternatif yang ditawarkan oleh Islam yang mampu menjadi solusi dari masalah kemiskinan termasuk permasalahan ekonomi di Indonesia. Namun penerimaan dana zakat saat ini hanya berkisar 6,2 triliun Rupiah Pendapatan ini masih bisa dikatakan kecil jika dibandingkan potensinya penerimaan zakat yang ada. Melihat hal tersebut, strategi untuk meningkatkan dan optimalisasi penerimaan dana zakat sangat diperlukan. Karena itu, Penelitian ini bertujuan untuk mengetahui efisiensi penerimaan dana zakat dan menganalisis efektivitas pengelolaan dana zakat, serta strategi yang diterapkan akan dilakukan oleh lembaga zakat. Penelitian ini menggunakan metode data Envelopment Analysis (DEA) dalam menghitung efisiensi penerimaan dana zakat per tahun, menggunakan metode Allocation to Collection Ratio (ACR) di menghitung efektivitas pengelolaan dana zakat, dan melakukan wawancara mengenai strategi penerimaan dana zakat. Hasil penelitian ini menunjukkan bahwa rata-rata efisiensi penerimaan dana zakat dari kelima lembaga tersebut memiliki nilai 0,963. Sedangkan rata-rataefektivitas kelima institusi tersebut memiliki nilai 98,54% atau bisa dikatakan sangat Efisien karena dekat dengan 1. Di sisi lain, strategi penerimaan dana zakat di lembaga atau Lembaga zakat telah berevolusi untuk beradaptasi dengan perkembangan teknologi Kurangnya kesadaran masyarakat membuat realisasinya masih jauh dari potensi yang ada.

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Zakat is one of the alternative instruments offered by Islam which is able to be a solution to the problem of poverty including economic problems in Indonesia. However, the current receipt of zakat funds is only around 6.2 trillion Rupiah. This income can still be said to be small when compared to the potential existing zakat receipts. Seeing this, a strategy to increase and optimize the receipt of zakat funds is needed. Therefore, this study aims to determine the efficiency of receiving zakat funds and to analyze the effectiveness of zakat funds management, as well as the strategies implemented by zakat institutions. This study uses the data Envelopment Analysis (DEA) method in calculating the efficiency of receiving zakat funds per year, using the Allocation to Collection Ratio (ACR) method in calculating the effectiveness of zakat fund management, and conducting interviews about zakat fund acceptance strategies. The results of this study indicate that the average efficiency of receiving zakat funds from the five institutions has a value of 0.963. While the average the effectiveness of these five institutions has a value of 98.54% or can be said to be very efficient because it is close to 1. On the other hand, the strategy for receiving zakat funds in zakat institutions or institutions has evolved to adapt to technological developments.

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