This research aims to identify, analyze, and compare the utilization of ZIS fund and its implication toward mustahik’s economic welfare at BAZNAS Yogyakarta Municipality and BAZNAS Kulonprogo Regency. The type of this research is qualitative-descriptive. Data were compiled through observation, interview, and documentation. The validity test was done by conducting sources triangulation. The result of the research indicated that the utilization of ZIS fund at BAZNAS Yogyakarta Municipality and BAZNAS Kulonprogo Regency were similar in terms of their programs but with their own respective characteristics. Those programs are Program Jogja Sejahtera and Program Kulonprogo Makmur. Both of them are ZIS fund distribution program for mustahik with productive business. Both of those programs use hibah contract. However, there were some differences in their mechanism, implementation, and their implication toward mustahik. The mechanism and implementation of Program Jogja Sejahtera were better-structured when compared to Program Kulonprogo Makmur. Moreover, the implication experienced by mustahik on Program Jogja Sejahtera was also bigger when compared to that of experienced by mustahik of Program Kulonprogo Makmur, either in terms of their economy or their spirituality.