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  • Essay / Zakat Analysis - 827

    BIG PROBLEMIslam is a religion that guides us in all aspects of social life through the Quran. The Quran also gives advice on financial and economic structure. Figures show that only 20% of the world's inhabitants live in a high level of comfort and luxury, while the vast majority of the population faces poverty, ignorance, malnutrition and many among them live on less than a dollar a day. The gap between the two lives widens day by day. The widening of this gap is facilitated by certain policies that disrupt the income and wealth of both parties. It is strange that such situations come from the same country, where some areas/segments/groups are harshly facing the manifestations of low living standards, while others are living in the same country in a totally different life of luxury and wealth . All of this is due to either procedures leading to poor distribution of income and wealth, or policies that would widen the income gap, or both. Zakat is obligatory for all Muslims, men and women, who possess a specified limit of wealth, to pay annually. a recommended share of capital or savings such as agricultural products, livestock, businesses, cash and precious metals such as gold and silver. The Quran mentions Zakat more than eighty times. It is a duty of Allah similar to the duty of “Salat”. Zakat, if observed and performed according to Allah's commands, is capable of eliminating poverty and income inequality among Muslim populations. As one of the pillars of Islam, Zakat can eradicate poverty and achieve equality in income distribution among members of the Muslim community. It should be noted that the financial assets of banks for rich Arabs, their amount is higher. that 1190 ...... middle of paper ...... "(6:165) Zakat can prove to be a real blessing if it is used for productive and constructive purposes for the permanent benefit of the poor. So only Will it encourage investment and saving? Distributing money directly to the poor and needy after taking it from the rich is not enough at all. Zakat is the basis of our economy. we use this Islamic institution intelligently, remove it with the old feudal system and elimination of corruption, the country can be transformed into a real welfare state.TECHNICAL Data is collected through various related articles and journals. to Zakat and its impacts on the economies of different countries. TIME/BUDGET This research is entirely based on reading articles and journals from different sources which are related to the impact of Zakat on the economy of a country and the search takes approximately 2 to 3 weeks.