Zakat investment in Shariah

Gafoordeen, Nagoor and Mohamed Mohideen, Nayeem and Akbar, Mohamed Aslam (2016) Zakat investment in Shariah. International Business Management, 10 (12). pp. 2398-2401. ISSN 1993-5250

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Abstract

Zakat is an obligatory payment and the idea of zakat investment was initiated by the belief that providing the poor and needy with a non-substantial amount of fund that is mostly used to pay for their expenditure is not enough to undertake poverty. Muslim intellectuals suggested a long-term measure involving the investment of zakat that not only complement the poor with a stream of income that is more consistent and continuous, but also provide a source of income to fund overall Muslim economic development. However, Muslim intellectuals found that investment of zakat may make the payment legally vulnerable from the Shariah (Islamic law) point of view. Thus, many fatwas and views have been expressed by the Muslim intellectuals as guidelines to ensure that the investment activities conform to Shariah. This study examines contemporary intellectuals’ viewpoints of zakat investment.

Item Type:	Article (Journal)
Additional Information:	9388/79746
Uncontrolled Keywords:	Istithmar, Shariah, Zakat investment, Income, Economic
Subjects:	B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc > BP1 Islam > BP100 Sacred books > BP140 Islamic law (Fiqh) BPH Islamic Economics > BPH531 Zakat H Social Sciences > HB Economic Theory > HB126.4 Islamic Economics H Social Sciences > HG Finance > HG4501 Stocks, investment, speculation
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User:	Dr Mohamed Aslam Akbar
Date Deposited:	16 Apr 2020 12:17
Last Modified:	16 Apr 2020 12:21
URI:	http://irep.iium.edu.my/id/eprint/79746

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