Explorative study on the role of zakat in achieving equitable wealth distribution tool in Islamic economics.

Sharofiddin, Ashurov and Said, Osman Abdirisak and Othman, Anwar Hasan Abdullah (2021) Explorative study on the role of zakat in achieving equitable wealth distribution tool in Islamic economics. In: 1st International Research Conference on Shariah Compliant Industries (IRCSCI) “Shariah Compliant Industries: Global Economic Development”, 09-11 Feb 2021, Kuala Lumpur.

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Abstract

Islam is devoted to global economic brotherhood and social justice. Nevertheless, the Islamic religious principles, as well as for instructions of union and community fairness, would not certainly be significant unless guided. Along with economic justice and Zakat as a social instrument, is considered as the basis of the distribution of wealth in Islam and the most successful tool for eradicating and reducing poverty and other economic and social imbalances. The study is explorative in nature and using a qualitative method with relevant document collection which analyzed the role of Zakat in achieving equitable wealth distribution. The result of the study confirms that if the Zakat fund collected efficiently and disbursed adequately to the deserving members of the society, it will guarantee equitable wealth distribution among Muslim society. As a result, it recommends for zakat institutions to develop a sophisticated platform for an efficient zakat collection and effective distribution mechanism to ensure achieving a fair, unbiased wealth and equitable income distribution.

Item Type:	Conference or Workshop Item (Plenary Papers)
Additional Information:	8755/89248
Uncontrolled Keywords:	Zakah, wealth distribution, Islam, social welfare, equitable.
Subjects:	BPH Islamic Economics > BPH531 Zakat H Social Sciences > HB Economic Theory > HB126.4 Islamic Economics
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Institute of Islamic Banking & Finance (IIiBF)
Depositing User:	Dr Sharofiddin Ashurov
Date Deposited:	17 Jun 2021 10:37
Last Modified:	17 Jun 2021 10:37
URI:	http://irep.iium.edu.my/id/eprint/89248

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