Zakat: empowerment and poverty alleviation

Magda Ismail Abdel Mohsin () and Aishath Muneeza ()

Chapter 3 in Inclusive Finance, 2025, pp 35-51 from Edward Elgar Publishing

Abstract: Zakat, a pivotal pillar of Islam, embodies the essence of wealth redistribution and social equity. Functioning both as a spiritual duty and a socio-economic tool, zakat addresses poverty alleviation and empowerment, fostering an equitable society. This chapter looks into the concept, significance, and administration of zakat, exploring its transformative impact on social finance and its integration into Islamic fiscal policy. It highlights various socio-financial products and their roles in uplifting marginalised groups, alongside detailed guidelines for zakat calculation on different assets. The chapter underscores zakat's multifaceted benefits, which extend beyond economic stability to nurturing spiritual growth and social solidarity within Islamic societies.

Keywords: Zakat; Poverty Alleviation; Wealth Redistribution; Social Finance; Islamic Fiscal Policy; Economic Equity; Spiritual Growth (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035348763
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