Daily Archives: August 9, 2012

The Institution of Zakat

August 9, 2012   Islam, Ramadan
The institution of Zakat works to fulfill the basic needs of the Muslim community. It strikes a balance between the economics of socialism and its call for equal distribution, and that of capitalism and how it concentrates wealth into the hands of the elite. Zakat is not simply regarded as a tax, it is an act of worship which may be described as financial worship. Failure to properly discharge the obligation is a sin that incurs Allah's wrath and is a cause for the loss of divine protection over one's assets. It is also regarded as a factor that may justify punishment in the afterlife. For Muslims, this is part of the belief system that denies Read more ...
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