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Importance of Zakat in Maintaining Balance in the Global Economy

Preface:

There is a black cloud of trust in the sky of the global economy. And The balance of economy is decreasing day by day because of mentality of accumulating wealth. Economic imbalance is enough to destroy the economic system of a country. Islam gives us a complete code of life. It shows the way how the balanced economy is sustained in a country. Zakat is the way to sustain a economic balance in a country. This article describes the importance of zakat in protecting economic balance in the world.

The situation of the global economy:

The IMF’s annual report on imbalance in international standers says, the risks of incompatibility between global savings and expenditures are more dangerous than the global financial crisis of 2008. All over the world Man are appeared in competition to be a millionaire for this the total economic system is accumulated to some people.

Attitude of Islam towards accumulation of wealth:

Islam is a balanced code of life. Its all directions are suitable for human being around the age. Islam does not allow accumulation of wealth to some people but It demands that the wealth of the world should be distributed to the whole people of the world. Because All the people have right to alive in the world with their fundamental rights. 

Alarms at accumulation of wealth:

Accumulation of wealth without giving its zakat is totally prohibited in Islam and it is approved by the Quran and Sunnah. Alarming at accumulation of wealth Allah, the Almighty said in Quran,

و الذين يكنزون الذهب و الفضة و لا ينفقونها في سبيل الله فبشرهم بعذاب أليم يوم يحمى عليها في نار جهنم فتكوى بها جباههم و جنوبهم ظهورهم هذا ما كنزتم لأنفسكم فذوقوا ما كنتم تكنزون (التوبة)

Those who store gold and silver and does not spend in the way of Allah, inform them a painful punishment. On the day when they will heated in the fire of hell, then their foreheads and their sides and their backs will be branded with them: “This is what you stored for yourselves, so taste what you used to stored.”[1]

Zakat and balanced economy:

Balanced economy of a country can be maintained with Zakat. For this  Allah, the Almighty make it compulsory for every rich Muslim. If any Muslim on whom zakat is obligatory does not pay zakat he will be punished by Allah. Now it is described below how economic balance will be maintained with zakat.

Bringing circulation of wealth:

One  of the way of bringing balance in economy of a country is not to accumulate the whole wealth to some people; rather it should be circulated to people of  different level. Indicating it Allah, the Almighty said,  

كي لا يكون دولة بين الأغنياء منكم (سورة الحشر)

 Means that , so that the wealth may not to circulate solely between the rich among you.[2]Receiving part of wealth from wealthy and giving it to the poor people around them will make the balance of wealth in a society. And this is one of  the objective of zakat.

The Prophet (SM) said, إن الله افترض عليهم صدقة في أموالهم تؤخذ من أغنيائهم و ترد على فقرائهم  Surely, Allah, the Almighty make giving zakat of their wealth compulsory which is received from wealthy and distributed to poor among them.

Zakat & Transparency of wealth:

Now a days we see some of people hide their wealth to escape from giving tax. Because they want to be a millionaire by accumulating their wealth. They are not transparent in their income, some of people does not know how much money they have, where as many people are dying without food, pure water & nutrition around them. For this Islam order the wealthy to give zakat of their wealth for not to be created this situation.

Eradication of Poverty from the world:

All the over the world the governments are trying to eradicate the poverty from their country and they are taking many steps to do it. Even United Nations Development Programme (UNDP) has declared Sustainable Development Goals (SDG) to eradicate poverty form the world. And the Countries are going with this goals. So, it means that, All are trying to alleviate poverty form their society. But it will not without pure distribution of wealth. When the total wealth is confined into some people onlythey will more wealthy because money makes money. For this Zakat is must to diminish the poverty from the world. Only Zakat ensures the circulation of wealth among all level of people. Thus poverty will not remain in our society. Understanding that, The Speakers of the meeting arranged by CZM said, If Zakat is given of wealth what Bangladesh have there will have no poor in our country.[3]

Decreasing crime rate:

It is said, “Necessity knows no law” When a poor does not get any food he will involve in crime. And absolutely , it is not fair for anyone even a rich. Specially the rich have to suffer that because they are targeted by criminal. So, To decrease crimes from the society, to live free form crimes alleviation of poverty is must and Zakat has a vital role in this case.

Rehabilitation of Refugee:

In present world there are many refugees ‍are created around the world on account of inter-domestic war and global terrorism and they alive without lives. They need food, drink, treatment, safety and nutrition etc. in this situation Zakat can solve the that problems.

Social Harmony and Justice:

Zakat bridges the gulf between the haves and the havenots. In capitalistic economies, we see that the wealth accumulates into a few hands and the condition of the poor further deteriorates. One of the purposes of Zakat is to avoid such social disparity. The HolyQuran Says, و ما آتيتم من زكاة تريدون وجه الله فأولئك هم المضعفون That which you give in zakat, seeking Allah’s countenance, has increase manifold.[4]

Conclusion:

Zakat inculcatesthe spirit of goodwill, cooperation and brotherhood in upholding socialsolidarity in the society. It is very much cleared and proved that the System ofZakat plays effective and successful role in developing the social life and moral values of Muslim society. It must be clear that Zakat is a portion of a charitysystem of Islam, otherwise, there is a good range of ‘Sadaqat’which are not compulsory. They can play miracles if properly institutionalizedby the state.


[1]Al-Quran, Surah al-Tawbah, verse no: 33-34;

[2]Al-Quran, Surah al-Hashar, verse no:7

[3] 4th Zakat fair, arranged by Center for Zakat Management (CZM)

[4] Al-Quran, Surah al-Rum, verse no:39

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