Tag: Zakah

Money and Deen: Questions Every Muslim Should Reflect On

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Journal text: Money and Deen: Reflections; Halal Earnings, Intention, Zakat and Sadaqah; Questions Every Muslim Should Reflect On: Riba Avoidance, Moderation, Gratitude.

When a Muslim earns or obtains money, it is a fact that the money they receive is part of their deen. Being part of a Muslim’s life should encourage them to swiftly practice the right treatment and careful usage of money, since it reveals their relationship with God. Money is just a medium; thus, when a person obtains it, it brings out their true color or character as a human being through the treatment and usage of the money entrusted to them.

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Zakah Driven Islamic Economy and Interest Driven Capitalism

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Entrepreneurs may have less or more capital than they plan to invest. Owners of surplus capital may withhold it or may make it available to investors. This may be based on profit sharing ratio or interest. In the Islamic system, charge of Zakah assisted by expected share in profit motivates the owners of capital to get it invested while in a capitalist system, interest motivates the capitalist creditors to lend capital for earning interest.

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