The forum emphasized on integrating Zakat and Waqf in a way that transforms lives and strengthens communities. There is need for collective vision encompassing the individual, the family, and the wider social order, fostering a comprehensive approach to socioeconomic development.
Shah Waliullah in Hujjat Allah Ul Balighah writes that exchange is of different kinds. Goods for goods or goods for services. There are people with surplus funds and some with deficiency of funds. This requires transfer of resources for need fulfillment without counter value as in Zakat and Sadaqat.
Experts urge adopting Islamic Economics to meet Sustainable Development Goals at Ist Islamic Economics and Development Conference at Quaid e Azam University Islamabad on December 7, 2023.
The aim of Islamic social finance is to support socio-economic empowerment, progress, and the development of society. Pooling resources from social finance instruments, like Zakat (alms giving), Waqf (endowments), Qardh al-hasan (interest free benevolent lending), Takaful, and Sadaqah (charity), can establish and lead to growth of lower-income micro-enterprises in the country.
The purpose of this paper is to deliberate on the establishment of Zakat on oil and gas in Malaysia. Similar to gold and silver, oil and gas are valuable minerals, which, upon extraction, should be subject to Zakat payment. In Malaysia, however, this is not the case. The authors argue that Zakat calculation for oil and gas can involve Nisāb adjustment, but not the Hawl (the requirement for one full Islamic year of ownership for the assets), by analogy with Zakat on agricultural produce.
This research study calculates potential Zakat proceeds collectible in Bangladesh by using both classical and contemporary or alternative Zakat calculation methods. The results reveal that the percentage of potential Zakat collectible amount to GDP is significant as the estimates range between 2.3% to as much as 3.8%.
Zakat helps poor to meet their essential needs even in an inflationary environment. Contrarily, higher indirect taxation results in inflation. However, Ushr, which is a form of Zakat would produce results otherwise by helping poor and needy people who are affected the most from inflation.
A key maxim of Islamic jurisprudence suggests that in the matter of commercial transactions, everything is deemed permissible unless explicitly stated otherwise. As long as the transacting parties adhere to the principles of Islamic jurisprudence while applying the benchmark to their transaction, it is acceptable to utilize a consensus methodology. In place of risk free rate or base rate of expected return on investment, some thinkers in Islamic finance suggest the possible use of Zakat rate.
The noted authors explain that the main contribution of this study is to present a model in which juristic and moralist positions are endogenized and augmented to constitute Islamic social welfare function.
The discussions in the forum emphasized on creating synergy between Zakat and Waqf and integrate both the institutions together in institutional design and delivery as well as in public and social policy in member countries.
Islamic Economics Project 