World Summit on Management Sciences
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Accepted Abstracts

Islamic Economy Mechanism to Address Poverty

Al siddig Talha M Rahma*
Al Imam Mohammed Ibn Saud Islamic University, Saudi Arabia

Citation: Rahma ASTM (2020) Islamic Economy Mechanism to Address Poverty. SciTech Management Sciences 2020. Thailand

Received: April 27, 2020         Accepted: May 06, 2020         Published: May 06, 2020

Abstract

     The paper aims to demonstrate an economic model capable of achieving an economic balance and addressing the differences between the various social groups through the experiences of some countries that started applying zakat and working to eradicate poverty and the resulting famines, unemployment, deviation and rebellion ... which are the biggest problems that threaten societies and countries today

 In the wake of the recurrent economic, financial and social crises that all countries of the world suffer from without exception, especially in recent years, the role of Islamic finance institutions (banks, takaful insurance, and endowments) has emerged and has an effective presence and role in the components of the global economic system today, which is This prompted international academic institutions to include Islamic economics courses in their educational curricula. Therefore, attention was paid to the role of Zakat as a mechanism imposed in Islamic legislation to bridge the resource gap in order to alleviate poverty

     This paper focuses on zakat - as an ideal economic model as a divine theory to achieve a balance between rich and poor not only in Islamic society but for all societies on the global world. The paper also reviews multiple models and efforts to support and develop zakat to address the problem of poverty in the worldwide.

Keywords: Sustainable Development, Zakat, Poverty Alleviation