The role of zakat in the realization of poverty reduction and economic sustainability

The paper examines Zakat and its role in graduating people out of poverty and uplifting society in every aspect from an economic standpoint and even an emotional, intellectual, and environmental perspective. The paper also explores the views of the renowned scholars of the past and compares and contrasts them with conventional perspectives on the matter. For this report, the paper used three articles as a reference which had an Islamic economic grounding and two conventional articles; one from the World Economic Forum and the other from a news website written by renowned economist, on how we can use wealth taxes to redistribute the needs of society more equally among the people specifically in modern post-pandemic times. The study begins by highlighting the related problems currently faced by the world, going on to source the root of those problems based on human greed, and how savings are leakage in the economy, then how we can uplift society through Zakat how it betters the world. The paper then compares and contrasts wealth tax and Zakat based on the articles researched. The study finally concludes with a summary of the topic covered. The authors have tried to break down the paper into understandable parts, each comprising a central thought and its supporting details, to enable ease of the transmission of ideas and understanding to the readers