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Zakat is an important pillar of Islam. It is an obligatory charity for eligible Muslims. Shariah prescribes fairly clear rules on who are liable to pay Zakat and who can benefi t from it. Apart from its religious obligation aspect, the objective of Zakat has more to do with social welfare, minimizing gap in the society, protecting the need of those who are less fortunate, and ensuring more social and economic justice.

By Farouk Abdullah Alwyni

Islamic Finance News