Islamic Zakat

Definition

Islamic Zakat refers to a mandatory charitable contribution in Islam, where Muslims who meet the necessary criteria are required to donate a portion of their wealth to support those in need. It is considered one of the Five Pillars of Islam and serves as a means of purifying wealth and ensuring social justice.

Related terms

Tithing: Tithing refers to the practice in Christianity where believers contribute 10% of their income or produce towards supporting religious institutions and aiding those in need.

Redistribution Policies: Redistribution policies involve government initiatives aimed at reducing economic inequality by taking from the wealthy through taxes and providing assistance or resources to those with lower incomes.

Communal Sharing: Communal sharing is an economic strategy found in some indigenous societies where resources are collectively owned and distributed among community members based on their needs rather than individual accumulation.