Zakat as a Benchmark to Evaluate Economic Growth: An Alternative Approach

Abstract

The purpose of this paper is to determine the need of Zakat as a financial system in order to evaluate the growth of economic. Reviewing the conceptual framework of Islamic economic to propose an alternative model in order to contribute significantly to the Ummah and serving the nations. This paper concludes to be regarded Zakat as one of the proper method to measure the economic growth, which means, when people pay Zakat the level of economic growth will be higher and vise versa. In other words, the commitments of Muslims to pay Zakat to the eight categories to achieve sustainable development in terms of redistribution of wealth between Muslims as well as bridging the gap between the rich and the poor in the society. This paper also contributes to consider Zakat as a proper index to measure economic growth through a number of methods to evaluate the economic growth.

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