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Economics are closely related to the life and livelihood of the people. If there is no fair, equitable
economic system in a country, balanced distribution of wealth is hampered; discrimination and
deprivation form a significant figure. In this circumstance, there is such a sever situation that a
few people of the society hold the monopolistic economical power and dominate the rest of the
class of people living in the society. The dominated class of people can not see happiness even in
their dreams.

Before the advent of Islam, the world's dominant domination of the feudal masters and the
dominant domination of the world kept the world humankind alive. After the death of ordinary
people, the peace in the grave could not even think about it. People have been selling in the
market, like cows and goats. Slavery customs became very extreme

Islam came and saved humanity from that grave situation, provided an economic system that
eliminated all discrimination and inequality, and guided the way to establish an unparalleled
equality society with justice. In this economic system, there is no scope to defame any right of
any person in society and to destroy anybody's interests. This economic ideology guarantees the
opportunity to work for a happy and beautiful life, which gives human values a strong
foundation.

The almighty Allah has decorated the earth for the livelihood of the people in the world in a vast
way. He has given uncountable blessings to the people. He said: “I have spread the earth and
have set the mountains in it, and I have created everything in it, and made provision for it for
you, and for those of you who do not have livelihood. I have the vast wealth of things and I
provide it with a known quantity (Surah Hizrat: Ayat 19-21).

To improve the economic life of the people, Islam has provided economic
policies in which the balanced distribution system of wealth has been
formulated in a nicely manner. Islam emphasizes the role of both physical and
intellectual labor in the case of earning livelihood. According to the level
of skill and labor, someone earns more while some other earn proportionately
less. Someone becomes helpless in spite of the hard work due to the victims
of the situation while Someone else becomes oppressed by deprivation. Islam
has given such an economic system to resolve this inequal state in which there
is no scope to denounce the right of a person or there is no scope to deprive
anyone of basic necessities of food, clothing, shelter, education and
medicine. All the ways to accumulate monopoly capital in Islam have been
blocked. Such a ethical policy has been introduced in the sphere of islam
which breaks up the walls of class-divided society, sets up path to create a
unique, non-exploited society. As a result, in the past there was such a time
when everyone of the society was zakat giver not zakat taker.

Zakat is the main source of the economic system of Islam. The word zakat is
derived from the meaning of purity, growth. Zakat purifies the Zakat-giver
from the sin and miserliness. In the Qur'an, it has been said: “the zakat
that you give to Allah's satisfaction, your wealth increases (Surah Al-Room:
Verse 39).” Zakat is one of the five pillars of Islam. It has been mentioned, along with daily
Prayers (Salaat / Namaz), over seventy times in the Quran. Allah's word commanding ".....and
establish regular Salaat and give regular Zakat....." are referred to in many parts of the Quran.
From this we can conclude that after Salaat, Zakat is the most important act in Islam. Just as
Salaat is the most important act of worship which has to be performed bodily, so is Zakat the
main act of worship which has to be performed monetarily. Those who fulfill this duty have been
promised abundant reward in this world and hereafter. Whoever evades Zakat has been sternly
warned in the Qur'an and Hadith of the consequences. Linguistically, Zakat has two meanings:
purification and growth. Technically, it means to purify one's possession of wealth by
distributing a prescribed amount to the poor, the indigent, the slaves or captives, and the
wayfarer. There are many major benefits of giving Zakat:

It reminds Muslims of the fact that whatever wealth they may possess is due to the blessings of
Allah and as such it is to be spent according to his commands.

Zakat functions as a social security for all. Those who have enough money today pay for what
they have. If they need money tomorrow they will get what is necessary to help them live
decently.

Zakat payer pays his dues to Allah as an act of worship, a token of submission and an
acknowledgment of gratitude. The receiver of Zakat receives it as a grant from Allah out of his
bounty, a favor for which he is thankful to Allah.

Economically, Zakat is the best check against hoarding. Those who do not invest their wealth but
prefer to save or hoard it would see their wealth dwindling year after year at the rate of the
payable Zakat. This helps increase production and stimulates supply because it is a redistribution
of income that enhances the demand by putting more real purchasing power in the hands of poor.

Zakat is obligatory upon a person if:

He or she is an adult, sane, free and Muslim.

He/she must possess wealth in excess of specified minimum (Nisaab) excluding his or her
personal needs (clothing, household furniture, utensils, cars etc. are termed article of personal
needs). The amount of wealth which makes one liable for Zakat is called Nisaab.

It should be possessed for a complete lunar year.

It should be of productive nature from which one can derive profit or benefit such as
merchandise for business, gold, silver, livestock etc.
Denying the poor from zakat, who get self-esteem by building up hills of
wealth and show the arrogance of being rich people, a severe punishment has
been declared for them in the Islam. Hazrat Abu Bakr (R.A) announced the war
against the people who did not give Zakat.

Those who accumulate wealth without giving zakat and do not spend in the way
of Allah, the Quran has declared the severe punishment for those.

Equitable distribution system has been formulated in accordance with the economic policies that
Islam has provided to improve the economic life of the people. Allah Jalala Shanuhu owns
everything. He is the Lord of the World The meaning of Rabsh is very broad. In the
understandable sense, the Lord is the Creator, He is the Savior, He is the Owner, He is the
Creator, He is the inventor, He is the Protector, the Sustainer, the Magnifying. He has defined
any legal, illegal, what should be done, what should not be done, what is lawful, and what is
unlawful. There is no god except Him - La ilaha illallah, there is no master except Him - La
Malika Ilallah Allah He is the only one who has the right to sovereignty. Under the sovereignty
of the whole world world. The Quran has said: Do you not know that the sovereignty of the
heavens and the earth is the only God? You have no protector besides Allah and no helper.
(Surah Al-Baqarah: Ayat 107).

Islam emphasizes the role of both physical and intellectual labor in the field of Rozi-Rozgar.
According to the level of skill and labor, someone earns more, some of them earn less than
proportionately. Someone becomes helpless due to the hard work of the people, or someone
becomes oppressed by deprivation and becomes proletarian in the field. Islam does not have the
opportunity to curtail the fair rights of any people in the economic system that resolves this
unequal state, there is no scope to deprive anyone of basic needs of food, clothes, housing,
education and medicine. All the ways to accumulate monopoly capital in Islam have been
blocked. In the economic cycle of Islam, there has been a stream of streams which have broken
down the walls of the divided divisions and established the road to create a unique society
without the needless, which has resulted in a time that every member of the society became
Zakat, The zakat lanewala could not be found anywhere.

Zakat is the main source of the economic system of Islam. The word zakat is derived from the
meaning of purity, growth. Zakat purifies the Zakat from the sin and miserliness. In the Qur'an, it
has been said: In the zakat that you give to God's satisfaction, your wealth increases (Surah Al-
Room: Verse 39). This Zakat is one of the fifth pillar of Islam. According to the instructions
given by Zakat, eight areas are mentioned in the Qur'an Majid. It has been said: Sadaka (Zakat)
is only for the destitute (fakir), the needy (misinterpreted) and the well-known employees
(Ameel), for those whose hearts are attracted, for the release of slaves and debt burden, for the
way of Allah (Fei Sibilah) and pilgrims (Surah Taal: Verse 60) Islam's zakat provision gives
economic balance. It can also be called an effective system of socio-economic equality. Zakat
has ensured the right of wealth in the wealth of the rich, and the wealth of the rich man has kept
the property holy.

Zakat provision in production, consumption and distribution system is a perfect revolutionary

ideology in the world economic system. There is no alternative to zakat to bring socio-economic
equality to meet the minimum demand of every human being. In this, Haqqullah-Alaal Haq and
Haqqul Ibad-Badaar are in the hood. As Allah's worship is done by Zakah, Allah's satisfaction is
achieved through the blessings of Allah's servant. According to a Hadith narrated by Abdullah
bin Mas'ud, that the Prophet (peace be upon him) said to Prophet Muhammad on the eve of
sending him to Yemen, he would call them (Yemen's people) that Allah There is no god but I
and Allah (peace be upon him), the Messenger of Allah testify to this claim. If they accept you,
they will inform them that God has made Sadaqah (zakat) obligatory on their property. It will be
collected from the rich among them and distributed among the poor among them (Bukhari
Sharif).

It is to be noted that the main purpose of Zakat is to earn a certain portion of the wealth of wealth
and give it to the naught. This dynamism of wealth is a powerful tool to reduce man-to-person
discrimination. Zakat only plays a role in poverty reduction.

Those who deprive the poor of Zakat, who are self-satisfied by raising the mountains of wealth
and visiting the arrogant arrogance of the rich, have severe punishment for them. Hadrat Abu
Bakar Siddiq announced the war against those who did not give Zakat, Rasulullah Allaah, Zakat.
Those people who do not spend zakat and do not spend in the way of Allah, the punishment of
the Quran has been announced against them: And those who accumulate gold and silver and do
not spend in the way of Allah, tell their grievous punishment. On the day when the gold (silver
and gold) will be heated in the fire, and it will be given to them in the forehead, the side and the
surface. On that day it will be said, This is what you accumulate for yourselves (Surah Taraat:
Verse 34-35).

In the Qur'an, there is a clear direction of how much a person can enjoy his earnings, and how
much he will spend for himself, how much he will spend for the deprived and destitute. There
was no scope for miserliness and waste or waste. The Quran has said: Do not touch your hand on
your neck and do not stretch it completely. If you do this, then he will be condemned and will
become poor. (Surah al-Isra'el: Verse 29). Islam has completely prohibited immoral activities
such as surcharges, speculation, adulteration, smuggling and black marketing etc. The Quran has
said: Hell will call on the person who turns the back of the truth and turns away, and whoever
accumulates wealth and hovers (Surah Ma'arij: verse 17-18).

As far as agricultural development and production is concerned, as much waste is being used in
the use of generating crops, the economic development of human society occurs. The Quran has
said: It is God who has created pearls and tree gardens and has created palm trees, food grains,
jaytun and pearls of different tastes - they are similar to each other, and are also incomparable.
When it is fruitful, eat its fruit and give it on the day of harvest, and do not waste it, because he
(Allah) does not like the waste (Surah An'am: Ayat 141). There is no chance of earning money
through illegal means or torture in Islam. The Quran has said: O Believers, do not consume one
another's wealth in the wrong way, but the trade between you and the people in agreement with
each other is legitimate (Surah Nisa: Verse 29).

Delivering the buyer by buying or selling goods in Bangladesh, less weight or less, has been
declared illegal. The Quran has said: The evil consequences for those who give lesser
measurement, who take full advantage of the time when they are measured from the people and
when they measure or weigh them, then give less. Do they not think that they will be resurrected
on a terrible day? On the day when all the people will stand before the Lord of hosts (Surah
Mutafifeen: Ayat 1-6).

Trade has been made lawful in Islam and interest has been prohibited. In the Qur'an, it has been
said that Allah has made merchandise lawful and forbidden it to interest (Surah Al-Baqarah:
Ayat 275). O you who believe! Fear Allah and leave what is owed, if you are believers. O you
who believe, do not charge interest on compounding, and fear God, that you may succeed.
(Surah Al-Imran: Ayat 130). The Prophet (peace be upon him) cursed both the merchant and the
lender, and detailed the details of the severe punishment that would come upon them in the
Hereafter. There is no interest-free, exploitation-free, corruption-free economic system in Islam.
Only through the economic ideology of Islam can we create a world of true happiness and peace.
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The four basic tenants of the Islamic ethical system mentioned at the beginning
of this paper indicate that Islam view society as a unified entity, a general
equilibrium approach to development. It also provides for an adaptive approach to
policy formulation depending on the changing technological and knowledge
environment. There is freedom to develop details based on the basic concept of
‘equilibrating forces’ within and across generations. Furthermore, there is no
forcing of action. Individual freedom and human dignity is supreme although
subject to the axiom of responsibility. This implies that decision makers, given the
right to acquire capabilities and opportunities, make their own allocation decisions
and bare the consequences. Society is committed to provide the necessary
environment for equitable access to capabilities and opportunities as well as
transparency in government. The burden of utilization is on the individuals.
Furthermore, there is a social aspect of every asset owned or managed by private or
public entities. The implication is that excessive consumption of present versus
future generations is not encouraged and should be socially resisted. The
combination of these axioms indicates that policies should not develop
‘dependency’ or non-productive activities. The poor should not be institutionalized
over their life span or across generations. Policies based on transfers that do not
shift the poor from their dependency status should not be adopted except in cases
where such shift is not feasible. The ethical foundation of this analysis is similar to
that embedded in the principles of Islamic finance that prohibit payment or receipt on borrowed funds
that do not allow a just partitioning of risk and returns, it does not allow for a ‘permanent’
mechanism of risk transfer.

Islamic ethics also rely on individual and private action to reduce poverty. The most obvious is
the institution of zakah. Zakah institutionalizes the principle of care on the individual and
community level, essential for the cohesiveness ofIslamic communities. Policies that promote
equitable growth, discussed above, have the same principle. It is part of the overall Islamic Bill
of Rights and Obligations.

In the
case of Islam as an ethical system, it is an accepted premise that policy decisions in
an Islamic society must pass through an Islamic moral filter. The Islamic ethical