Zakat as a finance source in Islamic economics

This study examines the institution of zakāt, one of the fundamental components of the Islamic economic system, as an alternative financing model in response to the socioeconomic injustices generated by the modern capitalist economy. The dominance of capitalist structures has increasingly confined access to finance within the control of specific interest groups, thereby exacerbating income inequality and reducing the concept of social welfare to a set of narrow economic indicators. Within this context, the thesis analyzes zakāt not merely as a personal act of worship, but as a systematic and institutionalized mechanism aimed at maintaining economic balance, drawing on classical fiqh and historical practices. The research investigates the legal foundations, distributive principles, and societal impacts of zakāt through a holistic approach. The findings indicate that when implemented within an institutional and systematic framework, zakāt has the potential to play a significant macroeconomic role in addressing unemployment, reducing income disparities, enhancing economic productivity, and ensuring social justice. Moreover, the study concludes that the establishment of a transparent, digitally supported, and traceable zakāt system by the state could substantially contribute to national development, and that zakāt can be positioned as a strategic economic instrument in promoting sustainable development, social cohesion, and economic justice.