Munich Personal RePEc Archive

The Nature of Infaq and its Effects on Distribution of Weal

Aziz, Farooq and Mahmud, Muhammad and Karim, Emadul (2008): The Nature of Infaq and its Effects on Distribution of Weal. Published in: KASBIT Business Journal No. 1(1): (31. December 2008): pp. 44-48.

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Abstract

Infaq is one of the basic terms of Quran, which is used in Quran, at almost sixty places. It is basically pious spending in the way of Allah. It has a significant importance in Islamic economic principles, with reference to redistribution of wealth and elimination of poverty. At different places Quran has described its different aspects, e.g. its need, conditions, ways and monetary and non monetary results. It is used by holy prophet, Peace be upon him (P.B.U.H) at different occasions to fulfill the needs of individuals and society as well. In order to ensure the better distribution of wealth which is the need of time, it is necessary to follow the orders of Infaq as given in Quran, and also the guidelines provided by holy prophet P.B.U.H., therefore, the basic objective of this paper is to analyze the role of these spending particularly infaq as a tool of equitable income distribution in an Islamic society.

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