Zakat on wealth and asset: Lessons for SDGs

Abstract

The chapter has developed a framework to examine the relationships between the dimensions of Zakat and SDGs dimensions. This Zakat-SDGs framework can provide the basis for measuring the role of Zakat toward achieving SDGs and beyond. The analysis on the relevance of SDGs to the role of Zakat has implications for the kind of reforms that SDGs need to undertake to do justice in measuring the performances of Islamic social finance institutions such as Zakat. This chapter, after the introduction, proceeds as follows: section "Overview on the Role of Zakat toward Socioeconomic Development" provides an overview of the role of Zakat toward achieving socioeconomic, moral, spiritual, and religious development. Section "The UN Sustainable Development Goals (SDGs)" focuses on SDGs. Section "Developing Zakat-SDGs Framework" develops the Zakat-SDG framework for comparing their dimensions. Section "Analysis of the Zakat-SDGs Framework" analyzes the Zakat and SDGs dimensions embodied in the framework. The final section "Conclusion and the Way Forward" concludes the chapter and provides suggestions for way forward.