Zakat and Economic Development: Micro and Macro Level Evidence from Pakistan

Authors

  • Muhammad Azam Ph. D Scholar, Federal Urdu University, Islamabad, Pakistan Author
  • Nasir Iqbal Staff Economist, Pakistan Institute of Development Economics, Islamabad, Pakistan Author
  • Muhammad Tayyab Research Scholar, AJK University, Muzaffarabad, Pakistan Author

Keywords:

Zakat, transfer payment, social welfare, economic growth,, Pakistan

Abstract

Zakat, as a transfer payment, is an important instrument to achieve social welfare in a society in

 

Islamic ideology. This study attempts to analyze the impact of Zakat on economic development

 

using micro and macro level data for Pakistan. The overall analysis shows that Zakat has a

 

positive impact on economic development in Pakistan. More specifically, micro evidence shows

 

that Zakat significantly enhances the welfare of the households. Macro evidence also highlights

 

that Zakat significantly contributes to economic growth in Pakistan. These findings have

 

important implications for Pakistan.

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Published

2014-06-30

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Articles

How to Cite

Azam, M. ., Iqbal, N. ., & Tayyab, M. . (2014). Zakat and Economic Development: Micro and Macro Level Evidence from Pakistan. Bulletin of Business and Economics (BBE), 3(2), 85-95. https://bbejournal.com/index.php/BBE/article/view/207

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