An analysis of compatibility of alleviation of poverty with distribution of wealth: a study of Islamic perspectives in comparison with the alternative economic systems

Abstract

This study aimed to find the compatibilities between the provisions of alleviation of poverty with the distribution of wealth in the Islamic Perspectives and the provisions of alleviation of poverty in the alternative economic systems with the use of existing secondary sources found in the books, web-based documents, Islamic books, Journals, research papers and the Holy Quran. The methodology used in this study to achieve the objective of the study was descriptive using the secondary data collected from the secondary literatures. The direct care giving and Zakat for destitute, donation motive, circulation of money and provision of subsidy, establishment of social equity, ownership of resources, law of will, and law of inheritance were some of the qualitative variables found in this study, which contributed to alleviate the burning issue of poverty from the Islamic society . The alternative economic systems primarily such as capitalist and socialist were practicing and implementing some of the policy measures known as fiscal policy and monetary policy to eradicate the issues of poverty being faced by the society. This study found that the above qualitative variables or factors being implemented to alleviate poverty in the both economics systems were directly related with redistribution of income and wealth and therefore compatible with the alleviation of poverty. But the effectiveness of the alleviation of poverty in both economic systems varied due to the practical issues.