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All Journal International Journal of Zakat (IJAZ)
Muhammad Jaffer Asif
Institute of Business Administration, Karachi
Religion

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Zakat Charity and Wealth Distribution: An Agent Based Computational Model Muhammad Jaffer Asif
International Journal of Zakat Vol 7 No 1 (2022): International Journal of Zakat
Publisher : Center of Strategic Studies (PUSKAS) BAZNAS

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37706/ijaz.v7i1.340

Abstract

An Agent Based Model (ABM) of wealth distribution (Wilensky, 1998) that creates representative Pareto pattern of wealth distribution, is customized to introduce Zakat (a charity in Islamic Finance @2.5% of net wealth). The impact of this small charity on the part of the rich changed the Pareto distribution of wealth in the model into a normal distribution. The redistribution as a result of Zakat also increased the net wealth of the model as a whole, thereby stimulating economic growth. The results stresses the importance of non-conventional handling of the issue and highlights the role of small charities in improving economic wellbeing.
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