Towards A Unified Zakat System

Fare deemed good for public interest. It was also pointedout that government intervention is limited and does notinvolve competing in the market, fixing prices orcancelling the market price mechanism. Regulations set bythe state must, however, be in conformity with the Shariah.The Islamic economic system is a realistic system, whichrecognises the difficulties surrounding the aim of thewellbeing of people. It does not rely solely on mechanismsor magic hands to solve economic problems. Neither does itrely completely on ethics and moral values to establishequitable distribution of income. While accepting theimportance of economic mechanisms, it does not belittle thepotential of belief in motivating human beings to behave ina responsible manner. Despite not being acknowledged, normsand beliefs continue to exist under capitalism andsocialism. Their role has, however, been minimal as thedegree of motivation has either been small or has notaffected the majority of people.The institution of Zakat and prohibition of riba are notthe only features of Islamic economics, as many mightbelieve. Although these are important parts of Islamiceconomics, there are other principles that are fundamental.Among these are the Islamic moral values and their role in97