Abstract

Today's world is dominated by the self-oriented capitalism while half of its population live on less than $2.50 a day .Numerous strategic steps had been undertaken by several governments, international organizations, NGOs and individuals through various schemes namely; social finance, social business, micro-credit, trust, foundation, ethical fund, charity and alike aiming at poverty eradication by meeting one's basic needs with food, shelter, health-care and education. It is observed that, in reality the true objective of poverty eradication in creating an atmosphere by making one with economic self-reliant, has not been achieved yet. Unless, such scheme is strategized with result oriented poverty eradication plan in creating a micro-entrepreneurship based community through any class of social funds. Zakat is a divine obligatory tax imposed against the wealthier aiming at poverty eradication and helping-hand for those of poor, helpless and underprivileged ones. Thus, it acts in its capacity as a platform in upgrading the economic status of needies. It had been observed that, the most Zakat payers, its managers and recipients are with a traditional mind-set that, Zakat is an obligatory payment to be given away to those of beggars, poor, destitute and helpless ones without thinking for or aiming at any long-term plan in meeting the divine objective (Maqasid al-Shari'ah) of poverty eradication. It is thus closely observed that, today the result oriented poverty eradication with a sustainable socio-economic concern under both the modern humanitarian scheme and the institution of Zakat are poorly focused. In this research an attempt is however made to analyze and submit that, Zakat is not a mere charity to satisfy the beggars in their short-term needs with no plan, but it is indeed a potential platform to create an enterprising and a micro- entrepreneurship with socio-humanitarian impact based community in achieving a sustainable long-term objective of needy eradication.

Keywords: zakat, socio-humanitarian entrepreneurship, sustainability

JEL Classification Code:E62, H21,P51