slam condemns the institution of interest in all its forms and strongly urges its total elimination. The motive force it presents in place of interest, to move the economic wheel, is called Zakat. Obviously, I cannot treat this subject in detail in the time available, and will, therefore, just say a few words on the methodology adopted by the Quran to present the essence of its teachings in this important sphere. Zakat is a system of taxing capital, realised from the well-to-do. Apart from meeting the demands of the State, this tax is intended to meet the needs of the poor. In other words, this system not only meets the requirements of the government machinery, but also guarantees to fulfil the demands of social welfare. All that has been done is to lay down the basic principle, leaving it to those with insight and understanding to settle the details in accordance with the conditions prevailing in a particular environment at a given time. The Quran says that in the wealth of those who possess over and beyond their basic needs, is also the share of those who are unable to meet their basic needs and are considered deprived in their environment. This clearly establishes that it is the right of every person to have certain basic necessities of life provided to him in every land and society, and those made responsible for meeting this obligation are the ones who possess more than their basic needs, leaving it to the State to decide upon the modus operandi, which is to ensure that the system is fair, just and equitable and adequately fulfils its basic purpose.
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