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In sum, the populist model of Zakat in this era is liable to gross manipulation or rationalistic interpretation by the rich, who can become richer and richer without sharing their wealth with the poor in any substantive way. This has created virtually an Islamic Capitalism that frustrates the Qur’anic message on social justice, and widens wealth gap and income disparity between the rich and the poor in practically all Muslim countries. Hence, there is an urgent need to redefine the base and arithmetic of Zakat to bring it in line with the economic order of this era…..