improving social welfare and justice through islamic social financing instruments in islamic societies (ali naqee, mustafa kazmi najafabadi)

Unjust economic development that is based on toxic views of materialism, has indulged humanity in serious spiritual diseases like avarice, greed, seflishness, cruelty etc. that,s why in contemporary world improving social welfare and justice has become final goal of economies. this paper examines the role of islamic financing instruments in improving the level of social welfare and justice in islamic societies, using descriptive - analysis research methodology. according to islamic teachings welfare and justice cannot be achieved but through the mutual cooperation among economic agents and members of the society. result of this study reflects that freedom, equality and social solidarity are the logical and foundational pillars of social welfare and justice in islamic framework. zakat, khums, qarzul hasana, infaq, sadqat, waqf are basic and important social financing instruments in islam. they play major role in yielding the justice and welfare in islamic societies along with sharpening economic development and growth. these instruments can be used as a tool of monetary and fiscal policies in muslim countries. all contributions under the head of different islamic financing instruments should be collected and consumed systematically, nationally and internationally, it may change life standard of the residents of muslim countries. if all muslim countries establish an international fund for collecting and spending zakat and other islamic social financing products, it will not only eliminate poverty and bring economic self-sufficiency but will also converge muslim ummah and then ummah will not be the sign of foreign aggression.