NZF Chief Executive advocates for a Zakat-style approach to tackle growing inequality.

 

5th February 2021

The global finance industry has been making headlines recently, with uncertainty growing on Wall Street and other financial centres. Iqbal Nasim, former investment banker turned NZF Chief Executive and Zakat specialist has taken the opportunity to write a powerful article, published today in Newsweek, advocating the benefits of a Zakat-style wealth tax to tackle rising inequality and stimulate growth post-COVID.

“The GameStop raid, and other similar actions that will surely follow, is an attempt to redistribute trapped wealth through the economy, from the hands of hedge funds to the pockets of the average citizen,” Nasim writes.

“These actions have the effect of a wealth tax, but implemented from the bottom up with potentially damaging side effects. Governments should think carefully about engineering the same result in a far more sustainable way from the top down, to reduce inequality and stimulate economic growth post-COVID.”

At NZF, we see first-hand every day the practical power Zakat has to help people in need and create a more thriving, closer community where everyone has the chance to succeed and overcome their financial circumstances. The recent events on Wall Street are the latest example of why such an approach to social welfare is important and could have many benefits to wider society if it can be replicated.

Read the full article here: https://www.newsweek.com/gamestop-raid-shows-its-time-wealth-tax-opinion-1566982

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