https://en.wikipedia.org/wiki/Islamic_socialism
Islamic socialism is a term coined by various Muslim leaders to describe a more spiritual form of socialism. Muslim socialists believe that the teachings of the Qur'an and Muhammad—especially zakāt—are compatible with principles of economic and social equality. They draw inspiration from the early Medinan welfare state established by Muhammad. Muslim socialists found their roots in anti-imperialism. Muslim socialist leaders believe in democracy and the derivation of legitimacy from the public.
Abū Dharr al-Ghifārī, a Companion of Prophet Muhammad, is credited by many as a principal antecedent of Islamic socialism.[1][2][3][4][5]
He protested against the accumulation of wealth by the ruling class during ‘Uthmān's caliphate and urged the equitable redistribution of wealth. The first Muslim Caliph Abu Bakr introduced a guaranteed minimum standard of income, granting each man, woman, and child ten dirhams annually; this was later increased to twenty dirhams.[6]
...
Zakat
Main article: Zakat
One of the Five Pillars of Islam, zakāt is the practice of imposition (not charity) giving based on accumulated wealth (approximately 2.5% of all financial assets owned over the course of one lunar year). It is obligatory for all financially able Muslim adults and is considered to be an act of piety through which one expresses concern for the well-being of fellow Muslims, as well as preserving social harmony between the wealthy and the poor.[8] Zakat promotes a more equitable redistribution of wealth and fosters a sense of solidarity amongst members of the Ummah.[9]
Zakat is meant to discourage the hoarding of capital and stimulate investment. Because the individual must pay zakat on the net wealth, wealthy Muslims are compelled to invest in profitable ventures, or otherwise see their wealth slowly erode. Furthermore, means of production such as equipment, factories, and tools are exempt from zakat, which further provides the incentive to invest wealth in productive businesses.[10] Personal assets such as clothing, household furniture, and one residence are not considered zakatable assets.
According to the Quran, there are eight categories of people (asnaf) who qualify to receive zakat funds:[11][12]
Those living in absolute poverty (Al-Fuqarā').
Those restrained because they cannot meet their basic needs (Al-Masākīn).
The zakat collectors themselves (Al-Āmilīna 'Alaihā).
Non-Muslims who are sympathetic to Islam or wish to convert to Islam (Al-Mu'allafatu Qulūbuhum).
People whom one is attempting to free from slavery or bondage. Also includes paying ransom or blood money (Diyya). (Fir-Riqāb)
Those who have incurred overwhelming debts while attempting to satisfy their basic needs (Al-Ghārimīn).
Those fighting for a religious cause or a cause of God (Fī Sabīlillāh)[13] or
for Jihad in the way of Allah[14] and for Islamic warriors who fight against the unbelievers but are not part of salaried soldiers.[15][16]
Children of the street / Travellers (Ibnus-Sabīl).
...
Welfare state
Main article: Bayt al-mal
The concepts of welfare and pension were introduced in early Islamic law as forms of Zakat (charity), one of the Five Pillars of Islam, under the Rashidun Caliphate in the 7th century. This practice continued well into the Abbasid era of the Caliphate. The taxes (including Zakat and Jizya) collected in the treasury of an Islamic government were used to provide income for the needy, including the poor, elderly, orphans, widows, and the disabled. According to the Islamic jurist Al-Ghazali (Algazel, 1058–1111), the government was also expected to stockpile food supplies in every region in case a disaster or famine occurred. The Caliphate can thus be considered the world's first major welfare state.[23][24]