Islamist movements and authors generally describe an Islamic economic system as “neither Socialist nor Capitalist”, but a “third way” with none of the drawbacks of the other two systems. “Zakat” is the “taxing of certain goods, such as harvest, with an eye to allocating these taxes to expenditures that are also explicitly defined, such as aid to the needy. “Gharar” – “the interdiction of chance that is, of the presence of any element of uncertainty, in a contract (which excludes not only insurance but also the lending of money without participation in the risks). “Riba” – “referred to as usury (modern Islamic economist have consensus that it does not refer to usury only rather “Riba” is any kind of interest)”.