Dawood bhai, when I reduce the definition of salat to the word follow I was hoping you would understand what it means, here is a reminder:
4. It is very important to understand the relationship of man and Allah. Allah is the One Who is Supreme, Most Perfect and Most Beautiful. He has various Attributes called Asma-ul-Husna and each Attribute is perfect and complete. Allah has also given a personality to man and referred to it as "Roohona" - the Divine Energy (see Rooh). The object or the purpose of man's life is to develop his personality according to the Laws of Allah and inculcate in himself as much of Allah's Attributes as may be humanly possible.
In the first Surah (Al-F'atiha) of the Quran, a Momin is taught to ask of Allah to guide him to Sira't-Al-Mustaqeem (and that, in fact, should be a Momin's purpose of life - to tread the Sira't-Al-Mustaqeem all along - the straight and the balanced path) and in the eleventh Surah (Hud) it is stated that Allah continuously stays at Sira't-Al-Mustaqeem. It transpires from the above that the only straight path a Momin is required to adopt during the course of his life, is the same at which Allah Almighty Himself is going and running this universe. This path can easily be adopted by closely and steadfastly following the dictates of Allah's Book, i.e., the Holy Quran. Hence the basic meaning of Sal'at is complete concordance with the Book of Allah and thereby incorporating in one's own self Allah's most balanced Attributes, of course, as far as is humanly possible.
In verse (24/41) a question is asked: "Have you not pondered over the fact that whatever there is in the universe including the birds with wings spread out, is continuously carrying out their assignments with fullest play of their capabilities and each one of them knows its sphere of duties (Tasbeeh) and the way those are to be carried out (Sal'at)." This obviously means that everything in the universe knows by instinct, what are its duties and how to perform them and what is its destiny. As far as animal world is concerned, they do it by instinct. But if a human being wants to know, what is his Tasbeeh and Sal'at, it is a must for him to have faith in Wahi, through which all these directions containing do's and don'ts are explained. This is Iqamat-As-Sal'at, a special term used in the Quran.
To follow the Laws of the Quran is Iqamat-As-Sal'at. This is not possible individually and can only be done collectively; that is why the Quran has used the plural tense for this. It is the responsibility of an Islamic State is to establish this order (22/41), and they do it by mutual consultations (42/38). This system covers all the aspects of life, particularly the economic system. Verse (11/87) is very significant in this regard. It says: "O Shu'aib! does your Sal'at not permit us even to spend our wealth as we desire?" They did not understand as to what type of Sal'at is one which gives directions even in economic matters; they thought Sal'at is just a prayer or some sort of ritual.
In a nutshell it would pose one simple question. Would a person like to decide his affairs according to his desires, wishes or would he surrender before the Laws of Allah? This later position is called Sal'at. Verse (19/59) further clarifies: "they were followed by people who abandoned or negated the Sal'at." Therefore, following the Divine Laws is called Sal'at. As such Ibn-e-Qutaiba says, Sal'at actually means Ad-Deen and Iqamat-As-Sal'at means Iqamat-ud-Deen.