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To strengthen social Islamic financing and support impoverished and needy individuals, discussants highlighted the importance of formalising the zakat system.
The observation came from a roundtable discussion held on Sunday -- the final day of the 'Twelfth Zakat Fair 2024' -- at a city auditorium. The discussion was titled 'Role of Islamic Social Finance in Reducing Inequalities'.
The Centre for Zakat Management (CZM) organised the two-day fair, themed 'Making a difference with zakat', at the Aloki Convention Centre in Dhaka.
According to the Islamic belief system, zakat is the compulsory giving of a set proportion of one's wealth to charity. It is regarded as a type of worship and of self-purification.
Former Advisor to the Caretaker Government Abdul Muyeed Chowdhury attended the programme as the chief guest.
Sheikh Abdur Rashid, chairman of the Steering Committee of the Institute of Islamic Social Finance, moderated the roundtable, while Professor Dr Shahnewaz Nazimuddin Ahmed of Khulna University's Department of Economics was the keynote speaker.
Professor Shahnewaz said, "Wealth concentration is a global threat. It reached a critical stage in 2016, with 99 per cent of wealth going to 1 per cent of the population. This problem is not only worsening globally but also within and between nations. If wealth concentration within and among nations becomes severe, social, political, and economic pressures leading to armed conflict will become imminent."
"All ideologies have failed to improve the situation and bring about equitable distribution in society. For this reason, Islamic ideology should be prioritised. Non-Muslim countries will not take the initiative in this regard. Muslim countries should take the lead, which can simply raise awareness of this issue among others," he added.
Former Advisor Abdul Muyeed Chowdhury said, "Muslim people in our country donate a huge amount of zakat every year. However, if we can institutionalise this financing, it would benefit more people and the benefits would be sustainable."
Former Secretary and CZM CEO Dr Mohammad Ayub Miah said, "We need to develop a model for social Islamic financing. More research is needed to create such a model, which is currently lacking. Bangladesh already has a large volume of social Islamic financings, such as dowry, fitra, Qurbani, sadaqah, and oshr, which play a role in reducing inequalities. However, organising this financing will enable it to benefit more people."
Among others, Arastoo Khan, Impress Capital Limited CEO, Dr Md Mizanur Rahman, Executive Director of CSPS, valiant Freedom Fighter Prof M A Hye, Professor Abdul Latif Masum, Professor Dr M Omar Farooq, Shah Abdul Halim and Shah Wali Ullah gave speeches in the roundtable discussion.
At the fair, Islamic scholars also called for the institutionalisation and organisation of zakat collection and distribution to maximise its economic potential.
They argued that an organised zakat management system, overseen by the government, could potentially eliminate poverty in the country.
The seminar, titled 'Importance of Zakat, Ushr, and Waqf for Human Welfare', was held primarily for Imams, with several hundred in attendance. Ushor, a tax on agricultural produce mandatory for Muslims, and Waqf, the donation of assets to a perpetual trust for charitable purposes, were also discussed.
Former Chief Election Commissioner (CEC) Justice Abdur Rouf addressed the programme as the chief guest. Professor Zubair Mohammad Ehsanul Hoque, chair of the Department of Arabic at the University of Dhaka, delivered the keynote address.
In his presentation, he explained the Quran and Hadith-based obligations of eligible Muslims to pay zakat. He also underscored the importance of utilising Waqf assets effectively, highlighting that higher education in many Muslim countries is funded through such assets.
Islamic scholar Professor Mawlana Mokhter Ahmad urged the attending Imams to act as societal doctors, addressing the moral decline within society.
Speakers criticised the current zakat collection system as flawed, demanding an institutionalised approach for zakat to be successful in eliminating poverty. "Zakat distribution should empower individuals to become self-sufficient, not merely fulfil a ritualistic obligation in a specific month," Professor Ahmad argued.
President of the Association of Imams Waliur Rahman Khan highlighted the repeated emphasis on zakat in the Quran, lamenting attempts within society to bypass this mandatory donation.
Among others, Mohammad Monzur E Elahi, associate professor at National University, and Kazi Abu Huraira, muhaddis at the Islamic Foundation Bangladesh, also spoke. Sponsors for this year's fair included Rahimafrooz, Khadim Ceramics, Kohinoor Chemical Company Ltd, Rahim Steel, South Bridge, and Hajj Finance Company Ltd.