Commodity prices are dropping, expected to decline further: Commerce Adviser

Commerce Adviser Sheikh Bashir Uddin said on Monday that the prices of daily essentials are now on a downward trend from being stable and are expected to decline further.

He was speaking at a gathering of imams and khatibs after Iftar at the Jamia Madania Baridhara auditorium, organised by Hefazat-e-Islam Bangladesh Dhaka Metropolitan on Wednesday evening.

The adviser said that wealth inequality was a major factor behind the July uprising. “We must address inequality through our actions and policymaking. The roles of Qardh al-hasan (interest-free lending) and Zakat are crucial in eliminating this wealth disparity,” he added.

Zakat, he explained, is an effective Islamic model for wealth distribution. It is the responsibility of the individual, not a form of charity. Imams and khatibs can inspire people to pay Zakat, ensuring a balanced distribution of wealth and reducing poverty. Sheikh Bashir Uddin also emphasised that Zakat helps discourage hoarding.

The Trading Corporation of Bangladesh (TCB) conducts activities worth Tk 120 billion annually, with the government’s subsidy amounting to Tk 45 billion.

He noted that serious corruption has plagued all sectors of the economy, social policy, and politics in the past, highlighting that corruption within TCB’s activities for marginalised populations has reached an extreme level.

In seeking the involvement of religious leaders in TCB’s activities, he urged, “I appeal to leaders of all religions, not just Islam, to help in properly selecting the one crore marginalised families of TCB. Through your support, I aim to establish justice in society.”

The commerce adviser also mentioned that the government is taking steps to preserve rawhide and ensure fair pricing.

“This time, the government will provide salt to madrasas and orphanages to preserve the skin of sacrificial animals. Your responsibility will be to clean and preserve the skin with salt, rather than selling it immediately on the day of sacrifice.”

“If you sell it after seven days, you will get a fair price,” he added.

He referred to leather as a national asset and a major source of income for madrasas and orphanages.

He said that the ministries of industries and commerce are taking necessary steps to develop the leather industry.

Regarding leather supply, he pointed out that when leather from districts outside Dhaka enters the capital after Qurbani, the supply increases, causing prices to drop. He assured that measures will be taken to prevent this from happening this time.

Hefazat-e-Islam Dhaka Metropolitan President Muhammad Junaid Al Habib, Hefazat-e-Islam Dhaka Metropolitan General Secretary Muhammad Mamunul Haque, leaders of various levels of Hefazat-e-Islami, and khatibs and imams from numerous mosques attended the event.