A two-day Zakat Fair 2024 began at Aloki Convention Centre in the capital on Saturday. Former adviser to caretaker government Dr Hossain Zillur Rahman inaugurates it as the chief guest. — FE photo Discussants at a seminar termed zakat as a significant tool to finance social safety-net programmes in Bangladesh.
Emphasising its alignment with Islamic principles, they urged the government to integrate zakat into policy-making strategies aimed at addressing poverty and inequality.
The seminar titled "CZM's Zakat-based Programmes: A Pioneering Innovation for Poverty Alleviation" was held at a city auditorium during the inauguration of the two-day Zakat Fair on Saturday.
The Centre for Zakat Management (CZM) organised the Zakat Fair with the theme 'Making a difference with zakat' at Aloki Convention Centre in Dhaka.
Eminent economist and former adviser to a caretaker government, Dr Hossain Zillur Rahman, inaugurated the fair as the chief guest.
The seminar was chaired by Emeritus Professor Dr Shahjahan Khan, who served at the Southern Queensland University, Australia as the founding professor of statistics.
Former Secretary to GoB and CZM CEO Dr Mohammad Ayub Miah presented the keynote paper at the seminar.
Mr Arastoo Khan, former secretary and convener of Zakat Fair Organising Committee, gave the address of welcome.
Former Chief Election Commissioner (CEC) Justice Abdur Rouf, Dr Md Mizanur Rahman, executive director of CSPS, Dr Fazle Rabbi Sadeque Ahmed, deputy managing director of PKSF, Mr Abdul Awal Sarkar, former executive director to Bangladesh Bank, and Prof Mawlana Mokhter Ahmad attended the seminar as panel discussants.
While presenting the paper, Dr Ayub said his organisation has taken some strategies like integrated approach for achieving Maqasid ( goal or purpose, Islamic social finance ecosystem, grants for equity capital & revolving fund, group approach for the spirit of brotherhood, savings & asset accumulation, risk mitigation fund, human development programmes, and supervision, monitoring & management services.
An underprivileged household can be supported by adopting the concept of Maqasid Al Sharaiah which is really an integrated approach for self-reliance, he stated.
"We have supported as many as 1.5 million underprivileged population during the last 15 years", Dr Ayub said, adding that the development thinkers need to examine the CZM's Zakat-based poverty alleviation strategies.
Speaking at the event, Dr Hossain Zillur Rahman emphasised the significance of economic empowerment, citing the success of CZM's Jeebika project.
Dr Zillur praised CZM's focus on addressing multidimensional poverty in the country, labeling their efforts as timely and impactful.
According to Abdul Awal Sarkar, Zakat has the potential to boost societal welfare and development significantly.
He suggested that Bangladesh could potentially mobilise Tk 886 billion in Zakat annually.
Despite the country's increasing GDP, societal inequality continues to grow.
Sarkar proposed that if the government prioritises Zakat through policy initiatives, it could lead to a significant reduction in both poverty and inequality.
Mawlana Mokhter Ahmad pointed out that in the absence of a Zakat-based system in society, people tend to become greedy and overly attached to material possessions.
He emphasised that reintroducing a Zakat-based economic system could significantly reduce poverty and inequality in society.
The fair will remain open until 7 pm on Sunday for all.
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