Call for proper collection, disbursement of Zakat

FE ReportbrZakat, one of the five bulwarks of Islam as well as Fitra is not merely an aid for poverty reduction in the society; they are also meant for complete elimination of impoverishment from the society and a tool for long-term and extensive economic development.brThe above view came at a discussion meeting on Significance of Zakat and Fitra in Human Life at a city hotel Tuesday. brOrganized by Prime Bank, the meeting was attended among, others by the Managing Director of the bank M Ehsanul Haque.brAt the same time, the meeting also stressed the need for establishing a centrally controlled authority at the state level for the proper collection and disbursement of Zakat and called for endeavor at individual and committee level until no such measure is taken.brChairman of the Prime Bank Shariah Council Moulana Md. Salahuddin, General Secretary of Islamic Economic Research Bureau Professor Sharif Hosain and eminent Islamic scholar Tariq Munawar also spoke on the occasion. brHighlighting the significance of the Zakat and Fitra provisions, Managing Director of Prime Bank Limited M Ehsanul Haque in his speech said that through its 5 Islamic Banking branches, Prime Bank is pioneering the ideologies of Islamic banking in the country.brRecently, we have brought all of our Islamic Banking activities under one brand name 'Hasanah', he informed. Apart from that, through the Prime Bank Foundation, we are donating a fraction of our profit for the betterment of poor underprivileged people, he added.brEarlier, the discussants highlighted on different facades of well being which can be brought in directly and indirectly through proper and successful implementation of the system of Zakat and Fitra.brZakat has the opposite effect of usury on the society, they said. While usury is a tool for hogging all the resources of the society on behalf of a privileged few, Zakat is a medium for assuring proper distribution of the wealth among all fractions of the community, the meeting observed.brZakat is no charity, rather it is a provision for establishing the right of the poor people, the speakers said.brIn accordance with various conditions, Zakat can be given both on the face value and market value of share, the speakers opined.