Socio-economic impact of Eid-ul-Fitr

Markets for clothes, footwear, cosmetics, jewelry and electronic gadgets witness bumper sales hovering  hundreds of  billion of taka ahead of Eid. Commercial banks witness a heavy rush for money transaction as a huge number of clients withdraw from and deposit cash in the banks only a few days ahead of Eid-ul-Fitr. The commercial banks, which face liquidity shortage, borrow from the call money market  to tackle the rush. Banks and non-bank financial institutions make a record of transaction on the call money market alone by borrowing collectively from the market prior to Eid days. Bangladesh Bank has had to pump a record amount of money into the banking system as clients flooded almost all the branches of banks across the country before the start of the Eid vacation. Given that the majority of Muslim businesses spend a substantial amount of cash for the festival, stock market shows up with new zeal; remittances pour in the economy; there is a special business spree in the transportation sector as a large number of people travel;  and the event triggers creativities in print and electronic media. Media reports the magnitude of financial transaction during the celebration of Eid in an economy of one hundred sixty  million population with US $ 1340  per capita GDP (gross domestic product).
Eid ul-Fitr, is a Muslim festival that follows the Islamic calendar and marks the end of Ramadan - the Islamic holy month of fasting. The first day of Eid ul-Fitr falls on the first day of the month of Shawwal. Shawwal, the tenth month of the Islamic calendar, is a month of celebration and festival for Muslims. The social meaning of Eid is joyful festival, while its etymological meaning denotes returning time and again, returning to normal life style after fasting for one month.  Like all other social festivals, Eid returns every year. Eid ul-Fitr is also the occasion for distributing  fitra, a form of charity from rich to poor, helping the latter to celebrate eid. Eid ul Fitr goes by various names around the world, including: Idul Fitri, Hari Lebaran (Indonesia); Hari Raya Puasa, Hari Lebaran, Aidilfitri (Malaysia, Singapore, Brunei); Wakas ng Ramadan, Hari Raya Puasa (Philippines); Nonbu Perunaal (Tamil) Riyoyo, Riyayan, Rozar Eid Bengali, Ngaidul Fitri (Javanese); Boboran Siyam (Sundanese); Uroë Raya Puasa (Acehnese); Rojar Eid (Bangladesh); Ramazan Bayrami, Seker Bayrami, Küçük Bayram (Turkish); Orozo Mayram (Kyrgyz); Rozi Heyt (Uyghur); Eid Nimaz (Sindhi); Korite (Senegal); Id (Uganda); Sallah (Hausa); Kochnay hi supAkhtar (Pashto); Eid-e Sa'eed-e Fitr (The Mirthful Festival of Fitr, Persian); Choti Eid (Urdu); Meethi Eid (Urdu); Cheriya Perunnal (Malayalam); Ramazanski bajram (Bosnian); Bajram (Albanian); Cejna Remezanê (Kurdish); Ramazanski bajram (Croatian);Ciid Yare (Somali); Id al-Fater (Ethiopia).
People put on new clothes, children are given gifts and money, and everyone visits relatives and friends. It is the time when everyone asks pardon for all the wrongs of the past year. The Eid ul-Fitr effect exists around the festivity, have an impact on the socio-economic conditions. The night before Eid is called Chaand Raat, which means, "Night of the Moon." Muslims  will often visit bazaars and shopping malls with their families for Eid shopping. Women, especially young girls, will often apply the traditional Mehndi or henna on their hands and feet and wear colourful bangles. The traditional Eid greeting is Eid Mubarak, and it is frequently followed by a formal embrace. Gifts are distributed - new clothes are part of the tradition - and it is also common for children to be given small sums of money (Eidi) by their elders. It is common for children to offer salam to parents and adult relatives. After the Eid prayers, it is common for some families to visit graveyards and pray for the salvation of departed family members. It is also common to visit neighbours, family members, specially senior relatives called Murubbis and to get together to share sweets, snacks and special meals including some special dishes that are prepared specifically for Eid celebrations.
Festivals are common to all societies and cultures. With the change of social and economic structures, the nature of festivals also changes. But some festivals are so deeply rooted in the social organism that they continue to entertain from generation to generation. Some of the festivals bear the mark of the community and nationality, some have the stamp of religion, and again some bear the impression of politics. The religious festivals are rituals.
Although most of the festivals were related to religions, these did not evolve on account of religions - they originated spontaneously in society. Later on, they assumed a more formal character. As for example, not very long ago, singing and music was a part of the Eid festival of the Muslims of Bengal, which was an expression of spontaneity. But now it is not there. Now-a-days the celebrations are more formal than before, but new social dimensions have been added to them. They have become occasions for mutual exchange of pleasantries among friends and relatives. They cause economic boom. They are occasions for cultural activities and even   political manoeuvrings. Thus the religious practices and pattern of life of the Muslims of Bangladesh and those of the Middle East and Indonesia are not the same.
Now in Bangladesh, Eid is observed colourfully in a befitting manner and with great zeal and zest. With changes in social and economic structures, the nature of festivals has also changed. The Eid festival is so deeply rooted in the social organism that they continue to entertain people from generation to generation. It also bears the mark of the community and nation, has the stamp of religion, and again bears the impress of politics.
In many cases, local or urban socio-culture has also made an impact on this festival. During the 1930s and 1940s, on the Eid day in Dhaka , Khatak dance was performed in Ramna, Armanitola and other grounds. Besides, boat race, kite flying, horse race, etc., were held. At the start of the last century, when the political movement for a separate Muslim identity began, Eid festival assumed new importance. After the birth of Bangladesh, Eid has been a most important national religious festival.

Dr Muhammad Abdul Mazid, former Secretary to the Government and former Chairman, NBR, is currently Chairman of the Chittagong Stock Exchange.
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