Islam Offers Viable Options Of Poverty Eradication
President Iajuddin Ahmed on the last Saturday said Islam and its
Shari'ah, as the complete code of life, does offer viable practices for all
aspects of eradicating poverty from the society.
"Islam is for all believing in peace and social harmony and tranquility,"
he said speaking as chief guest at the inaugural session of a three-day
international seminar on 'Islamic Alternative to Poverty Alleviation: Zakat,
Awqaf and Microfinance'. Islamic Research and Training Institute (IRTI) of
Islamic Development Bank (IDB) Group, Jeddah, Islami Bank Bangladesh Ltd,
Islamic Economics Research Bureau (IERB), Dhaka, and Prime Bank Ltd, Dhaka
jointly organized the seminar at Dhaka Sheraton Hotel in the morning.
Former chief election commissioner of Bangladesh Justice Mohammad Abdur
Rouf and IRTI Research Adviser Dr M Umer Chapra attended the inaugural session
as special guests. President Iajuddin said the seminar is a timely response to
deliberate on the issues of great importance for the poverty stricken
developing countries, specially the Muslim world, including Bangladesh.
Bangladesh has been making concerted efforts since her independence to
eradicate poverty and establish social justice in its society, he said. "Much
has been achieved in this regard but much more remains to be done."
The president mentioned that Islam looks upon poverty as an acute social
menace, which erodes ethical values of human beings, retards their dignity and
blurs their character. Poverty is a great threat to peace and stability of the
society, he said. He said Islam aims at eliminating poverty by providing the
basic human needs, bringing gap between the rich and the poor and developing
resources of the earth for the welfare of all human beings. "Within the
boundaries of its philosophy, Islam has devised various ways and means to cure
the problems of poverty."
Islam presents unique opportunities and obligatory measures to eradicate
poverty and create balanced and exploitation free society in the world, he
added. Dr Iajuddin said Islamic instruments like Zakat, Awqaf and
Quard-e-Hasanah are some of the effective instruments to eliminate poverty from
the society. "Islam, thus, makes a social inter-mediation for building social
capital and development. It helps the poor to be self-reliant." He said
successful operation of Islamic tools like Zakat, Awqaf, micro-finance and
Quard-e-Hasanah throughout the world can create an opportunity for mobilization
of esources at grassroots level to address poverty.
We agree with the President. We have not taken many steps at the state
and social level to organize Zakat and Awqaf. These instruments can mobilize
fund for poverty alleviation and also provide fund for micro-finance .In the
seminar it was also mentioned by the Chairman of the session Shah Abdul Hannan
that if all big industrial and business houses in Bangladesh set up one waqf
foundation each and donate ten percent of their wealth to these foundations ,
there can be much headway in eliminating poverty. These foundations can build
hospitals, clinics, schools, provide scholarships, give assistance for payment
of debt to those who can not pay back debt, build shelters for the destitute,
old people and distressed women and all sorts of other activities. These
foundations can co-ordinate their program
These foundations can also collect Zakat until state does it and this
will supplement their fund for their program. Micro- finance can be organized
in various forms under Islamic norms, on Mudarabah basis, on Murabaha or Bai
Muazzal basisbasis ( cost plus a profit as the difference between buying and
selling price ), on Qardul Hasanah basis as in Iran, on half grant and half
interest free fund basis ( this can be done by the government and waqf
foundations).We feel that we need a new waqf movement in the Muslim world and
similar other program in Non-Muslim countries . We draw attention of all in
this matter.(editorial of Asia Post,23.4.07)
