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Through Islamic Banks’ Zakat House (IBZH): Investment of Zakah Funds in Microfinance to Remove Poverty in Bangladesh: A New Model
International Journal of Islamic Economics and Finance Studies
View Archive Info| Field | Value | |
| Title |
Through Islamic Banks’ Zakat House (IBZH): Investment of Zakah Funds in Microfinance to Remove Poverty in Bangladesh: A New Model
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| Creator |
Ershad UDDIN, Ahm
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| Description |
AbstractOne of Zakat’s main objectives is to help eliminate poverty and famine. And in Shari’ah, the obligation of zakat payment is elaborated which if not maintained holds severe consequences. Zakat has its unique features of supporting the poor in providing a collateral free financial stability. The main socioeconomic factors in all the developing Muslim countries are poverty, unemployment and economic inequality which results in not meeting the basic needs of the poor. In a country like Bangladesh consisting of Muslim Majority, although governmental and non-governmental institutions collect and distribute zakat yet the ultimate goal of zakat is not attained completely. At present, modern Islamic jurists reinforce the notion of microfinance investment through the collection and usage of zakat money. This paper consists of a static ground for the poverty removal creating a financial institution which is equally responsible as those present in Bangladesh but with a different route in eliminating poverty where schemes can be initiated along with opening opportunities of employment. Finally, it also surfaces the model in investment of zakat fund through IBZH with opinions of Islamic jurists. This Islamic Banks Zakah House (IBZH) is an amalgamated forum of the present eight established private Islamic banks of Bangladesh Keywords: Islamic Banks’ Zakat House (IBZH), Microfinance, Bangladesh.
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| Publisher |
www.pesar.org
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—
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| Date |
2016-04-15
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion — |
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| Format |
application/pdf
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| Identifier |
http://ijisef.org/index.php/IJISEF/article/view/82
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| Source |
International Journal of Islamic Economics and Finance Studies; Vol 2, No 1 (2016): March/Mart 2016
Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi; Vol 2, No 1 (2016): March/Mart 2016 2149-8407 2149-8393 |
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| Language |
eng
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| Relation |
http://ijisef.org/index.php/IJISEF/article/view/82/33
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| Rights |
Copyright (c) 2016 International Journal of Islamic Economics and Finance Studies
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