The government's Zakat Board could not mobilise a significant amount of Zakat collection over the past several years despite a substantial rise in the number of wealthy and financially-solvent people in society.
The Zakat Board collected Tk 21.98 million in the financial year (FY) 2004-05 whereas it stood at Tk 51.20 million in the FY 2018-2019. The board's Zakat collection was Tk 1.51 million in the FY 1982-83 after the fund was formed.
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The board also spent only Tk 198.15 million during the FYs 1982-1983 and 2016-2017 and the number of Zakat beneficiaries reached 827,255 in the country that time, its data showed.
An estimated Tk 300 billion fund can be raised through Zakat in the country every year, according to a recent report.
The government formed the Zakat fund on June 05, 1982 through an ordinance and the fund is operated by the board under the Islamic Foundation with an aim to ensure equitable distribution of wealth among all and bringing equality in society.
Experts observed that the size of the state-run Zakat fund is relatively small despite a significant rise in the number of wealthy and financially able adult Muslims in recent years.
There has been seen a serious lack of trustworthiness and acceptability as regards operating the fund which has failed to venture into any viable projects so far, they viewed.
The fund collection by the board is so measly though a tax rebate provision is in place for the Zakat payers, and this means the board has failed to attract a large number of rich people to give Zakat.
According to the experts, Zakat can also have a role in attaining the Sustainable Development Goals (SDGs) by 2030 through the public-private partnership initiatives.
Bangladesh has the third fastest growing rich population in the world. The number of high net worth population in Bangladesh is set to increase by 11.4 per cent by 2023, according to the report of Wealth-X.
As one of the five pillars of Islam, Zakat is a religious obligation for all Muslims who meet the necessary criteria of wealth.
Mahabub Alam, director of the Zakat Board, said Zakat collection could reach a bigger amount if the government's higher authority gave more focus on it.
Besides, the board's manpower crisis and lack of publicity and campaign and people's acceptability are also to blame for the meager Zakat collection, he added.
Many people prefer giving their Zakat to their near and dear ones as per the Islamic rules; so they cannot deposit their Zakat to the government's fund, Alam claimed.
The amount of Zakat could reach Tk 10 billion if the people who have surplus income of more than Tk 35,000 to Tk 40,000 in a year gave their Zakat to the fund, he argued.
The Zakat Board has made a target to collect Tk 100 million in the next fiscal year (2019-20).
Dr Mohammad Ayub Miah, chief executive officer of Center for Zakat Management (CZM), said the government can raise the fund enormously as a good number of people are ready to give Zakat.
Dr Muhammad Abdul Majid, a former chairman of the National Board of Revenue (NBR), told the FE the government is sacrificing a large amount of revenue by offering tax rebate for Zakat givers; but the fund runs dry for a long time though financially able adult Muslims are increasing in number over the years.
Praising the prolific initiatives of the CZM, he said the private organisation officially started its journey in 2008 but it has already been able to raise nearly Tk 300 million as Zakat fund during the time through its unique initiative and attractive schemes.
The board should take some good and attractive projects which can attract people to give Zakat to the fund, Dr Majid added.
Talking to the FE, Shamim Mohammad Afjal, director general (DG) of the Islamic Foundation, who is also an Islamic scholar, said the board has only five officials so how it will raise a substantial amount of Zakat though such limited manpower.
Admitting the amount as very little, he said the board is formed through an ordinance and Islamic Foundation cooperates with it.
The board is also trying to raise the fund through the direct help from the deputy commissioners (DC), the DG added.
