Wednesday 16th Jan 2019
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Zakat the Best Way to Eradicate Poverty

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, by By OUR CORRESPONDENT

The root cause behind the economic backwardness of Muslims is the biasness at both political and social levels. But surprisingly, poverty among Muslims is still to be included into the pilot project. The system of Zakat, if followed in a proper way, may contribute much to eradicate poverty from the community. These views were expressed by Dr. Arshad Ajmal, Director Sahulat Microfinance, a branch of Human Welfare Foundation. He was speaking at a public gathering on “Poverty among Muslims; from the Angle of Microfinance” at the conference hall of Idara-e-Tahqeeq-o-Tasneef-e-Islami, Aligarh, Uttar Pradesh on 14 April.

Dr. Ajmal, who is also founding member of Al Khair Co-operative Credit Society, Patna, further added that it is one of the greatest challenges for his institution to provide interest-free loan through microfinance. Commenting on the existing economic system, the speaker said that no individual was responsible for poverty among Muslims. It was the fault of the system which has brought this curse to the community. He further urged the community members to act with a sense of social service in order to rid the community from the curse of poverty.

In a different programme on 31 March at the same venue, Prof. Waleed Ahmad Ansari said banks give loan to a common man not with the objective to help him in his bad time. They care only for the rate of interest of their own. That is why some banks lend loans of more than their worth and face bankruptcy if not returned at given time. The core reason behind the economic failure of many a bank in the United States and other places is imbalance between lending and borrowing. Prof. Ansari teaches at the Department of Business Administration, Aligarh Muslim University, Aligarh, UP and was addressing a gathering on ‘recent economic crisis; causes and its remedies’.

Prof. Ansari, expressing his distress over the high rate of interest worldwide, said the companies distribute more loans in order to get more interest on it. This trend would lead to an economic impasse as well as contribute to the widening of gap between haves and have-nots. His lecture was followed by the views of Prof. Syed Masood Ahmad, Dr. Mohd Riyaz Kirmani, Prof. Ehtisham Ahmad, Dr. Abdul Mateen and others.



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