Plans to Establish World Fund for Zakah

Plans to Establish World Fund for Zakah

Galal Fakkar, Arab News

Saleh Kamel

JEDDAH, 26 October 2006 — Plans to establish a World Zakah Fund to streamline the collection and distribution of Zakah have been announced by Saudi businessman Saleh Kamel, chairman of the Islamic Chamber of Commerce and Industry.

“We’ll soon announce the launch of the fund,” Kamel told Arab News, adding that his organization had set out the fund’s rules on the basis of Shariah regulations.

Kamel said there are more than 20,000 societies and agencies that are currently involved in the collection and distribution of Zakah. He said the new fund would have offices in all Islamic countries as well as in others that have large numbers of Muslims.

Kamel said the fund would carry out its activities in a transparent manner. “It will collect both Zakat Al-Fitr and Zakat Al-Mal (wealth) and the funds will be distributed under the supervision of a specialized committee,” he explained. The committee includes experts from the Islamic Development Bank, the Organization of the Islamic Conference (OIC), and the chamber.

Zakah is one of the five pillars of Islam, incumbent on all adult Muslims of sound mind and body with a set level of income and assets. Zakah is due yearly on certain types of property and is distributed among eight beneficiaries specified by the Holy Qur’an.

Zakah is payable, at different rates, on crops, harvests, livestock, gold and silver, and merchandise. For gold and silver, which is understood to include all liquid assets, the rate is 2.5 percent. Being religiously prescribed, Zakah is distinct from charity (sadaqa), which is voluntary.

The beneficiaries of Zakah include the poor, orphans, travelers, beggars, debtors and slaves. It is also given to support efforts to propagate Islam.

“There are many individuals who deserve Zakah in Islamic countries and the money will go to them directly, not to any other agency,” said Kamel while explaining the modality of the fund’s operation.

Sheikh Yusuf Al-Qaradawi, chairman of the World Forum for Muslim Scholars, welcomed the move to establish the Zakah fund, adding that he had been calling for such a fund for the past several years.

He said the move would ensure Zakah reached deserving people across the Islamic world. “It would also ensure the collection and distribution of Zakah in a foolproof manner,” he pointed out, adding that the OIC and IDB are capable of implementing the project successfully given their vast experience.

“The interest shown by Saleh Kamel, a veteran in Islamic banking, in the fund augurs well for the project,” he added.

Qaradawi estimated that the Zakat Al-Fitr, which is given at the end of Ramadan, would amount to more than $2 billion if accumulated at global level.

SOURCE:http://www.kantakji.com/fiqh/Files/Zakat/Plans.txt