The Zakat Fund Management Bill -2023 was passed in Parliament on Wednesay, aiming to make Zakat (obligatory charity in Islam)  an important tool to eradicate poverty from the country. As per the proposed Bill, it also aims to engage a zakat receiver in any profession or activity to make the person self-reliant and rehabilitated. State Minister for Religious Affairs Md Faridul Haque Khan moved the bill and it was passed by voice vote. The proposed 'Zakat Fund Management Act, 2023' will replace the Zakat Fund Ordinance, 1982. Also read: JS passes bill to introduce Universal Pension Scheme The Bill said that there will be a Zakat Board consisting of 13 members. Religious Affairs Minister or State Minister will be the Chairman of that Board. Other members are-the Secretary of the Religious Affairs Ministry, an official from the ministry with minimum joint secretary level, an official of the Finance Ministry with minimum  joint secretary level, an official with minimum joint secretary level from the legislative and parliamentary affairs division, government selected five eminent islamic scholars (Fakih), two representatives from country’s trade body organisation and the Director-General of the Islamic Foundation. Their appointment will be valid for three years and they will hold at least two meetings per year. A fund will be formed called the Zakat Fund which shall consist of voluntary payment of Zakat by the Muslims. After the law is enacted, anyone from home and abroad will be able to give zakat at any government scheduled bank. The moneys credited to the Fund shall be kept in non-interest bearing accounts of scheduled banks. As per the objective of the Bill, Islam is a complete religion and way of life. Zakat is an important provision for the socio-economic welfare and security of people. Allah has made Zakat obligatory upon a compliant Muslim who possesses a Nisab amount of wealth as determined by the Shari'ah.  Zakat is a tool for poverty alleviation and rehabilitation. Zakat is not a voluntary donation, rather Zakat is a fixed portion of the wealth of the rich to be paid to the poor and needy by Allah.  Although zakat system has been in operation at the individual level for a long time in this country, the desired benefits were not being obtained from zakat due to various reasons.  Poverty was once possible to be eradicated throughout the Muslim world through the system of Zakat.  Therefore, the government formed the Zakat Board by enacting The Zakat Fund Ordinance, 1982 for the purpose of proper utilisation of Zakat and the permanent welfare of the destitute Muslims according to the provisions of Islam. The Zakat Fund Management Bill -2023 was placed in parliament in order to repeal the military regime ordinance in line with a verdict of the High Court.    

Zakat is one of the five pillars of Islam, and it is a sacred duty for Muslims. Zakat is a way to purify your wealth and help those in need. It is a way to show your thankfulness to Allah for His blessings, and it is a way to help those who are less fortunate. Zakat is an important part of our faith, and it is a way to make the world a better place. Let's discuss how is Zakat calculated and why is Zakat important for purifying wealth and eradicating poverty? What is Zakat?  Zakat is an Arabic word which means "that which purifies." Zakat is the proportion of wealth that a Muslim is obliged to contribute to the community as a religious duty each year. However, the amount varies from person to person, but it is 2.5% of the wealth one possesses above the Nisab. The Nisab depends on the minimum wealth you have in a different category. For example, the Nisab amount for gold is 3 ounces or 87.48 grams; for silver, 21 ounces or 612.36 grams. Apart from this, Zakat is also incurred on your financial assets and savings that are not sued for your living expenses. Read Lessons of Ramadan: What does the holy month teach us? How to Calculate Zakat? Zakat is like taxes, and the calculation is a bit tricky as we do not pay throughout the year. To calculate, you will need to go through some steps. Tally Up All the Income Total up all your source of income and the assets you have owned for the last year. The sources include Gold & Silver, Cash, Investment Property*, Debts Owed to You*, Shares & Stocks*, Business Assets*, and Investment & Saving Funds*. All these sums up your total income for last year. Items marked with an asterisk (*) have some special instructions and considerations. You should check this Zakat Guide Booklet for details. Read Top 10 Historical Mosques in Bangladesh Calculate your Living Expenses and Immediate Needs This will include, Debts You Owe*, Personal & Living Expenses, and Business Expenses*. All these should be your expenses for last year. You will need these for the final calculation. Find out your total Zakatable Wealth Now, you just need to subtract the total expense from the total income. So, the calculation will be your last year's total income – your last year's living expense=, Your Zakatable wealth. Now find out if it is above the Nisab amount. However, whether you have gold or silver, you will need to find out the current cash amount of your Nisab threshold. Read How Model Mosques chime with Mujib Centenary: At the heart of each community If your Zakatable Wealth exceeds the Nisab threshold, you need to pay Zakat. But, if your Zakatable wealth is less than the Nisab threshold, you don't need to pay Zakat. The Final Calculation 2.5% of your Zakatable Wealth is your actual Zakat. Your Zakatable Wealth x 2.5%= total Zakat you need to pay for the year.

Mobile financial services provider Trust Axiata Pay (Tap) has come up with an easy way to pay zakat ahead of the coming Eid-ul-Fitr to any madrasa in the country. Customers can now pay zakat directly from their Tap accounts to a specific madrasa. They can find the madrasas by clicking the zakat tab from their Tap accounts. READ: Tap MFS launches iftar offer campaign Users have to select a madrasa they want to donate their zakat to, mention the amount and send it. The madrasa's account will instantly receive the money donated by them. Tap CEO Dewan Nazmul Hasan said: "We have initiated this zakat campaign to make the zakat donation easier for people living in any corner of the country and so that the affluent people can pay their zakat with just one click. At the same time, they can also aid any madrasa in any part of the country."

Over the past few years, many people have provided financial aid to charity organisations through bKash especially during Eid and 7 lakh customers have donated Tk20 core to 50 organisations up to now since bKash added the "donation" icon to its app last year. This new feature enhanced the capacity of the charity organisations to collect donations and enabled the customers to donate more while sitting in the comfort of their home amid this pandemic. Read bKash offers up to 40% instant cashback on Eid shopping, iftar, grocery payment bKash has become a partner to many charity organisations by providing a platform to collect donations for disadvantaged people. The mobile financial service's donation feature has bridged the gap between recipient and donor. Read Donate zakat to govt fund: Islamic Foundation Through bKash, one can easily give Zakat or make voluntary donations from any part of the country at any time for the needy. At present, bKash users can donate money to many organisations such as Anjuman Mufidul Islam, Bangladesh Thalassemia Foundation, Brac, Center for Zakat Management, Dhaka Ahsania Mission, Ek Takay Ahar, Esho Sabai, Bangladesh Liberation War Museum, Mastul Foundation, Mojar School, National Liver Foundation of Bangladesh, Obhizatrik Foundation, Quantum Foundation, Sajida Foundation and Shakti Foundation for Disadvantaged Women-Donation, read a press release. Read PRAN-RFL donates safety equipment to health workers

The Islamic Foundation urged the well off people of the society to donate their Zakat of Eid-ul-Fitr to the Government zakat Fund which would be spent for the welfare of unemployed and poverty-stricken people hit hard by the coronavirus outbreak.