Zakat is an Islamic article of faith that commands the believers to give a minimum of 2.5 percent on their annual savings. Rough estimates of zakat collection in the world run into 100 plus billion dollar. Imagine, if this money is used for the categories that are defined in the Quran, poverty and hunger can be eliminated. But bulk of this zakat is taken away by religious seminaries that are regressive and often detrimental to the divine cause. The zakat money in general is handled by people who have no idea of modern financial institutions and planning. There is no other religious community in the world that donates over 100 billion dollars annually for religious purposes, but equally important is the fact that there is no other religious community in the world that mismanages its resources so blatantly as the Muslim community. Imagine the wonders the community resources bring to world economy. Imagine the change they can bring out in their world. But, the religious clergy that has monopolized the zakat debate without any financial expertise has turned the most dynamic financial institution as the most ineffective one in real sense of the world.
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