Mumbai, April 26: If it works out, it will be a windfall for the poor in the Muslim community. Over 100 prominent leaders from all over India, among them prominent businessmen and leaders of all sects, will be meeting in the city to chalk out a strategy that ensures money given under Zakaat gives tangible returns.
The two-day seminar is to he held at Haj House and will begin on April 27. The Rs10,000-crore, per annum ‘Baitulmal’ or People’s or ‘House fund’, as it will be called, will be raised by pooling in money from Zakaat and Sadaqa, two prominent sources of donations by Muslim community.
Muslims are expected to give away 2.5% of their earnings as Zakaat (donation to the needy). Sadaqa is a one-time payment given after the fasting. “The money is given in small amounts and really does not help anyone. It is not yielding any tangible benefits,” said Dr Mohammed Ali Patankar, the person behind the initiative.
The calculations of Rs10,000 crore per year go like this. The community is making a conservative approach that of the 200 million Muslims, 10% – around two crore – would be paying Zakaat. Of these, even if each person on an average gives away Rs5,000 per year, it will help raise big money.
“The community should respond to this well. Muslims are worse than Dalits and the government is unable to clean the backlog of their backwardness,” said Hafiz Mohammed Nadim Siddiqui, president Jamiat Ulama-i-Maharashtra.
The collected money will be deposited centrally and members are keeping a conservative figure of Rs500 crore as a start. “Its success will instill confidence and people will start giving willingly. We will also try to make it tax-free,” Patankar added.
–Agencies