THE MANAGEMENT OF ZAKAT BY CENTER FOR ZAKAT MANAGEMENT (CZM): A MALAYSIAN EXPERIENCE

Abstract

Zakat plays a significant role in the Muslim socioeconomic development. It is mentioned in eighty two places in the Holy Quran. However, zakat is an obligation for specific Muslims providing a fixed amount of their wealth with certain conditions and requirements for beneficiaries called al-mustahuqqun. Moreover, the concept of zakat exemplifies a strong concern with social and economic justice. In addition, the redistribution of economic impact of zakat depends on how it is administered, especially with regard to collection and distribution. Unfortunately, there was no comprehensive zakat institution has been set up to collect and distributes of zakat in Bangladesh except Center for zakat Management (CZM). Presently, Malaysia became a hub of Islamic financial Institutions for Islamic banking as well as for zakat management. This study discusses how to collect and disburse zakat in Bangladesh based on CZM and Malaysia experience