Karachi: IBA Centre for Excellence in Islamic Finance in collaboration with Ihsan Trust conducted a training on “Collection, Utilization & Investment of Zakah & Donations in Welfare Organizations”, a one-day course to provide participants with an understanding of Zakah & Charity Donation and Distribution of wealth from the Shariah perspective.
In attendance were scholars, practitioners and academicians from welfare organizations, hospital and health care organizations, Trusts, and educational institutions. The session revolved around creating the basis on which Zakah Funds are formed, how they are used and the investment and potential avenues of disbursement of those Funds and donations.
Mr. Ahmed Ali Siddiqui, Director for the Centre for Excellence in Islamic Finance provided the participants with an overview of the Islamic Banking and Finance industry of Pakistan, its future outlook and an understanding that Pakistan is the only country in the world that has actively put the elimination of Riba within its constitution. He provided clarity on how Riba can be a part of any transaction, and its removal is key in providing Islamic Finance a foothold in the economic landscape of Pakistan.
Mufti Naveed Alam, a member of the Shariah Compliance department, Meezan Bank, spoke at length about the principalities of Zakah, Donations and the employment of these to benefit welfare organizations, whether through infrastructure development, development of healthcare and educational funds, or the enhancement of wellbeing. Processes and proceedures were also discussed and how healthcare, welfare and educational organizations and Institutes can benefit from them.
© Press Release 2017