Jamaat MP for replacing interest-based economy with zakat-based system
Mujibur Rahman says Bangladesh can run its economy without interest and proposes establishing a separate ministry for zakat affairs.
Jamaat-e-Islami lawmaker Mujibur Rahman has called for replacing Bangladesh's interest-based economic system with a zakat-based model, saying the country can operate its economy without relying on interest.
Participating in the general discussion on the proposed FY2026-27 budget in parliament today (28 June), the MP said the country should "bury" the interest-based economic system and establish a zakat-based economy instead.
He also proposed forming a committee comprising Islamic scholars from different schools of thought and establishing a separate ministry dedicated to zakat management.
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Mujibur said an initiative to introduce an interest-free economic model in Bangladesh had once been undertaken by Islami Bank Bangladesh PLC.
However, he alleged that the bank had later come under adverse influence and was now heading towards destruction.
Citing verses from the Holy Quran and various Hadiths, the Jamaat lawmaker highlighted what he described as the harmful effects of interest-based transactions.
"Allah destroys interest and gives increase to sadaqah and zakat," he said, referring to Islamic teachings.
Referring to Prime Minister Tarique Rahman's recent visit to Malaysia, Mujibur claimed that efforts were underway in the Southeast Asian country to promote a zakat-based economic system in place of an interest-based one.
He also claimed that countries including Iran, Bahrain, Saudi Arabia, the United Arab Emirates, Kuwait, Qatar and Pakistan have taken initiatives to establish interest-free economic systems.
The MP said the success of Islami Bank had previously encouraged conventional banks in Bangladesh to introduce Islamic banking counters.
"This demonstrates that it is possible to run Bangladesh's economy without interest," he said.
Mujibur further claimed that Bangladesh could collect nearly Tk2 lakh crore annually if zakat collection were managed properly.
For that reason, he said, a separate ministry should be established to oversee zakat administration and distribution.
During the budget discussion, the lawmaker also referred to the government's farmer card and family card programmes, saying people need employment opportunities rather than cards.
"Poverty can be eliminated through employment generation," he said.
He also called for including madrasa students in government programmes that distribute shoes and uniforms to schoolchildren.
In addition, he demanded that all teachers of non-MPO educational institutions be brought under the Monthly Pay Order (MPO) scheme and urged the government to ensure fair wages, allowances and other labour rights for workers.
