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Thursday, 12 March 2009

International Zakat Organisation (IZO) Eyes RM10 Billion Zakat Collection

KUALA LUMPUR, Feb 18 (Bernama) -- About RM10 billion in tithes are expected to be collected by the International Zakat Organisation (IZO) within five years, said Minister in Prime Minister Department, Datuk Seri Dr Ahmad Zahid Hamidi.


He said the money would be used to help Muslims start businesses to get them out of the poverty cycle.

"It will also be used to build hospitals, educational institutions and to set up emergency funds," he told a media briefing after the signing of the co-fund management and distribution agreements between IZO and the BMB Group Ltd.


Ahmad Zahid said the financial assistance was not only for Muslim countries only but also for those countries with minority Muslim population.


He said IZO has appointed BMB Group to establish and co-manage the fund.


"The fund is expected to be worth about RM2 billion in the first year of its operation," Ahmad Zahid, who is also chairman of the board of directors and a member of Trustees Council of IZO, said.


The IZO, an international zakat body under the Organisation of the Islamic Conference was set up on the suggestion by Prime Minister Datuk Seri Abdullah Ahmad Badawi to eradicate poverty among the Muslims worldwide.


(USD1=RM3.7)

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1 comment:

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