Malaysia seeks to revive global zakat body to support poor Muslim nations
ISTANBUL: Malaysia has proposed reviving the International Zakat Organisation (IZO) to coordinate global zakat collection and distribution, particularly to support poorer Muslim countries and minority communities.
Malaysia has proposed resurrecting the International Zakat Organisation (IZO) to better coordinate zakat collection and distribution, specifically to support underdeveloped Muslim nations and minority Muslim communities. Deputy Prime Minister Dr Ahmad Zahid Hamidi mentioned raising this proposal with Turkish President Recep Tayyip Erdogan, D-8 Secretary-General Sohail Mahmood, and other leaders.
The IZO was originally conceived by late Saudi businessman Sheikh Saleh Kamel during the tenure of Malaysia's fifth Prime Minister, Tun Abdullah Ahmad Badawi. The organization aimed to gather zakat funds from wealthy Muslim countries, including petrodollars deposited in financial institutions, as they did not earn interest, which was considered "riba" in Islam.
The funds would then be distributed among the eight eligible categories of zakat recipients (asnaf) to improve socioeconomic well-being of Muslims globally. Currently, the global halal market is projected to reach US$1.3 trillion by 2030, with Malaysia having a 52-year history of involvement in halal certification. Zahid emphasized the importance of forging cooperation between Malaysia, Turkey, and other Muslim nations to advance this proposal at both formal and informal meetings of the Organisation of Islamic Cooperation (OIC) and Developing Eight (D-8).
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