Bangladesh lawmaker calls for replacing interest-based economy with zakat system

Mujibur Rahman, a lawmaker from Jamaat-e-Islami, urged Bangladesh to abandon its interest-based economic system in favor of a zakat-based alternative, calling for the "burying" of the current model and the adoption of the economic principles of Medina.

Speaking during the general discussion on the 2026-27 national budget, the Rajshahi-1 MP criticized the finance minister's budget speech for its lack of mention of zakat, despite its significance in Islamic economic theory. Mujibur proposed the establishment of a dedicated ministry for zakat collection and the formation of a committee of Islamic scholars to oversee the system. He claimed that effective zakat collection could generate nearly Tk 2 lakh crore annually, sufficient to fund a zakat-based economy without reliance on interest-based borrowing.

“

We cannot run the country like beggars. We have to run it with our own resources.

The Jamaat MP also voiced criticism regarding the government's dependency on loans. He argued that while borrowing might be necessary at times, the state should not use debt to finance consumption. "We cannot run the country like beggars. We have to run it with our own resources," he asserted. He pointed to Islamic banking as evidence of the viability of interest-free financing, noting that the success of Islami Bank had prompted other commercial banks to introduce Islamic banking windows.

Regarding other budget provisions, Mujibur opposed the whitening of undisclosed income, stating that black money cannot be made "halal" through penalties. He welcomed increased duties on alcohol and bidi. He also called for government support for Qawmi madrasas and their inclusion in welfare programs for school uniforms and shoes. Mujibur further demanded budgetary allocations for educational institutions under the Monthly Pay Order (MPO) scheme, fair wages for workers, and an emphasis on sustainable employment over welfare cards as a means to address poverty. "People do not want cards; they want work," he concluded.

“

People do not want cards; they want work.