International Zakat Organization
Encyclopedia
The International Zakat Organization (IZO) is an Islamic charitable initiative which focuses on the use of Zakat
. Its aim is to work in the international Islamic community among the 56 member states of the Organisation of Islamic Cooperation and in the wider world to foster cooperation in economic, social, cultural, and other areas.
, Minister of Foreign Affairs of Malaysia
, had tabled a resolution for the formation of the International Zakat Organization at the thirty-fourth session of the Islamic Conference of Foreign Ministers of the Organisation of the Islamic Conference in Islamabad
. This resolution followed the International Zakat Conference held in Kuala Lumpur
in November 2006. In early 2009, the IZO granted the mandate to manage the Global Zakat and Charity Fund to The BMB Group
, chaired by Rayo Withanage. BMB Islamic, led by Dr Humayon Dar
, was appointed as the fund's Sharia advisor. About RM10 billion in tithes are expected to be collected by the International Zakat Organisation (IZO) within five years.
Zakat
Zakāt , one of the Five Pillars of Islam, is the giving of a fixed portion of one's wealth to charity, generally to the poor and needy.-History:Zakat, a practice initiated by Muhammed himself, has played an important role throughout Islamic history...
. Its aim is to work in the international Islamic community among the 56 member states of the Organisation of Islamic Cooperation and in the wider world to foster cooperation in economic, social, cultural, and other areas.
History
The IZO was founded in late 2008 by the Government of Malaysia. In May 2007, the Hon. Dato’ Seri Syed Hamid AlbarSyed Hamid Albar
Tan Sri Syed Hamid bin Syed Jaafar Albar , is a Malaysian politician and the former Malaysian Minister of Home Affairs. He is currently the chairman of the Land Public Transport Commission. He is also a member of the United Malays National Organisation , part of the ruling Barisan Nasional...
, Minister of Foreign Affairs of Malaysia
Ministry of Foreign Affairs (Malaysia)
The Ministry of Foreign Affairs, Malaysia is the Malaysian government ministry which oversees the foreign relations of Malaysia. The current ministry is based in Putrajaya with Datuk Seri Anifah Aman as Minister, Senator A...
, had tabled a resolution for the formation of the International Zakat Organization at the thirty-fourth session of the Islamic Conference of Foreign Ministers of the Organisation of the Islamic Conference in Islamabad
Islamabad
Islamabad is the capital of Pakistan and the tenth largest city in the country. Located within the Islamabad Capital Territory , the population of the city has grown from 100,000 in 1951 to 1.7 million in 2011...
. This resolution followed the International Zakat Conference held in Kuala Lumpur
Kuala Lumpur
Kuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
in November 2006. In early 2009, the IZO granted the mandate to manage the Global Zakat and Charity Fund to The BMB Group
BMB Group
The BMB Group Ltd is an investment and advisory services firm founded in 2004 to focus on the needs of Eastern investors. The Company has interests in real estate, natural resources, wealth management, Islamic finance and philanthropy. Rayo Salahadin Withanage and Yang Amat Mulia Pengiran Anak Haji...
, chaired by Rayo Withanage. BMB Islamic, led by Dr Humayon Dar
Humayon Dar
Dr Humayon Dar is an Islamic economist, transformational thinker, author, Sharia advisor and Islamic banking expert, focusing on how to create financial solutions that conform with Sharia law....
, was appointed as the fund's Sharia advisor. About RM10 billion in tithes are expected to be collected by the International Zakat Organisation (IZO) within five years.