Jamaat MP for replacing interest-based financial system with Zakat-based economy

Bangladesh Jamaat-e-Islami lawmaker Md Mujibur Rahman on Sunday called for replacing Bangladesh’s interest-based financial system with a Zakat-based economy, arguing that the proposed national budget failed to reflect Islamic economic principles.

Participating in the general discussion on the proposed 2026-27 fiscal year budget in Parliament, the Rajshahi-1 MP said the government should establish a separate ministry for Zakat and introduce a Shariah-based mechanism for collecting and distributing Zakat.

He criticised the budget for what he described as its omission of key Islamic economic concepts, claiming the words “Zakat” and “wastefulness” were not been adequately reflected in the budget speech.

Quoting verses from the Holy Quran and Hadith throughout his speech, Mujibur Rahman said excessive reliance on borrowing will undermine the country’s independence and warned against leaving debts unpaid.

He also strongly opposed the country’s interest-based banking system, describing interest as prohibited in Islam and urging the government to adopt an Islamic economic model instead.

Referring to Islamic banking, the Jamaat lawmaker alleged that the country’s Islamic banking sector had suffered after coming under the influence of vested interests. He claimed that Bangladesh had previously demonstrated that banking operations could function without interest.

He also opposed any provision that will allow undisclosed or “black” money to be legalised, arguing that illegally earned wealth should not be legitimised through taxation or other measures.

Mujibur Rahman welcomed the government’s decision to keep tobacco products expensive, saying higher prices will discourage smoking and other harmful habits.

On education, he called for greater government support for Qawmi madrasahs, saying they deserve dedicated budgetary allocations, urging the government to ensure that madrasah students receive the same benefits, including uniforms and shoes, as pupils in primary schools.

The lawmaker proposed bringing all eligible educational institutions under the Monthly Pay Order (MPO) scheme in phases and called for meeting teachers’ long-standing demands.

He also urged the government to ensure fair wages for workers, implement existing labour protections and create more employment opportunities instead of relying on financial handouts.

Concluding his speech, Mujibur Rahman appealed for balanced development across all constituencies and expressed hope that the government will pursue what he described as a more just and equitable economic system.