Photo: IRIN
Some for you: Muslims are required to donate 2.5 percent of their wealth and assets to the poor every year
DUBAI, 1 June 2012 (IRIN) -
Every year, somewhere between US$200 billion and $1 trillion are spent
in “mandatory” alms and voluntary charity across the Muslim world,
Islamic financial analysts estimate.
At the low end of the estimate, this is 15 times more than global humanitarian aid contributions* in 2011.
With aid from traditional Western donors decreasing in the wake of a global recession, and with about a quarter of the Muslim world living on less than $1.25 a day**, this represents a huge pool of potential in the world of aid funding.
But Islamic finance experts, researchers and development workers say much of the money spent in `zakat’ (mandatory alms) and `sadaqa’ (charity) is mismanaged, wasted or ineffective.
At the low end of the estimate, this is 15 times more than global humanitarian aid contributions* in 2011.
With aid from traditional Western donors decreasing in the wake of a global recession, and with about a quarter of the Muslim world living on less than $1.25 a day**, this represents a huge pool of potential in the world of aid funding.
But Islamic finance experts, researchers and development workers say much of the money spent in `zakat’ (mandatory alms) and `sadaqa’ (charity) is mismanaged, wasted or ineffective.
Read the full IRIN article linked here.
 Photo: VladKol/Shutterstock |
| Aid from traditional Western donors has decreased in the wake of a global recession |
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