Dhaka, March 12 -- Bangladesh is at a pivotal point in its development journey. The country has shown amazing strength and economic growth over the past fifty years. It has maintained its gross domestic product (GDP) growth, improved social indicators, and expanded its industrial base. But policymakers still have a lot of work to do, given chronic poverty, growing inequality, youth unemployment, and the economy's vulnerability to shocks. In this situation, Zakat is a potent yet underused tool for social financing that needs to be addressed right away.

Zakat is not just a way to help others. It is a divinely designed system of wealth redistribution with deep ethical, spiritual, and socio-economic roots. When properly established, Zakat ca...