The Islamic Economics and Finance Advisory committee is tasked with handling the financial & economical aspects of the Muslim community, as well as to streamline the processes of handling matters related to Zakath (Wealth Tax), Sadaqa (Charity), Warasath (inheritance) and others.
The committee collects information at Masjid level on the economic needs of the people, in order to provide assistance and guidance to those in need. Further, steps are taken to provide vocational training to Muslims in order to improve their livelihoods and to provide assistance for technical studies for those who discontinued school education due to financial inabilities and other reasons. The committee also will be providing guidance to people in securing job opportunities and starting small industries.
The streamlining of the Zakath collection process is another major task of the committee, with Zakath collection and disbursement of Zakath done at Masjid and/or Federations of Masjid levels. Educating people on the calculation and payment of Zakath, by way of organizing seminars is also undertaken.
The committee also is working on establishing Baithul-Maal funds in Masjid or/and federation levels in order to help Muslims with interest free loans to take care of their needs. It also encourages giving out money in the forms of Sadaqa, Wasiyyath, wows, and Waqf (endowments) etc, and redirects these funds for economic activities for eligible, skilled and motivated persons in the community.
Legal guidance to solve issues of Wasiyyath (last will) and Wirasath (inheritance) with the assistance of lawyers is also provided by the ACJU.