ISLAMIC ECONOMIC CONGRESS CALLS FOR WORLD ENDOWMENT BODY

KUALA LUMPUR, Jan 14 (Bernama) -- A World Endowment Body has to be set up
to eradicate poverty among Islamic nations, says Drs Chandra Purnama,
Director-General of Indonesia's Pawnshop Agency.

He said the proposed body could help poor Islamic countries by channelling
zakat (tithe) funds from rich Islamic nations.

"There are many wealthy Islamic countries. Where is the zakat money (from
rich Islamic countries) is being channelled to now?

"Isn't it the 2.5 percent (zakat payment) is the right of others (as stated
in the Holy Al-Quran), he told Bernama after tabling a working paper at the
Third Islamic Economic Congress.

"A special body has to be set up at the world stage to manage zakat funds.
The money can be sent to any country in need of financial aid as the yardstick
to measure poverty differed from one country to another," he said after
presenting a paper entitled "Capabilities of Financial Institutions of Small,
Medium and Micro Industries to Create and Empower Small and Promising
Entrepreneurs: Towards a More Effective New Approach" on the third day of the
congress.

-- BERNAMA