ALGIERS- The Zakat (alms) Fund in Algeria is a “very successful implementation” of the Islamic economic model, said Algerian experts and academics on Wednesday.
The participants in the first training session for the members of the League of Ulemas, Preachers and Imams (Muslim scholars) of the Sahel region underlined the need to “live up to the aspirations of young people regarding economic issues.”
In this regard, Mohamed Boudjelal, expert in Islamic economy, said that the Zakat Fund, created in Algeria in 2004, “is a very successful implementation of the Islamic economic model, which is based on a balance between production and distribution of wealth within the society.”
“Islam has provided a unique model for the production and fair distribution of wealth,” he added.
He also called for more researches to take the most of the Islamic economic model, which proposes solutions to the different economic issues facing societies in Muslim countries.
The Sahel Ulema League held its first general assembly in Algiers on Tuesday, during which Nigerian Murtala Ahmed was elected as the League’s new chairman, while Youcef Belmehdi was installed as its secretary general.
The League comprises representatives of Algeria, Mauritania, Mali, Nigeria, Niger, Burkina Faso and Chad, in addition to Cote d’Ivoire, Senegal and the Republic of Guinea as observers under Nouakchott Process.