A board member of the newly formed Egyptian Zakat and Sadaqah Fund, Momtaz El-Saeed, has confirmed that the government is considering investing Zakat money, and as Al-Araby Al-Jadid news website reported on Thursday, this has raised fears amongst economic analysts and those working in the charity sector that the government will try to seize this money, estimated to be around $2.5 billion, in order to cover the growing budget deficit instead of allowing it to be spent on the poor.
According to Al-Araby Al-Jadeed, Egyptian President Abdel Fattah Al-Sisi ordered the establishment of the fund in September under the supervision of the Grand Sheikh of Al-Azhar. The board members include a number of experts, economists and public figures.
Last year, Dar Al-Ifta Al-Misriyyah issued a fatwa allowing the use of Zakat and Sadaqah funds for “projects generating social revenue” for the country.
Economic analysts fear that the government will use these funds to cover part of the budget deficit for this fiscal year, which began in July 2014
It is worth noting that Saudi Arabia, Kuwait, and the UAE have all provided financial aid to Egypt since the overthrow of President Mohamed Morsi, support estimated by the Ministry of Finance to be about $11 billion, while the current president says it is over $20 billion.
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