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Friday, June 31 , 2020 /
7:00 PM / Bukola Akinyele for WebTV / Header Image Credit: WebTV
Eid-al-Adha is a time for forgiveness, kindness and
compassion which are the qualities and essence of Islam. As the world
continues to face the unprecedented circumstances and health challenges caused
by the novel COVID-19, the impact can be felt on the socio-economic activities
of Muslims observing the 2020 Eid El-Kabir .
The restriction on global movement have limited the
number of people performing Hajj, as well as those participating in
congregational prayers, parties and other social interactions. Islamic scholars
note that the restrictions and bans on social gatherings was for the benefit of
all as part of measures to mitigate the risk of the pandemic. WebTV's Islamic
Finance anchor Bukola discussed with Dr. Aliyu Dahiru Mohammed, the Deputy Director, Training and
Linkages, International Institute of Islamic Banking and Finance, Bayero
University Kano, BUK on the economic value chains of Eid-Il-Adha.
He started by highlighting the significance of
Eid-Il-Adha, and noted that there are many aspects of the period of Hajj but
the most significant was the sacrifice and slaughtering of animals which was an
essential requirement for all Muslims adult who can afford it. Dr Mohammed
stressed that Eid-il-Kabir has been a long tradition since the time of Prophet
Ibrahim , when he was ordered in a dream to slaughter his son Ismail who was
later saved by Allah. Angels brought a ram to Prophet Ibrahim which stopped him
from sacrificing his son Ismail.
According to the World Health Organization, as at
today July 31st, 2020 globally COVID-19 case figures rose to
17,565,425 and total death figure was 678, 356 , while the total figure of
those that recovered was 10, 998, 945.
In Nigeria, the NDDC report on COVID-19 showed
that total confirmed cases stood at 42, 689, discharged cases 19,270 and death
19,270 and death cases 878.
Speaking on the economic implication of Eid-il-Kabir,
the Islamic finance expert noted that over 100 million Muslims, assuming they
will slaughter 1 million large animals (cattles, and camels) at an average
price of N150,000 and another 1 million small animals (sheep and rams) at an
average price of N50,000 would be N150billion plus N50billion bringing the
total potential revenue on animals at N200billion.
The projected revenue is relatively large and mostly
additions to rural economic cash flows. Dahiru said, "It is a practical
expression of one's gratitude to Allah for His blessings. The Quran says: "Thus
have we subjected these (animals) to you so that you may express your gratitude".
Dahiru noted that, the practice of sacrificing animals has comprehensive
economic implications for livestock raisers in rural and urban communities.
He said "Animal sacrifice involves both value -in-
use and value- in exchange. Value- in- use means the intrinsic quality of a
commodity to satisfy human wants". Speaking further, he said the
multiplier effect was always large during the Eid Adha period. He said,
the Eid period would be characterized by exchange of value in use and in
exchange through various channels and sectors.
Dahiru stressed the fact that Eid-Il-Kabir is
celebrated by 1.8billion Muslims globally, while in Nigeria more than 100
million Muslims celebrate the season.
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