Fundamentalism raked in Tk 2,464cr profit last year

The financial operations of fundamentalism made a net profit of Tk 2,464 crore in 2014, with banks, leasing and insurance companies generating around one fourth of the amount, economist Abul Barakat said yesterday.

He said the annual growth of the economy of fundamentalism was about 8 to 10.5 percent in comparison to the 6-7 percent growth of the mainstream economy.

"Despite being smaller in size it could surpass the mainstream economy someday if it is allowed to grow," he told a seminar at the capital's Institution of Engineers, Bangladesh.

The seminar on "Political Economy of Fundamentalism and Associated Extremism in Bangladesh: Essence and Doables" was organised by Bangladesh Economic Association.

Of the profit, 27 percent came from banks, leasing and insurance companies, 18.8 percent from NGOs, trusts, foundations and others, 10.8 percent from business outlets, 10.4 percent from the health sector, and 9.2 percent from educational institutions, while the rest came from communications, real estate and media and information technology sectors, he said.

The Dhaka University professor said fundamentalists were completely politically aware to assume the state power to implement their own model of economy in the country and chose to invest in sectors where they could connect to people in a shorter time.

He said only 10 percent of their annual net profit was spent to run organisational activities, while it was possible to recruit 5 lakh full-time members with the money.

The fundamentalists use political and economic power to recruit radically-minded persons at different government and non-government organisations in a planned way, the economist said, urging the government to make public information about the economic source of fundamentalism and unearth the source of militant funding.

Barakat said the government should take action against the organisations connected to the economy of fundamentalism through running an audit by a "third party".    

He recommended that Juma prayers be taken as a medium to create awareness among people against religious fundamentalism.

There are 2.6 lakh mosques in the country where 2.64 crore Muslims take part in the Juma prayers, and returning home they talk to 10.44 crore people, he said.

Also a freedom fighter, he urged the government to create more tribunals to speed up the war crimes trial because it would take decades to finish the trial if there were 500 accused.