Question: Assalamu alaykom wa rahmatullah wa barakatuhu, May Allah (swt) bless and protect you our Shaykh… Question: Some thinkers in our country, Indonesia, refuse to return to the use of gold and silver currencies, and say that Shari’ah does not dictate that specific money be used, using the evidence that Umar ibn al-Khattab intended to […]
Politico published an article on the 7th of September demonstrating the growing gap between rich and poor in the US: “‘A tale of 2 recessions’: As rich Americans get richer, the bottom half struggles.” Following the recession catalyzed by the Covid-19 pandemic, “the path toward economic recovery in the U.S. has become sharply divided, with […]
On Sunday, 09/08/2020 CE, the Interim Legislative Council, the Sovereignty Council and Council of Ministers, passed an amendment to the general budget, which would increase subsidies on hydrocarbons by 75%, electricity by 41%, along with a gradual floatation of the exchange rate; starting with the calculation of foreign grants and loans at a rate of […]
Question: Assalamu Alaikum, We know that Murabaha as a concept is permissible according to Sharia, but I believe that the current reality of Murabaha in Islamic banks is contrary to the Sharia, especially with our people here in Palestine, where the customer specifies the commodity with the merchant and agrees with him on the price […]
The current economic crisis in Lebanon has exposed the venality of the despicable politicians, hyperinflationary prices, and rampant foreign imperial exploitation. Besides the clear exposure of the current system, foreign powers and their surrogates are trying their level best to lead the country towards the same political and economic reforms, which destroyed the country in […]
President Recep Tayyip Erdoğan announced his promised “great news”. Hailing that these 320 billion cubic meters (bcm) are Turkey’s biggest natural gas find to date, he also stated the following:
Finance Minister Mohamad Al-Ississ said that the ministry, in agreement with the International Monetary Fund in the latest program with the Kingdom, will adopt the (general government) debt index and adopt it in the future when calculating the debt ratio of the GDP, so that the concept of general government debt will consider the debt from […]
Recently the World Bank classified Tanzania as among seven countries that moved to the status of lower middle-income category, while three others went down in their economic status for 2019.
Question: Assalamu Alaikum wa Rahmatullah wa Barakatuhu, Topic: Is Zakat an individual ‘Ibadah? Our honorable Ameer, noble sheikh… May Allah help you, grant you success, and aid you with Ansar (supporters) like the Aws and Khazraj…
The Houthis entered Sanaa on 09/21/2014 and raised the price of a petrol tank (20 liters) from 4000 riyals to 7500 riyals, diesel from 3900 riyals to 7500, and a gas cylinder from 1200 riyals to 4000 riyals, at the time, the global price of a barrel of Brent crude on the Stock Exchange was […]
A proposal on revenue sharing among counties that would favour densely populated regions has caused a big division in the Senate. The failure by the Senate to agree on the third basis of revenue sharing formula has consequently thrown counties deeper into financial crisis as it will now take longer for the devolved units to […]
Prime Minister Imran Khan on 27 July 2020 directed the chief secretaries to accelerate action against elements involved in wheat hoarding which have resulted in shortages and price rises. He asked that through mutual consultation, they should evolve a mechanism for bringing uniformity in prices of wheat and flour throughout the country. The rulers of […]
proves that Sheikh Hasina did not fail to serve the Interests of America-India though she failed to protect the Livelihood of the People The first trial run of Indian ship with transshipment goods have reached India’s landlocked states in its north-eastern region by using Bangladesh’s Chittagong port as part of the 2018 Coastal Shipping Agreement.
Question: Assalamu alaykom wa rahmatullah wa barakatuhu, My question to you, my sheikh, is that car dealers and car shows when selling the car to the customer in installments, they do not waive it except when cashing the last cheque. Is it permissible to buy in this way? From Mahmoud Natour
Nothing out-of-the-box has emerged, a week after Pakistan’s Prime Minister, Imran Khan, stressed the need for “out-of-the-box solutions” for economic progress, whilst presiding a meeting of a think-tank he established for the economy on 11 July 20202.
Modern-day slavery is not new, it has been happening in UK cities for years, and around the world. In fact, it is estimated that there are at least 40.3 million people worldwide are currently in enslaved, which is more than those exploited by the transatlantic slave trade. (Independent, 7/7/2020)
Struck by the Coronavirus disease pandemic, the heart of Pakistan’s economy, Karachi, has been crushed by the power sector. Whenever summer peaks, K-Electric starts cutting electricity supply, whilst overbilling breaks the backs of the people. In 2005, the privatization drive that gave rise to K-Electric was touted as reducing the burden of losses on the […]
Question: Bismillah Ar-Rahman Ar-Raheem One of the brothers embarrassed me with a question which I think he is right with, despite my attempt to explain the situation we are living in, but he is not yet convinced. The question pertains to the salary taken in work presented in the public office in this capitalist system, […]
By following the Suicidal Economic Policy to downsize Bangladesh’s Highly Potential Jute Industry Just when the economy has been devastated and millions of worker have become unemployed due to blindly following the erroneous policies of the West by implementing prolonged nationwide lockdown in dealing with Covid-19, Sheikh Hasina’s treacherous regime has hammered the final nail […]
Indian Oil Corporation and Beximco LPG have signed an agreement to form a 50:50 joint venture company for LPG business in Bangladesh. As per the business plan, the JVC will begin functioning by acquiring Beximco’s existing LPG assets, according to a statement issued by Beximco on Tuesday. The joint venture aims to set up a […]
Kenya’s Treasury Secretary Ukur Yatani presented his Sh2.7 trillion Budget for the year starting July 1, outlining the spending plans, including the taxation measures to finance the proposals. The budget includes a stimulus package to jump start an economy ravaged by the Covid-19 pandemic. The budget was themed ‘stimulating the economy to safeguard livelihoods, jobs, […]
On 26 June 2020, the Bajwa-Imran regime abandoned regulatory procedures to prevent the private oil mafia from rapidly hiking fuel prices, crushing the people for the sake of quick profits for the oil cartel. The procedures restricted changes in the price of fuel, only after recommendation of the Oil and Gas Regulatory Authority (OGRA) and […]
The International Monetary Fund said that it had reached an agreement with the Khartoum government to implement structural reforms for Sudan’s economy, and a statement issued by the IMF late on Tuesday, 23/6/2020, stated that the Sudanese authorities requested to implement the reform program for the next twelve months under its supervision.
On Monday, 15/6/2020, Al-Thawra Newspaper, issued in Yemen, conducted an interview with the representative of the Zakat Authority, Ali Ahmad Al-Saqqaf, which was the Zakat Authority established by the order of Abdul-Malik Al-Houthi. In the interview he mentioned the achievements of the authority; that it spent 60 billion riyals during the past two years and […]
Speaking on the 12th International Conference on Islamic Economics and Finance, President Erdogan said that the Islamic economy and financing model is the alternative to this current distorted structure, as it is human-centred, appreciates labour, and does not allow for illegitimate income. He emphasized that the Islamic economics, with its humane, ethical and environment caring […]
The Bajwa-Imran regime has moved a bill in the National Assembly to amend the NEPRA Act of 1997, such that NEPRA (National Electric Power Regulatory Authority) can impose surcharges on electricity consumers at will. The Bajwa-Imran regime has done so to comply with the dictates of the IMF. The IMF has imposed a condition that […]
by using the COVID-19 Panic and Shifting the Burden of Debts on to the Shoulders of Our Future Generations It was quite expected that the Taka 5,569.78 billion government budget for the fiscal year 2020-21 would be designed against the backdrop of COVID-19 pandemic to appease the capitalist elites by extending overwhelming benefits to them […]
Both globally and locally in Pakistan, it is clear that Capitalism is in severe crisis. Even before the Coronavirus disease (Covid-19) outbreak erupted, there was evident global economic slowdown. Around the world, the public health emergency has both worsened and acted as a partial cover for the slowdown.
بسم الله الرحمن الرحيم As we struggled to treat our sick, feed our families and educate our children, the budget, announced on 12 June 2020, confirmed that the current system bleeds us dry by a parasite economy of interest based debt, whilst our affairs are grossly neglected. Even though the entire budget is just over […]
The second budget of the PTI, announced on 12 June 2020, will ensure even more hardship than the first, if it is passed by parliament. In strict compliance with the “IMF Country Report No. 20/114” of April 2020, the PTI ignored the pressing needs of a struggling economy, to secure the investments of foreign and […]