On Thursday, June 13, 2019, the Cabinet Secretary for Treasury Henry Rotich, released the estimates of 2019/2020 Budget. The estimates amounted to 3.02 trillion Shillings with fiscal deficit standing at 607.8 billion shillings. With deeply steeped in debt that already has hit Sh5.6 trillion, the Government is expected to borrow more in the next financial […]
Today’s far eastern region is experiencing an extreme economic dynamism. Simple statistics dramatically highlight that reality. Ever since post 1991 the East Asian region became roughly equal in GNP compared to North America. Due to the factors of globalization many developing countries became part of multilateral organisations IMF and the world bank, due to capitalism’s […]
بسم الله الرحمن الرحيم On 11 June 2019, the Minister of State for Revenue, Hammad Azhar, proposed a national budget that came as a hammer blow to the people. At a time the economy is already suffering immensely due to the choking effects of huge taxation on buying, selling and production, the Federal Board of […]
The government plans to present an austerity-oriented budget providing a “Slight” relief to middle and low grade government employees, including military personal, with no increase in the salaries of army officials of high ranks. This was said by special assistant to the Prime Minister Dr.Firdous Ashiq Awan. (epaper.dawn.com)
The mounting fear over budget revelations over taxation and cuts were proved valid much to the dismay of the long suffering Muslims of Pakistan. After the staff-level agreement with the International Monetary Fund (IMF), the Minister for Revenue, Hammad Azhar, announced a budget on 11 June 2019 that both crushes Pakistan’s economy with oppressive taxation […]
In capitalism, unrestricted privatization is prescribed as the cure for both poverty and lack of development. It is precisely this position that was adopted on 10 June 2019 by the Advisor to the Prime Minister for Finance, Revenue and Economic Affairs, Dr Abdul Hafeez Shaikh, where he stated that it is a government priority, “To […]
Assalam Alaikum Wa Rahmatullah Wa Barakatuh, Dear Brother, Amir of Hizb ut Tahrir, May Allah protect you and look after you, and may He give you tawfeeq (success) to all that is good. The first question: Is there a difference or contradiction between the following statements; or is there a deletion in the second statement […]
The Khilafah (Caliphate) will free the Farmers from the Clutches of these Criminals and ensure Food Security The government is trying to appease the escalating angry protests of farmers regarding the drastic fall of the selling price of rice by declaring rice procurement programs at the local supply depots. The suffering farmers claim that the […]
In accordance with the agreement with the IMF, on 26 May 2019 the regime’s economic team firmed up budget proposals for taxation measures, for 2019-20. On 25 May 2019, the regime announced it would increase next tax collection target to Rs5.550 trillion, almost 35.4 percent more than the current year’s revised estimate. The 35% increase […]
As the Muslims of Pakistan are reeling under the IMF assault on the economy, the Prime Minister, Imran Khan, said on 19 May 2019, “I assure you that the country which will emerge as the leading economy in the region will be Pakistan.” However, Imran Khan’s repeated grand sweeping reassurances are built on hot air. […]
Just after Pakistan’s rulers reached an agreement with the IMF, the Pakistani Rupee collapsed in value in front of the dollar, which will unleash a flood of severe inflation and hardship on the masses. On 16 May 2019, the value of the dollar against the rupee reached almost Rs148 in the interbank market, another all-time […]
When the Prophet ﷺ was calling for the good (i.e. Islam), he ﷺ was simultaneously refuting the prevailing system of ignorance (Jahiliyah) and exposing its corruption. So with his call to worship Allah alone (Tawheed) and to leave the worship of idols, he also attacked the corrupt system they lived in, condemned their cheap lives, […]
In its press release no. 19/157, dated 12 May 2019, the International Monetary Fund confirmed an agreement with Pakistan’s rulers, subject to approval by the IMF’s board of directors in Washington. Pakistan’s new budget will increase the tax burdens on its people, with the IMF stating that the budget will, “eliminate exemptions, curtail special treatments, […]
ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government and the International Monetary Fund (IMF) are likely to announce a staff-level agreement on Friday, as the former has accepted most of the global lender’s demands. (Source: Pakistan Today)
Capitalism is indeed in crisis. This fact is increasingly being mentioned in mainstream media publications. The common theme is that the 2008 financial crisis has exposed the lack of regulation of the banks, so to save capitalism, a number of amendments need to be made. The left are asserting themselves again, calling for more government […]
Regarding the ongoing furious debate over the appointments of a former IMF official as the Governor of the State Bank of Pakistan and a former World Bank official as the Advisor to the Prime Minister for Finance, it is certainly not enough to merely reject Western economic hit men. In order for Pakistan to escape […]
Question: The savings of gold that for years in which zakat was not paid on it, is it paid for each year or once in a lifetime? And is the material payment permissible that is by its value? Thank you. From Abbas Hamamdah
Whilst the people frantically bought food supplies ahead of expected price surges in Ramadhan, the cruel regime announced increases in fuel prices, including petrol. This will further increase food prices as it will increase the cost of transporting food from agricultural areas to shops. Headed by the newly appointed IMF favorite and economic hit man, […]
A Guardian columnist wrote an article this week entitled “Dare to declare capitalism dead – before it takes us all down with it.” He opened the article with “For most of my adult life I’ve railed against “corporate capitalism”, “consumer capitalism” and “crony capitalism”. It took me a long time to see that the problem […]
The survival of human life is dependent on some matters. Of them, water is amongst the most essential. Water shortage affects human life immensely. It may even completely end it, if it is severe enough. The concern over water shortage in Pakistan is ongoing, over the last three decades. According to some international research institutes, […]
On April 4, 2019, the International Monetary Fund (IMF) concluded a 15-day visit to Tunisia. The visit was part of the fifth review of the Extended Fund Facility agreement with Tunisia and prior to the approval of $250 million disbursement of the sixth tranche of the loan. IMF’s mission continues to come to Tunisia periodically […]
More than half of Afghanistan’s population, around 18 million people, are suffering from ‘comprehensive and multidimensional’ poverty, according to a new report released by the National Statistics and Information Administration of Afghanistan.
The ruling class and their crony capitalists in Bangladesh are proving to be monsters with their systematic exploitation of the banking system to plunder people’s wealth. The Finance Minister A.H.M. Mustafa Kamal, owner of the business conglomerate Lotus Kamal Group and a faithful representative of the business elites in Bangladesh, has declared a ridiculous bailout […]
In his article “A Stabilizing Economy; Reversing the Damage” of 31 March 2019, Pakistan’s Minister of State for Revenue, Hammad Azhar, confirmed that the current leadership is implementing the very IMF guidelines that have damaged our economy over the last three decades. It is not corruption alone that caused the current, massive economic crisis. The […]
The Industrial Revolution 4.0 was proclaimed as the world agenda at the 2016 World Economic Forum, no wonder it became a major influx in many Muslim countries. Starting from the 1.0 industrial revolution that developed in the mid-18th century where the emergence of steam engines replaced animals at that time made very drastic changes, especially […]
The Malaysian Prime Minister, Dr. Mahathir Mohamad, during his visit to Pakistan said that he had offered tax holidays to foreign investors for two decades, whilst sharing the “secret” of Malaysia’s economic success, during a business conference in Islamabad, held on Friday 22 March 2019. Economic activity may be boosted for a short while by […]
Question: Perhaps there is a preoccupation that occupies you, May Allah help you, so I loved to remind you of my question for my urgent need for the answer, Allah bless you and bring goodness at your hands.
In order to run the affairs of the state and the people every state needs funds. Under capitalism these funds are mainly raised through interests and direct and indirect taxes. Also in Islam, the State has to finance its affairs and responsibilities from the State Treasury, the Bayt al-Mal (Bait ul-Mal). In order for the […]
Practical Examples from the Sunnah and Islamic History Only to start with as a short reminder of what Islam’s main pillars in prevention of poverty are: Islam has regulated the issue of ownership in a very clear and efficient way. Every individual is permitted to gain and to possess private property on everything that is […]
Despite the immense material and human resources, as well as the world’s richest oil and mineral reserves in our Muslim lands, the majority of the Muslim Ummah languishes in massive poverty, having less than 1.90 US dollars a day to meet their basic needs. The growing and huge mass unemployment, underdeveloped agriculture and industry, crippling […]
