All posts filed under: Economy

Kenya’s 2018/2019 Budget is Tightened Nooses on the Necks of Despaired Citizens!

The tax proposals submitted through the 2018 Finance Bill are designed to generate an additional Ksh 27.5 billion in tax revenue for the FY 2018/19. The 2018/2019 budget deficit of Ksh 558.9 billion (equivalent to 5.7 percent of GDP) will be financed by net external financing amounting to Ksh 287.0 billion (equivalent to 3.0 percent […]

Democracy Legalizes Corruption by Allowing Writing Off Loans

With elections scheduled for 25 July 2018, corruption is a major electioneering issue. However, seeking to end corruption through Democracy, is like seeking a cure through the diseases itself. The case of written-off, non-performing loans, worth billions of rupees is one of many examples that prove Democracy promotes corrupt practices. The Supreme Court of Pakistan […]

Big National Budget (2018-19) with Big Deceptions to fulfill the desires of the Ruling Class and its vested Interest Groups

On 28/6/18, Bangladesh Parliament has passed an extraordinary big national budget of Tk 4.68 Trillion for fiscal year 2018-19 that is 16% larger than the previous one. The budget supposedly aims to spur economic growth and investment and keep inflation in check along with a revenue realization target at Tk 3,39,280 Crore, which is 31% […]

In Khilafah Gas will be a Public Property and will be Delivered at a Price that will support the Economy

Increase in Gas prices will further contribute to a deteriorating economy Oil and Gas Regulatory Authority (OGRA) has proposed to the Pakistani Federal Government to increase the price of Gas by an average 46 percent. The regulator has determined up to 186pc increase in gas rates for the poorest categories of domestic and commercial consumers, […]

Budget 2018-2019 Confirms Need for Khilafah: Yet another Budget under the Colonialist Capitalist System will only add to our Economic Misery

On 27th April 2017 the PML-N government presented its last budget, for the fiscal year 2018-19. The ideological bankruptcy of Pakistan’s ruling elite was clear in both in the content of the budget, as well as in the politics surrounding it. On the one hand, the government made a great show of some tax cuts […]

Electricity Crisis can only be resolved by Placing Electricity under Public Ownership as Mandated by Islam

On 17th April 2018, Tuesday, The Nati­onal Electric Power Regula­tory Authority (Nepra) found K-Electric at fault for the ongoing power crisis in Karachi and asked the government to increase gas quota for the power utility to ease public sufferings. The regulator reviewed the investigation report and decided to initiate legal proceedings against the power utility […]

To the Participants of the World Islamic Finance Forum (WIFF): The Khilafah will Implement Islam Comprehensively as an Alternative to the Failed Capitalism

Assalamu Alaykum wa Rahmatullah wa Barakaatahu We address you as participants of the World Islamic Finance Forum (WIFF) of 19 March and 20 March 2018, organized by Karachi’s Centre for Excellence in Islamic Finance at the Institute of Business Administration (CEIF-IBA), in collaboration with LUMS and INCEIF. Indeed, this forum of yours itself is an […]

Reformation of the Bangladesh Banking System is to Oil the Looting Machine of The Capitalists

The total defaulted loan in the Bangladeshi banking sector stands over BDT 80,000 crore (BDT 800 billion). Up to June 2017, an amount of over BDT 18,000 crore was written off by state-owned banks. Government has also supplied capital over BDT 10,000 core (BDT 100 billion) during the last 10 years. Despite injection of additional […]

Kenya’s Ksh.5.4 Trillion Debt Accumulation a Confirmation that the Capitalist Economic System has Failed

Kenya is paying Sh658.2 billion against Sh1.4 trillion in expected tax revenues meaning half of all the money collected by Kenya Revenue Authority (KRA) goes to pay debt. If one adds non-discretionary spending such as salaries and pensions which are deducted even before they hit our spending accounts, Kenyans will pay Sh735.6 billion this year, […]

Public Property in Islam: Its Nature and the Responsibilities of the State to it

Public Property: Public Property is the permission of the Shar’ for the community to participate in the use of materials which have been stipulated by the Shar’ that they (community) are partners over, whilst individuals and the State are prohibited from possessing them individually. It is the property of the public altogether and it is […]

Capitalism in UK causes the Number of Rough Sleepers to Increase every year

On 26 January 2018, The Guardian Newspaper reported that “Rough sleeping in England has increased for the seventh consecutive year, official figures show, and charities say even this steep rise fails to capture the true level of street homelessness… The separate Chain database, which records rough sleepers in London seen by outreach workers, last June […]

Assistant President, Your Adherence to the Banner of Falsehood is the Reason for the Economic Insolvency and not the Adherence to the Banner of La Illaha Illa Allah!!

In a statement that resembles him and his regime, the Assistant to the President Ibrahim Mahmoud Hamed, stated that the adherence to the banner of La Illaha Illa Allah was the reason for the economic insolvency, which the country is experiencing these days!!

Pakistan’s Currency will never be strengthened whether we trade in Dollars or Yuan except by adopting Gold and Silver Currency mandated by Sharia

On Dec 19, 2017, Minister for Planning and Development Ahsan Iqbal said that the government was considering a Chinese proposal to use renminbi (RMB or yuan) instead of the US dollar for payments in all bilateral trade between China and Pakistan. And so the State Bank of Pakistan (SBP) on Monday, 1st January 2018, made […]

Q&A: Does Riba Only Takes Place in the Six Categories?

Question: Assalamu Alaikum, A question received from one of the brothers named Mohsen al-Jadabi – Sana’a. The Prophet ﷺ said: «أي قرض جر منفعة فهو ربا» “Every loan which entails a benefit is usury”. The Ahadith defined that Riba takes place in gold and silver and some varieties (dates, raisins, wheat and barley). So, does […]