All posts filed under: Economy

Hasina Government wants to remain in Power by using Covid-19 as a Political Tool to Suppress the People To Remove this Corrupt and Irresponsible Government and Establish a Righteous and Responsible Khilafah Government, Unify under the Leadership of Hizb ut Tahir

The Government is continuously deceiving people by giving slogans about saving lives; but in reality, they have not taken any effective steps to save people’s lives, but rather have been looting thousands of crores of Taka through corruption in the health sector. Mired in corruption and misrule, this Government has repeatedly resorted to repeated lockdowns […]

The Evil Capitalist Economy is the Origin of Economic Hardship in the World!

It is not a secret that economy is the backbone of human life hence leading to an urgent need for a system to drive the growth and distribution of resources (wealth) in the society. The economic system today is capitalist founded by a Western philosopher Adam Smith known as the ‘Father of the capitalist system’. […]

As Long as the Pakistani Rupee is Not Linked to Gold and Silver, It Will Continue to be Devalued, Drowning Us in Back-Breaking Inflation

The Pakistani rupee has been depreciating rapidly over the past month. On 10 July, 2021, one dollar was selling at Rs. 155.92, whilst on 5 August 2021, one dollar was selling at Rs. 163.41. Thus, in less than a month, the rupee has lost Rs 7.49, or 4.8 per cent, of its value against the […]

Under Capitalism, Whether the GDP Goes Up or Down, the Conditions of the People Go from Bad to Worse, Deprived of Substantial Local Industry

On 28 July 2021, the economic advisory wing of the finance ministry declared in its Monthly Economic Outlook (MEO) for July that, “In the transition towards a higher potential growth level, pressure can be built on external accounts, calling for close monitoring to ensure that the new growth strategy is sustainable.”

The Houthis Have Taken the World Bank as a Backing for Them to Achieve Economic Independence!

In a step that is not new, the World Bank announced on 07/01/2021 its approval to provide an additional grant to the Salvation Government in Sana’a, which was amounting to 150 million dollars – according to what was reported by Mareb Press – within the framework of grants provided by the World Bank throughout the […]

Whether there is Commotion or Calm in the National Assembly, Both the Rulers and the Opposition Submit to the IMF

After a few days of commotion, which was denounced by the mouthpieces of the Pakistan’s rulers as a disrespect of democracy, an orderly series of speeches by the government and the opposition resumed, during the budgetary session of parliament. However, whether there is commotion or calm in the National Assembly, the current budget is nothing […]

Taxation under the Capitalist Economic System is Oppressively Regressive, Breaking the Backs of the Needy and Indebted

The revenue target for the next financial year, 2021-22, is targeted at Rs. 5.829 trillion, compared to Rs 4.691 trillion for the closing financial year, 2020-21, showing an overall increase of Rs1.138tr (24 percent). This is whilst the IMF has set a target of Rs 10 trillion for 2024-2025.

Pakistan’s Rulers Mercilessly Tax the Poor and the Indebted to Fill the Pockets of Those Who Peddle in the Sin of Interest

On 11 June 2021, in their budget announcement, Pakistan’s rulers made great fanfare of reducing taxation on certain sectors and increasing the salaries of government employees. Then, within days, the mouthpieces of the rulers made an even greater fanfare, through every platform available to them. However, in the same budget, Pakistan’s rulers increased overall taxation […]

Budgets Reading: Annual Governmental Punishment on the Ordinary Citizens

On Thursday, 10th June 2021, the Cabinet Secretary for Treasury Ukur Yatani tabled the Ksh.3.632 Trillion spending plan for FY2021/2022. The Budget seen has the largest in Kenya’s history with a deficit of about Ksh 1.2 Trillion. The Ksh 1.97 Trillion of the budget will be collected through taxation while Ksh.1.63 coming from Loans and […]

The People of Bangladesh Neither Reacted to the Capitalist Budget, and Nor Do They Expect Anything from the Capitalist Rulers

Bangladesh’s Finance Minister AHM Mustafa Kamal on 3 June 2021 has announced BDT 603,681 crore annual budget for the fiscal year 2021-22. With the rosy title ‘Bangladesh Towards a Resilient Future Protecting Lives and Livelihoods’, this is in fact the biggest ever ‘pro-capitalist budget’ that Hasina government has laid down with corporate tax cuts, reduced […]

The Colonial Capitalist Economy: The Tool to Keep Third World Countries Enslaved

Kenya has increased prices for super petrol despite a decline in the average landed cost of petroleum products, inflicting more financial pain on motorists. The Energy and Petroleum Regulatory Authority (EPRA) increased the price of super petrol by Ksh3.56 ($0.03) per litre while that of diesel and kerosene remain unchanged for the period May 15 […]

Khilafah: The Panacea to Global Food Crises

On Wednesday, 5 May 2021 an international alliance of the United Nations, the European Union, governmental and non-governmental agencies working to address food crises released The 2021 Global Report on Food Crises (GRFC 2021). The report states that 55 countries/territories with an estimated total of 155 million people were affected with food insecurity. In addition, […]

High as Well as Low Interest are Both Haram!

President Recep Tayyip Erdogan spoke at the admission of the DEIK Executive Board. While criticizing the high interest, Erdogan emphasized financial discipline. Erdogan stated that he knows how the banks exploit the business world and said “We almost pride ourselves on sinking many of our companies. Whether they listen to me or not, I’m against […]

Democratic Politician’s Objectives is to Enrich Himself / Herself Not Serving People

There is an ongoing discussion across the country concerning a big difference between politicians and other public servant’s salary scales. While politicians get paid high salaries and other lucrative benefits, workers are sacrificed by taking home a hand to mouth salaries with maximum tax deductions. (BBC Swahili 17/07/2020). Comment: This scenario cements the truth that […]

Yemeni Scholars Embrace the Capitalist Economy and are Interested in Islamic Banking

Member of the Supreme Political Council Sultan Al-Sami’i and Prime Minister Dr. Abdulaziz Saleh bin Habtoor participated in the economic symposium on “Islamic Banking during crises” organized yesterday in Sana’a by the Association of Yemeni Scholars and the Economic Observatory for Studies and Consultations in cooperation with the Yemeni Academy for Higher Studies (Al-Thawra Newspaper, […]

Islam Mandates Energy Resources are Public Property

Transferring Them to the Private Sector for Profits, Both Endangers Public Interests and Compromises Public Rights The Bajwa-Imran regime of “change” has increased the prices of petroleum products by ten rupees within the last month, in three increments. Since September 2020, twice a month, people face a “petrol bomb” which raises the prices of food […]

Predatory Capitalism

The government’s ‘lopsided’ surveillance mechanism, the alleged sugar cartel and above all hoarding have caused around Rs20 per kilo increase in the price of the sweetener in the last 15 days alone, leaving the inflation-stricken people with no option but to buy the commodity at higher rates. (Dawn News)

Only the Islamic Economic System under the Khilafah will Rescue Kenya

 and the World at large from the Interest-based Debt Trap Kenya’s public debt has touched a high of Sh8.4 trillion and is quickly racing towards the Sh9 trillion ceiling as the government chalks up more borrowing in its fight against Covid-19. This is slightly over three-quarters of the country’s total economic output, technically known as […]

Islamic Banking in the View of Islam

بسم الله الرحمن الرحيم In the modern era, some Western terminologies and labels have appeared in the life of Muslims. These terms are dressed up with Islamic garb, so as to make them acceptable to the Muslims masses until they receive welcome in their life, transactions, public and private relations. The Islamic garb is adorned […]

Why do you implement economic measures based on non-Islam?

President Recep Tayyip Erdogan issued statements following the Presidential Cabinet Meeting at the Presidential Complex. Erdogan said, “We are struggling hard to overcome the pressures and costs of interest, inflation and exchange trivets on the Turkish economy. With our production diversity, logistical capabilities, strong supply chain, incentives and dynamic workforce, we are at a level […]

Capitalism Offers No Consistent Morals and Benefit is the Only Value Driving Decisions

On the 2nd of November 2020, the BBC reported that the Indian government has initiated a campaign to promote the consumption of sugar in response to the excess sugar not sold by companies. The new pubic adverts and campaigns are employing scientists and dietitians to reverse the public’s current understanding that it is healthy to […]