The Financial Crisis: a decade on
A decade on from the financial crisis – the lack of progress has demonstrated the fragility, not only of the financial sector, but of the system that governs it.
All posts filed under: Economy
The State of Taxation in Sudan will not Solve the Problem of Unemployment, Rather, it is the Cause of the Problem
The Secretary General of the Secretariat of Sudanese Working Abroad, Ambassador Karar al-Tuhami, said: “Not necessarily that the state is responsible for the employment of graduates”, he added: “The state is not a charitable organization, and the indicators of unemployment are not critical.” (Al-Jareeda Newspaper, Issue 2178, 23/07/2017).
Q&A: Zakat and Debts of the Father and Son
Question: As Salaam Alaikum Wa Rahmatullah Wa Barakatuhu our honourable Sheikh, and warm greetings to you. I have a question regarding Zakat and debts, I hope you have the time to answer my questions. My father has a lot of debt. Now it is customary with us that we do not distinguish between the money […]
The Crisis of Western Social Payments
According to Reuters: A senior U.S. Republican senator predicted on Sunday that the Republican bill to roll back Obamacare would likely fail, adding to growing signs that the bill is in trouble. “My view is that it’s probably going to be dead,” Senator John McCain, a senior U.S. Republican, said on the CBS program, “Face […]
Q&A: Disposal of Haram Funds & Deceit in Trade
Questions: Assalamu Alaikum Wa Rahmatullah Wa Barakatuhu our Ameer, may Allah elevate you and bring victory to this Ummah by your hands. If I may, I have two questions: The first: In your Answer to the Question to a brother regarding stocks, you said in the Answer: If you give authority to your mother who […]
Q&A: Who is Zakat paid to in the Absence of the Islamic State?
Question: Assalamu Alaikum wa Rahmatullahi wa Barakatuh, O our Sheikh, there is a disagreement; to whom the Zakat should be paid? Is it to the government while it is known that it does not spend it in its allocated expenditures, or is it distributed to the poor (Al-Fuqaraa) and the paupers (Al-Masakeen)? Please clarify with […]
Budget 2017-18: Poor People Pay Heavy Price for Awami League’s Election Budget
On 01 June, 2017, Bangladesh’s Finance Minister AMA Muhith has placed a Taka 4 trillion budget for the fiscal year 2017-18 in the parliament, relying mostly on VAT collections to cover a 35% growth in revenue earnings. The fact of the matter is that in the name of this so-called ‘development-heavy’ budget, money will be […]
The Rise of Food Banks and Food Waste
There are at least 2,000 food banks operating in the UK, giving out emergency food parcels on a weekly basis to people in hardship, according to research that shines fresh light on the rapid growth of charity food provision in austerity Britain. (Independent Newspaper, 30 May 2017)
Pakistan’s Agriculture and Industry Neglected
Capitalist Democratic System Discourages Local Production and Manufacturing in Pakistan Before the announcement of the Budget 2017-18, the Finance Minister of the Bajwa-Nawaz regime informed the nation of a 2% growth in the services sector, at the cost of industrial and agriculture sectors, within the Gross Domestic Product (GDP). Thus, the share of the services’ […]
Demographic Crisis: Elimination of the Consequences not the Causes
The World Economic Forum (WEF) predicts a global crisis with retirement. In the world, the deficit of retirement savings by 2050 will reach 428 trillion dollars. This is five times higher than the current level of the world’s annual GDP. The report of the WEF indicates that the coming crisis is associated with an increase […]
Q&A: The Concept of Value
Question: Assalamu Alaikum wa Rahmatullahi wa Barakatuh May Allah bless you our honorable Sheikh, and help you and grant you victory. I have questions about the concept of value. The value is the quantity of benefit present in a commodity, taking into account the element of scarcity. 1- What tools do I depend on as […]
Q&A: Partnership in a Vehicle is a partnership of Assets
Question: Bismillah ar-Rahman ar-Raheem, Assalamu Alaikum… honorable Scholar Sheikh Ata Bin Khalil Abu Al-Rashtah, after greetings: In the property company, if two people purchase a transport vehicle for profit purpose;
Q&A: Borrowing from Someone who does not take Halal and Haram as his Criteria
Question: Assalamu Alaikum our Sheikh One of my colleagues has a brother who works abroad, but he is not concerned with the Halal and Haram in his work, and my colleague now is in need of money to complete (building) his house, because he can no longer pay the rent; and he is asking can […]
Q&A: What is Behind America Raising Interest Rates?
Question: On 15/3/2017, the Chair of the US Federal Reserve, Janet Yellen, announced that the Federal Open Market Committee decided overnight to raise the interest rate by a quarter of a percentage. This is the second time that the interest rate has been raised within three months, and it was noted that it will be […]
Only Khilafah Rashida can solve the Problems of Water Resources on a Regional and International Level
During the Fourth Water Conference in Kabul on 6 March 2017, the President of Afghanistan asked countries in the region to support construction of Water Dams and Supply Network in Afghanistan. He said, “Water is a key element of regional cooperation. By establishing legal frameworks and bilateral and multilateral agreements, we can create better grounds […]
Opening Address – Khartoum Economics Conference
The full opening address by Sheikh Abu Yasin Ata ibn Khalil Abu Rashta (Ameer of Hizb ut-Tahrir) – translated from Arabic to English.
Q&A: The Ruling on the Well-Known Contracts in Afghanistan: Ad-Diwani and Nisfaki
Question: Assalamu Alaikum… Our honourable Sheikh, in Afghanistan we have a transaction that we do not know its ruling, and it is quite common, this is what it entails: The poor person will take a one year old calf or a ten month old calf from its owner and raises it for a year or […]
Q&A: Joining a Trade Union in order to Practice a Profession
Question: Assalamu Alaikum wa Rahmatullahi wa Barakatuh, Assalamu Alaikum wa Rahmatullahi wa Barakatuh our brothers, Assalamu Alaikum our Ameer, may Allah grant you and those with you, blessings and success …. After greetings I have a question if you could please reply to it quickly for necessity. I specialize in medical testing, and to be […]
Q&A: Selling Fruits Still on Trees
Question: Our dear Scholar and Ameer, As-Salaam Alaikum Wa Rahmatullah Wa Barakatuhu. In our country there is a practice of selling produces on the trees, before harvesting. For example produces such as clove, pepper, coconut, etc. are sold in such a manner. The land owner will plant, water and fertilize the plants to maximize the […]
Hanafi Fuqaha on Public Property
The concept of public property, and its opposing category of private property, is well known today, due primarily to the centrality of the latter to liberal and capitalist thought and the former to socialist thought. However, the notion that certain things are owned by individuals, giving them exclusive disposal rights thereof, whilst others are for […]
Passing the General Budget Law in Jordan for 2017 is a Great Crime and a Violation of the Poor’s Livelihoods
Passing the general budget law by the Jordanian House of Representatives for the year 2017 after a farce of a discussion was not a surprise. People only expect from parliaments – throughout its history – to give confidence to the successive governments, and to exercise legislation and pass oppressive laws, including the budget law, which […]
Q&A: The Difference between Privatization, Nationalization and Iqta‘ (Allocation of Land)
Question: Asalamu Alaikum WA Rahmatulah Wa Barakatuhu What is the difference between privatization in the capitalist system and Iqta’ (allocation of land) that is mentioned in the book, Funds in the Khilafah State? Jazak Allahu Khair From Hamzeh Shihadeh
Q&A: Two Contracts in a Single Contract
Question: Assalamu Alaikum, I am a young Muslim man from Tunisia who wants to buy a car the Halal way, and someone directed me to companies which offer long-term car rental with the possibility of ownership of the car after the lease contract ends, which means there are two separate contracts … Is this allowed? […]
Developing Economy Without Foreign Direct Investment (FDI)
Najib’s six day visit to China recently resulted in the signing of 14 economic cooperation MOUs worth RM143.64 billion. Several parties were grateful for the news thinking that this foreign direct investment (FDI) from China will provide various economic benefits for Malaysians. But there are also those who are not happy with this news and claimed […]
Q&A: The Shar’i Principles for Dealing with Rivers
Question: Are there Shar’iyah principles in respect to dealing with rivers, whether their origin to their mouth (end-point) are within the Khilafah state, or they pass through the state and into another? Jazaakum Allah Khairan.
Only the Khilafah will eradicate poverty from the face of the earth
According to the news published in The Daily Star on 18 October 2016, on World Poverty Day World Bank President Jim Yong Kim heaped praises upon Bangladesh, its people and leadership for becoming a model for poverty reduction despite being saddled with a long list of hardships. He said, from 2000, the economy has been […]
Q&A: Benefiting from Financial Transactions of Non-Muslims before Converting to Islam
Question: Barakallahu feek, my question is related to Economics, I seek clarification about dealing with stocks: Since I was young (under 10 years of age – almost 20 years ago) my mother deposited some stocks in a bank under my name. These stocks increased in value, and in 2015 my mother sold the stocks on […]
Q&A: Whoever revives a barren land in respect to the Kharaaji land
Question: Assalaamu Alaikum Wa Rahmatullahi Wa Barakaatuhu, This is a question related to the lands and it is as follows: After reading the book, “Economic System in Islam” and the subject of the lands it became apparent to me that the description of the land is either ‘Ushriyah or Kharajiyah with the evidences that came […]
Q&A: Expediting the Zakaah
Question: As-Salaamu Alaikum Wa Rahmatullahi Wa Barakaatuhu, Does the ‘entering of the time’, if such an expression is correct to say, conform to the word ‘time’ in respect to the Hukm of the Zakaah. The question: If the Zakaah upon wealth is extracted before the passing of the Hawl (year), then is that which has […]
Gold Standard Lecture by Jamal Harwood
Jamal Harwood, an Islamic Economics Expert and co-author of the book, “Gold Standard, The Future for a Stable Currency” will be delivering a lecture tonight live over the internet. Please tune in at the time below. 20:00 BST 21:00 CEST 22:00 Medina Time
