All posts filed under: Economy

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 […]

Bitcoin: The Mother of all Bubbles

Bloomberg reported a remarkably conservative headline today, 13th December, 2017: “Bitcoin’s 8.7% Decline Pales in Comparison to Record Run” and noted that now bitcoin was moving “closer to the mainstream through the introduction of futures.” From the same day, other headlines focused on either the risks of bitcoin: “Bitcoin Is History’s Biggest Bubble, Turkey’s Simsek […]

Addressing Economic Problems Requires Thinking Outside the Box of Capitalism and Turning to the Great Ideology of Islam

In his speech to the Parliament on Wednesday, 25/10/2017, the First Vice President of the Republic, Prime Minister Bakri Hassan Saleh, acknowledged the government’s failure to address the economic crisis and called for a new school. He said: ” Despite the jurisprudence of the former schools of economy management,  is still economic depression, so the […]

Hunger in the UK

One in ten London families are relying on charity handouts to eat and food banks are facing unprecedented strain in the run-up to Christmas, new figures reveal. One in four London parents worry about being able to afford to feed their children, the research found, while almost one in five have to choose between heating their […]

Who owns oil?

Through the controlled flotation mechanism launched by Malaysian Ministry of Domestic Trade, Co-operatives and Consumerism, the prices of petrol and diesel have been raised at a fairly high rate within these couple of weeks. Expectedly, every time there is increase in oil prices there will be much reaction from the public. Despite these reactions, Malaysian […]

The Transition

Download the book The Transition Introductory Remarks In his tract on monetary reform, John Maynard Keynes referred to gold as a barbarous relic, whose rigidity had fettered the world from economic freedom and prosperity. He spoke at a time when the Occident were suffering from macroeconomic anaemia and were yearning for a solution. In sheer […]

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: 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 […]