All posts filed under: Economy

Q&A: The Ruling of Taking Salary from an Employer who Deals with Interest

Question: Bismillah Ar-Rahman Ar-Raheem One of the brothers embarrassed me with a question which I think he is right with, despite my attempt to explain the situation we are living in, but he is not yet convinced. The question pertains to the salary taken in work presented in the public office in this capitalist system, […]

Traitorous Hasina Government is implementing the Heinous Political Agenda of the Kafir Colonial States

By following the Suicidal Economic Policy to downsize Bangladesh’s Highly Potential Jute Industry Just when the economy has been devastated and millions of worker have become unemployed due to blindly following the erroneous policies of the West by implementing prolonged nationwide lockdown in dealing with Covid-19, Sheikh Hasina’s treacherous regime has hammered the final nail […]

Indian Oil and Beximco Bangladesh’s Joint Venture for Gas Business is to Materialize America’s Regional Agenda to Strengthen India

Indian Oil Corporation and Beximco LPG have signed an agreement to form a 50:50 joint venture company for LPG business in Bangladesh. As per the business plan, the JVC will begin functioning by acquiring Beximco’s existing LPG assets, according to a statement issued by Beximco on Tuesday. The joint venture aims to set up a […]

The Islamic Economic System is the only Savior from the Upheavals of Capitalistism

Kenya’s Treasury Secretary Ukur Yatani presented his Sh2.7 trillion Budget for the year starting July 1, outlining the spending plans, including the taxation measures to finance the proposals. The budget includes a stimulus package to jump start an economy ravaged by the Covid-19 pandemic. The budget was themed ‘stimulating the economy to safeguard livelihoods, jobs, […]

Transferring the Energy Sector from Private Mafias to Public Ownership, as Allah Commanded, is the Only Way to Avert Price Hike “Petrol Bombs”

On 26 June 2020, the Bajwa-Imran regime abandoned regulatory procedures to prevent the private oil mafia from rapidly hiking fuel prices, crushing the people for the sake of quick profits for the oil cartel. The procedures restricted changes in the price of fuel, only after recommendation of the Oil and Gas Regulatory Authority (OGRA) and […]

Following the Defunct Regime, the Transitional Government is Subject to the Recommendations of the International Monetary Fund

The International Monetary Fund said that it had reached an agreement with the Khartoum government to implement structural reforms for Sudan’s economy, and a statement issued by the IMF late on Tuesday, 23/6/2020, stated that the Sudanese authorities requested to implement the reform program for the next twelve months under its supervision.

The Activity of the Houthi’s Zakat Authority is Contrary to the Economic System in Islam

On Monday, 15/6/2020, Al-Thawra Newspaper, issued in Yemen, conducted an interview with the representative of the Zakat Authority, Ali Ahmad Al-Saqqaf, which was the Zakat Authority established by the order of Abdul-Malik Al-Houthi. In the interview he mentioned the achievements of the authority; that it spent 60 billion riyals during the past two years and […]

The Beautiful Word is what the Deed Confirms

Speaking on the 12th International Conference on Islamic Economics and Finance, President Erdogan said that the Islamic economy and financing model is the alternative to this current distorted structure, as it is human-centred, appreciates labour, and does not allow for illegitimate income. He emphasized that the Islamic economics, with its humane, ethical and environment caring […]

Complying to IMF Dictates, the Bajwa-Imran Regime Drops the Mountain of Circular Debt on the Heads of the People

The Bajwa-Imran regime has moved a bill in the National Assembly to amend the NEPRA Act of 1997, such that NEPRA (National Electric Power Regulatory Authority) can impose surcharges on electricity consumers at will. The Bajwa-Imran regime has done so to comply with the dictates of the IMF. The IMF has imposed a condition that […]

Budget 2020-21: A Continuation of Looting People’s Money

by using the COVID-19 Panic and Shifting the Burden of Debts on to the Shoulders of Our Future Generations It was quite expected that the Taka 5,569.78 billion government budget for the fiscal year 2020-21 would be designed against the backdrop of COVID-19 pandemic to appease the capitalist elites by extending overwhelming benefits to them […]

Abolish this Corrupt System that Bleeds Us Dry, so that Usurious Capitalists Benefit from Interest Payments

بسم الله الرحمن الرحيم As we struggled to treat our sick, feed our families and educate our children, the budget, announced on 12 June 2020, confirmed that the current system bleeds us dry by a parasite economy of interest based debt, whilst our affairs are grossly neglected. Even though the entire budget is just over […]

A Budget that Breaks our Backs with Huge Taxation to Ensure Interest Payments to Foreign and Local Capitalists

The second budget of the PTI, announced on 12 June 2020, will ensure even more hardship than the first, if it is passed by parliament. In strict compliance with the “IMF Country Report No. 20/114” of April 2020, the PTI ignored the pressing needs of a struggling economy, to secure the investments of foreign and […]

Unlike the Taxation in the IMF-Imposed PTI Budget, the Khilafah Will Raise Revenues for Islamic Obligations without Choking the Economy and Crushing the Needy

As has been the case for decades, the IMF is the key influence on Pakistan’s budget despite the PTI government’s claims of a home grown budget based on local needs. In reality, Dr. Abdul Hafeez Shaikh, Advisor to the Prime Minister on Finance and Revenue, and Dr. Reza Baqir, Governor of the State Bank of […]

Giving charity: The Right Balance

Right after the opening surah of the Quran, Allah (swt) mentions of the characteristics of the ones who are God-conscious. He (swt) sums it up as: الَّذِينَ يُؤْمِنُونَ بِالْغَيْبِ وَيُقِيمُونَ الصَّلَاةَ وَمِمَّا رَزَقْنَاهُمْ يُنفِقُونَ “Who believe in the unseen, establish prayer, and spend out of what We have provided for them.” [Surah al Baqara: 3]

Pakistan Needs an Industrial Policy Built on Conveying Islam to the World and Securing Domestic Islamic Obligations

Just like previous governments, after approaching nearly two years in power, the PTI government oversees large import bills for essential industrial requirements, weak dollar earnings on exports, weak revenues from industry and large rates of unemployment. Between July 2019 and March 2020, the PTI government has overseen the import of $4.35 billion of machinery, $1.8 […]

The PTI Government is Depriving the Muslims of their Wealth and Violating the Sunnah of RasulAllah ﷺ By Privatizing Energy and Minerals

Just like the previous corrupt governments, the PTI government has deprived the Muslims of the full benefit of the great mineral and energy wealth of Pakistan, by both maintaining and furthering privatization of both sectors, as stipulated by the World Bank and IMF. Although under Capitalism, Pakistan has less global weight than states of lesser […]

The PTI Government by Drowning Pakistan in Interest Based Debt, Deprives the Poor, to Secure Profits for Local and Foreign Financial Investors

Just like the previous corrupt governments, the PTI government has drowned Pakistan in interest based debt, depriving the poor of their right from the state treasury. Rs. 2,442 billion has been spent on interest payments by March 2020, which will rise by June to around 2,900 billion, which is a huge chunk of the Rs. […]

Hunger Pandemic Predicted to Accompany COVID-19 Pandemic: The Inevitable Consequences of a Capitalist World Order

On the 5th of May, the media reported that the UN Humanitarian Chief, Mark Lowcock, warned that the number of people starving to death could double by the end of the year due to the economic fallout of the management of the coronavirus pandemic by governments across the world. In April, a report by the […]

Restarting the Dilapidated Economy under the Intimidation from the Coronavirus

Open Extortion to Impose Regime’s Political Agendas in Jordan The idea and awakening came back and the state began to feel and count the devastating effects of its plan, which Prime Minister Omar Razzaz described by saying: “Jordan has dealt with the Coronavirus pandemic since its first stage with the immediate response and royal directives […]

Intellectual Bankruptcy in Proposing a Solution to the Economic Crisis

بسم الله الرحمن الرحيم A Statement to the Public Opinion in Lebanon Prime Minister Hassan Diab announced in a speech – after the signing with the Minister of Finance Ghazi Wazni, on Friday 1/5/2020 – “We started with the first step towards a workshop to save Lebanon from the financial gap that is difficult to […]

Covid-19: Is America’s Liberal World Order Coming to an End?

Recently, the IMF predicted the worse economic contraction since the Great Depression of the 1930s. IMF Managing Director Kristalina Georgieva said, “We anticipate the worst economic fallout since the Great Depression.” [1]. The assessment is shared by the EU commission “a shock without precedent since the Great Depression”. [2]. Such cautionary statements raise interesting questions […]

The Darkness of Capitalism continues because of the Absence of a Khilafah System Opposing it

Just when the dust began to settle after the 2008 Global Financial Crisis which knocked over financial institutions all across the globe. Some observers, long before Covid-19’s devastating effects on the global economy, were expecting another imminent economic crisis which would be more devastating than the one before. And they were right with their prognosis.

The Daylight Robbery by Independent Power Producers (IPPs) Reveals the True Face of Democracy in Pakistan

The Pakistan power sector circular debt, approaching two trillion Rupees, along with interest payments of 2.8 trillion rupees, have broken the spine of the entire economy. Only now that is has crippled the country, has the Bajwa-Imran regime been compelled to re-negotiate the terms of the power sector agreements. These agreements resulted in 570 billion […]