The Houthis entered Sanaa on 09/21/2014 and raised the price of a petrol tank (20 liters) from 4000 riyals to 7500 riyals, diesel from 3900 riyals to 7500, and a gas cylinder from 1200 riyals to 4000 riyals, at the time, the global price of a barrel of Brent crude on the Stock Exchange was […]
A proposal on revenue sharing among counties that would favour densely populated regions has caused a big division in the Senate. The failure by the Senate to agree on the third basis of revenue sharing formula has consequently thrown counties deeper into financial crisis as it will now take longer for the devolved units to […]
Prime Minister Imran Khan on 27 July 2020 directed the chief secretaries to accelerate action against elements involved in wheat hoarding which have resulted in shortages and price rises. He asked that through mutual consultation, they should evolve a mechanism for bringing uniformity in prices of wheat and flour throughout the country. The rulers of […]
proves that Sheikh Hasina did not fail to serve the Interests of America-India though she failed to protect the Livelihood of the People The first trial run of Indian ship with transshipment goods have reached India’s landlocked states in its north-eastern region by using Bangladesh’s Chittagong port as part of the 2018 Coastal Shipping Agreement.
Question: Assalamu alaykom wa rahmatullah wa barakatuhu, My question to you, my sheikh, is that car dealers and car shows when selling the car to the customer in installments, they do not waive it except when cashing the last cheque. Is it permissible to buy in this way? From Mahmoud Natour
Nothing out-of-the-box has emerged, a week after Pakistan’s Prime Minister, Imran Khan, stressed the need for “out-of-the-box solutions” for economic progress, whilst presiding a meeting of a think-tank he established for the economy on 11 July 20202.
Modern-day slavery is not new, it has been happening in UK cities for years, and around the world. In fact, it is estimated that there are at least 40.3 million people worldwide are currently in enslaved, which is more than those exploited by the transatlantic slave trade. (Independent, 7/7/2020)
Struck by the Coronavirus disease pandemic, the heart of Pakistan’s economy, Karachi, has been crushed by the power sector. Whenever summer peaks, K-Electric starts cutting electricity supply, whilst overbilling breaks the backs of the people. In 2005, the privatization drive that gave rise to K-Electric was touted as reducing the burden of losses on the […]
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, […]
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 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 […]
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, […]
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 […]
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.
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 […]
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 […]
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 […]
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 […]
Both globally and locally in Pakistan, it is clear that Capitalism is in severe crisis. Even before the Coronavirus disease (Covid-19) outbreak erupted, there was evident global economic slowdown. Around the world, the public health emergency has both worsened and acted as a partial cover for the slowdown.
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 […]
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 […]
1- Introduction In our world today, people tend to take electricity for granted like air and water and one cannot think of a world without electricity as it has become a part of our daily life. Reliable access to electricity is crucial as it is an important necessity for our homes as well as for […]
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 […]
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]
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 […]
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 […]
Saudi Arabia will triple its value added tax rate and suspend a cost-of-living allowance for state employees, the kingdom’s finance minister said on Monday (11.05.2020), seeking to shore up finances hit hard by low oil prices and a coronavirus-driven slowdown. “The cost of living allowance will be suspended as of June 1 2020, and the […]
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. […]
The International Monetary Fund (IMF) has approved a total of $18 billion so far to help dozens of countries bear the impact of the coronavirus pandemic, a spokesperson said on Thursday.
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 […]