Question: The savings of gold that for years in which zakat was not paid on it, is it paid for each year or once in a lifetime? And is the material payment permissible that is by its value? Thank you. From Abbas Hamamdah
Whilst the people frantically bought food supplies ahead of expected price surges in Ramadhan, the cruel regime announced increases in fuel prices, including petrol. This will further increase food prices as it will increase the cost of transporting food from agricultural areas to shops. Headed by the newly appointed IMF favorite and economic hit man, […]
A Guardian columnist wrote an article this week entitled “Dare to declare capitalism dead – before it takes us all down with it.” He opened the article with “For most of my adult life I’ve railed against “corporate capitalism”, “consumer capitalism” and “crony capitalism”. It took me a long time to see that the problem […]
The survival of human life is dependent on some matters. Of them, water is amongst the most essential. Water shortage affects human life immensely. It may even completely end it, if it is severe enough. The concern over water shortage in Pakistan is ongoing, over the last three decades. According to some international research institutes, […]
On April 4, 2019, the International Monetary Fund (IMF) concluded a 15-day visit to Tunisia. The visit was part of the fifth review of the Extended Fund Facility agreement with Tunisia and prior to the approval of $250 million disbursement of the sixth tranche of the loan. IMF’s mission continues to come to Tunisia periodically […]
More than half of Afghanistan’s population, around 18 million people, are suffering from ‘comprehensive and multidimensional’ poverty, according to a new report released by the National Statistics and Information Administration of Afghanistan.
The ruling class and their crony capitalists in Bangladesh are proving to be monsters with their systematic exploitation of the banking system to plunder people’s wealth. The Finance Minister A.H.M. Mustafa Kamal, owner of the business conglomerate Lotus Kamal Group and a faithful representative of the business elites in Bangladesh, has declared a ridiculous bailout […]
In his article “A Stabilizing Economy; Reversing the Damage” of 31 March 2019, Pakistan’s Minister of State for Revenue, Hammad Azhar, confirmed that the current leadership is implementing the very IMF guidelines that have damaged our economy over the last three decades. It is not corruption alone that caused the current, massive economic crisis. The […]
The Industrial Revolution 4.0 was proclaimed as the world agenda at the 2016 World Economic Forum, no wonder it became a major influx in many Muslim countries. Starting from the 1.0 industrial revolution that developed in the mid-18th century where the emergence of steam engines replaced animals at that time made very drastic changes, especially […]
The Malaysian Prime Minister, Dr. Mahathir Mohamad, during his visit to Pakistan said that he had offered tax holidays to foreign investors for two decades, whilst sharing the “secret” of Malaysia’s economic success, during a business conference in Islamabad, held on Friday 22 March 2019. Economic activity may be boosted for a short while by […]
Question: Perhaps there is a preoccupation that occupies you, May Allah help you, so I loved to remind you of my question for my urgent need for the answer, Allah bless you and bring goodness at your hands.
In order to run the affairs of the state and the people every state needs funds. Under capitalism these funds are mainly raised through interests and direct and indirect taxes. Also in Islam, the State has to finance its affairs and responsibilities from the State Treasury, the Bayt al-Mal (Bait ul-Mal). In order for the […]
Practical Examples from the Sunnah and Islamic History Only to start with as a short reminder of what Islam’s main pillars in prevention of poverty are: Islam has regulated the issue of ownership in a very clear and efficient way. Every individual is permitted to gain and to possess private property on everything that is […]
Despite the immense material and human resources, as well as the world’s richest oil and mineral reserves in our Muslim lands, the majority of the Muslim Ummah languishes in massive poverty, having less than 1.90 US dollars a day to meet their basic needs. The growing and huge mass unemployment, underdeveloped agriculture and industry, crippling […]
Unemployment is like other issues and problems created by this global greedy capitalist system, including the implemented capitalist economic system which only produces the calamities and crises and economic calamities, as it created the class system in societies and increased the number of unemployed and depleted people’s savings and shattered the economies of most countries […]
Question: Bismillah ar-Rahman ar-Raheem, My brother, may Allah protect you Do you have a clear answer to this question? Are the property development companies (FOPROLOS) advance credit sale (As-salam) or not? Is this permissible according to Shariah, i.e., to acquire a house before it is built? From Farah Farhat
“For the purpose of drawing attention and offering solutions to the financial crises experienced worldwide, the “International Islamic Economics Conference” was organized in Istanbul. The conference, organized by Köklü Değişim, was attended by speakers and guests from many different Islamic countries. The conference discussed the reasons of and solutions to the economic, political and cultural […]
Question: Assalamu Alaikum Wa Ramatullah Wa Barakaatuhu, Pardon me, in the book of the Economic System in Islam by the honorable scholar Taqiuddin an-Nabhani, may Allah have mercy on him, he talked about the Kharaji land and the ‘Ushri land. My question: What is the difference between the land title (raqabah) and its benefit when […]
On Saturday, 09/02/2019, the Financial Minister of State, Mustafa Hawalli, spoke at the meeting organized by the Independent Newspaper, in which he said: “The economy applied in Sudan is Islamic.”
Imran Khan’s meeting on 10 February 2019 with the IMF chief in Dubai heralds grave new dangers to Pakistan at the hands of the colonialists. The IMF is such a great source of harm that in the US Army’s “Field Manual (FM) 3-05.130, Army Special Operations Forces Unconventional Warfare,” written in September 2008, the US […]
Water, Land and Natural Resources Minister Dr A Xavier Jayakumar has confirmed that water tariffs will gradually be increased this year in line with the government’s efforts to restructure the water supply services industry in the country. The justification given is to take care of consumers’ interests in getting quality water and to ensure the […]
Question of Attia Al-Jabarin: Assalamu Alaikum our Brother Abu Yaseen, may Allah protect you and give you long life, As for the answer to question about the Zakat of livestock… We know that Zakat is obliged on pasturing sheep and goats, and no Zakat is on non-pasturing sheep and goats (al-ghanam). When the owner of […]
There is a wide outcry over overgrowing gambling activities in Tanzania that have become widespread and lured many youths in its indulgence. Dealers of gambling activities operating legally, registered by the government as well as paying all required taxes and other state charges which are part of governments’ revenue.
Last week, the State Bank of Pakistan (SBP) suddenly raised interest rates by 25 basis points to 10.25%. This was the fifth consecutive rate rise and coincides with Khan’s term in office, fueling rumors that IMF is dictating the country’s monetary policy.
There has been much speculation recently about when another crisis will hit the world’s major economies. This is natural. The recovery from the last crisis, if it can be called recovery was poor, with economies barely growing at 2% if at all, and what growth was achieved happened largely by money printing (QE). Furthermore, budget […]
The second mini-budget presented on 23 January 2019 is certainly not a cause for rejoicing and praise. The second mini-budget became a practical necessity because the regime strangled the economy so hard with taxation, in its first mini-budget, that the economy choked to the point that its ability to cough up tax revenues was itself […]
Whilst lamenting over three decades of economic failure, on 24 January 2019, the Finance Minister, Asad Umar, revealed the government’s economic focus on addressing, “budget deficit due to an imbalance between government expenditures and revenues, increasing trajectory of imports vis-a-vis exports, and an increase in investments.” Asad Umar further acknowledged on-going negotiations with the IMF […]
According to charity foundation Oxfam, the 26 richest billionaires own as many assets as the 3.8 billion people who make up the poorest half of the planet’s population. The wealth of the world’s richest 1% is equaled to the total wealth of the remaining 99%. In the 10 years since the financial crisis, the number […]
Question: Assalaam u alaykum Dear Sheikh, May Allah swt protect you and honour you. Can you elaborate the definition of Hoarding? Living in this time of uncertainty with a capitalist system over us, it is easy to think we should have money aside as it is not known when an emergency will arise and the […]
As the Muslims of Pakistan brace themselves for the next mini-budget on 23 January 2019, it is clear that the current economic system is the cause of ever worsening economic hardship faced by the masses. Under the current system, Pakistan’s currency is crippled by the dollar peg, which has been imposed by Western colonialists as […]