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 […]
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 […]
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 […]
ISLAMABAD – Announcing a massive cut in price of petroleum products, the government on Thursday reduced the prices of high-speed diesel and petrol by Rs 27.15 and Rs 15 per litre respectively for the month of May.
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 decrease in demand for #oil followed by the increase of Saudi’s and Russian’s oil production and the price war between them collapsed the price of a barrel of oil on the West Texas market to fall less than a dollar. This means that oil producers were forced to pay $37 per barrel for buyers […]
Question: The news reported the sudden drop in the price of oil, especially Texas oil, until it reached about $30 below zero. Even Brent crude, famous for its regular trading, fell about 9% to $25 a barrel, and the reasons are varied, whether it was because the oil tanks became completely filled or almost overflowing, […]
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 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 […]
Every ideology has a creed from which systems emanate. The ideologies differ from each other in the implementation of these systems. According to Capitalism, society is only a collection of individuals. So if the affairs of individuals are organized, the society will be organized. If every individual has certain freedoms to manage his affairs, it […]
Pakistan has appealed to international stakeholders for urgent debt relief for developing countries so they can deal more effectively with the economic fallout from the coronavirus pandemic, the government said on Sunday, 12th April 2020. Prime Minister Imran Khan, in a video message released by the foreign office, said he was worried people in the […]
Question: Assalamu Alaikum shaikh, I have a question. Can you answer it if you have time, please? How much money can a person receive in Zakat? For exampl, can a person get enough money to build a house if he has no house? Or is there a limit to how much a person can receive? […]
Media sources reported that the Fakhfakh government is preparing to issue a decree authorizing the deduction of a working day from employee wages during the month of April, under the pretext of mobilizing resources to face the repercussions of the Coronavirus epidemic. This decision comes at a time when people suffer from high prices and […]
Responding to the coronavirus is still wreaking havoc across the world and the world’s leaders, all of whom have turned to the capitalist ideology for guidance, have started shifting blame away from themselves and their policies, but also away from the failure of capitalism to serve the needs of humanity in such a crisis.
Today, Capitalism faces its own plague nightmare. Though the COVID-19 virus may kill between 1 percent and 4 percent of those who catch it, it is about to have an impact on a much more complex economy than the one that existed back in the 1340s – one with a much more fragile geopolitical order, […]
Question: The law obliges the employer to abide by laws concerning workers and their rights, but the employer evades compliance with the law. In the work crisis and the greed of employers, the worker’s rights are lost, and he cannot claim his right except through the law that obliges the employer to pay the rights […]
that must be Completely Locked Down, so it Dies its Own Death The investigation reports, over the sugar and wheat crisis, have exposed the power elite, including Jahangir Tareen, Khusro Bakhtiar, Moonis Elahi and the Sharif brothers. Moreover, once again the ugly face of democracy has been exposed for providing legal loopholes for the ruling, […]
Due to the current situation of Covid-19, there seems to be a significant emphasis on saving the economy rather than saving lives, where the Federal Reserve is currently pumping trillions of dollars to make sure that the economy remains lubricated. But the truth of the matter is that the global economy was in a difficult […]
On the 16th of March 2020, the Prime Minister of Malaysia, Dato Seri Muhyidin Yassin, announced that the Movement Control Order (MCO) is to be implemented throughout Malaysia beginning from the 18th of March to 31st of March 2020. On the 25th of March, another announcement was made by Muhyidin that the MCO is to […]
Covid-19 outbreak has caught the world economy in a critical turbulence. The leading central banks in the world, especially, the Central Bank of America (FED), took a decision to cut interest rates and make monetary expansion as it was in the 2008 crisis. A unique crisis. According to the specialists, there is not any example […]
The coronavirus has placed the world under its control, its sparks spread to Turkey, where four people lost their lives and 359 were infected with the disease. First, we ask Allah Almighty to protect Muslims from the evil of this pandemic, and to heal and recover the infected patients.
On Friday 21st February, The Kenya National Bureau of Statistics released three more reports (Volume II, III and IV) of the 2019 Kenya Population and Housing Census (KPHC) of the 2019 census results indicating that Kenya’s population is 47.5 Million. The census reveals unflattering data about the quality of life of most Kenyans —the quality […]
