AUDIO: The Global Financial Crisis

Adnan Khan, the Khilafah.com Economics Correspondent answers questions on the Global Financial Crisis posted by our readers.

The Global Financial Crisis

{audio}/images/stories/mp3/Economic Crisis 30th Oct 08.mp3{/audio}

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H said:

	Salaam alaykum Can you provide the transcript please as it will be more easy to read & share it with others . Just trying to make things easy
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November 03, 2008
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H said:

	salaam THis capitalism is going on since decades. I’d like to know what’s the problem now in simple terms. Why this sudden change when its nothing new. Excuse my ignorance please explain as you would explain a lay person who has least knowledge of economics and its terms. Request:Please give a short faq list with one line answers in simple terms from book credit crunch jazakallahukhair.
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October 26, 2008
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Arif said:

In one of the reports, it is mentioned that Islamic banks have not been affected by the global financial crisis. The reason behind is that they do not deal in debt trading and distance themselves from market speculation that takes place in European and American banks.
I do not see any artice in your website regarding Islamic finance and banking. Would you please explain the current Islamic Banking system from Shariah point of view. Shall we go to Islamic banking to avoid such catastrophe in the world again?

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October 26, 2008
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abdullah said:

	salams wld there be a stock market in an islamic state? what are the factors behind the collapse of stocks around the world? what about the karachi stock exchange what is responsible for its downfall? jk
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October 25, 2008
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Dawood said:

"Taxation in Islam is wealth based rather then income, hence under Islam there would be no income tax, VAT, road tax etc." ==>Do you mean that income tax, VAT, road tax etc." are haram? I do not agree on this point. These taxes are needed to construct and maintain the roads. I am sure any Islamic country will resort to these taxes when in difficulty.

The wealth based tax , if you mean Zakaat, is meant for the poor only.

On the whole it is a good report but how do you save us, we muslims, from this crisis? What concrete measures can our great economist propose.Muslims have huge sum of money but not enough Shariah compliant Financial organisation.

We need these banks for our daily transactions;local,overseas,salary,cheques. we ordinary muslims are trapped. We want to escape this but how? Who will make the set-up? I have heard /learnt since my tender age that interest is haram. One verse in the Quran is enough to convince me? But how do I manage? How do I get a loan for the education of my chlidren, for construction of a decent house or for starting a new business? Imams are claiming that Islam is the alternative for a very long time. Still I cannot see many financial institutions to achieve these aims.Many of the middle class people are forced to resort to these banks against their will.

It would be a good idea to propose halal solutions and not only watch the crumbling of an economy who will affect not only non-muslims but also muslims. This will also be a form of Dawah to non-muslims who will see concrete muslim contribution not only critics.

May Allah Guide your way

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October 24, 2008
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Al habib said:

	I think the world has already tried keeping gold and silver as teh monetory unit. Incase u havent realized teh world economy is bigger than all the gold and silver you can dig up. Islamic economic system is too vague, and is little different from free market capitalism. Stop trying to make it different.
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October 24, 2008
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Abu Taha Muhammad said:

	Assalamu`alaikum Is economic growth in the West driven by debt? And is money created out of this debt? Are the two questions one in the same thing? Wassalam
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October 24, 2008
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Ajat Jordan said:

	Assalamu'alaikum. Brother Adnan I hope you will explain to me the comparation of economc system beetween islam, capitalist and socialist, and what is the base think that make america collaps?
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October 24, 2008
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Abdullah said:

salams here are some of the questions related to the issue -
1. why cant countries (sp. like america n britain) print more money from their central/reserve banks to balance the economy (instead of borrowing)? what are the consequences if they do that? if they cant - why cant they? what factors are decisions like these based on??
2. how does the current financial crisis effect the muslim world n why?
3. what's the endgame of this financial crisis?
4. what would be the currency used in the Khilafah system?? if its gold (which some people view as 'outdated/backwards' - how would it affect other economies?
5. shares - some muslims think that shares are halal. some think they are haram only when u buy shares in non-muslim companies whereas shares of muslim companies are halal? clarify please! n how does share market effect the economy? (thought not directly related or relevant to the Global Economical Crisis it would be good if you could answer this question)

jazakallah khair

wasalam

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October 23, 2008
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Kibaroglu Abdullah said:

	slm alkm My question is not related to the financial crisis but my question is when people ask me what does the Hizb ut Tahrir in Europe why they do not work in their own country, it would not be beneficial because we would not create khilafah in Europe so I do not know how i gonna respond?? Denmark
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October 23, 2008
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Sami said:

	If you could answer what is the real value of the dollar ?? As it is no longer pegged to gold or silver how does it hold any value ?
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October 23, 2008
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Abu Abderrahman said:

	Salam how do see the future for this economical crisis, would it be more stable or does the future look bad? If you could tell me something about the next year and how is it after 4-5 years? Jazakum Allah kharian
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October 23, 2008
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Abu Abderrahman said:

	How much has the financial crisis effected the ummah? I have not really seen analysis about the problem in the Ummah, except for a little about Dubai, Turkey and Pakistan. What about the Arab countries and the Gulf countries? Jazakum Allah khairan.
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October 23, 2008
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salman said:

Salaam,

We are witnessing the devaluation of sterling and euro over the last few months and this has increased since the financial crisis. We are also seeing a rise in inflation. The media portrays this as due to rising food and energy prices and a loss of confidence in these currencies due to the poor economic outlook. Is this true, or are these effects due to the central banks printing money thereby creating "imaginary" wealth to fill the financial blackhole?

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October 23, 2008
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Showkat said:

	Salaams Some would say that the Islamic economic solutions have many similarities with Communism, how would you respond to that
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October 23, 2008
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Abdullah said:

	Slm alkm my question is When khilafah come in our countries like Pakistan, egypt, turkey etc. our countries has big loans from imf and the world bank what will khilafah do with that loans?? will khilafah pay the loans?? they took our blood our land our oil
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October 22, 2008
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Mohammed Bashir said:

	assalamu alaikum jazakallah khair for this facility, the question i have is there has been a lot of talk of billions of dollars/pounds being injected into economies, but where is this money coming from? are governments simply printing this money or are they borrowing and if so from whom? What are the implications of this printing/borrowing? wassallam, Mohammed, UK
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October 22, 2008
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Taimur Ali said:

US holds a key position in world politics and economics, thus if US is effected the ripples of the crisis spread throughout the world? I have few questions to ask:

1. US has had many economic crisis after 1920's. Is this one same as them?
2. How will this crisis effect the countries around the world? And which countries will not be effected by this crisis?
3. If this crisis turns into a full fledged depression in America will this mean Freedom to anybody e.g, Afarican or Asian countries from US domination?
4. Is this the bigining of the end of US hegamony in the world?

Taimur Ali.
Srinagar, Kashmir.

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October 22, 2008
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Rashid said:

	assalamu alaikum, brother Adnan. Can you explain this whole economic crisis in simplified way like using a figures, diagram or flowchart so that it can be easily understood. jazakallah
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October 22, 2008
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EMON said:

	how khilafah system will solve financial system in state ?
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October 21, 2008
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