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Economy

Rising Gas and Electricity Prices: Turkish People Pay the Bill of Linking Turkey to the Dollar

Rising Gas and Electricity Prices: Turkish People Pay the Bill of Linking Turkey to the Dollar

At the press conference held by the Minister of Energy and Natural Resources, Tanr Yildiz and the Secretary of the European Convention for Energy and Minerals, Urban Rusnak after the meeting that took place between them; Yildiz said, in response to the journalists' questions about the price of gas and electricity: "We are heading towards raising gas and electricity prices by 9%." The minister attributed the reasons for this increase to the rise of dollar to 2.28 TL, and turbulence in the water system and low rainfall. This rise in the price of gas and electricity became effective as from the beginning of October, and for similar reasons these prices have been raised during the last three years, by a total of 39% for electricity and 57.9% for gas.

 

Q&A: Leasing of As-Saniya and the Ruling on Farming

Q&A: Leasing of As-Saniya and the Ruling on Farming Assalamu Alaikum Wa Rahmatullah Wa Barakaatuhu My question is regarding leasing of as-Saniya (Land with irrigation equipment and other facilities) I am your brother W...

Malaysian Oil Price Increase - Yet Another Oppressive Move!

Malaysian Oil Price Increase - Yet Another Oppressive Move! On October the 2nd, the government of Malaysia has suddenly increased the oil price, RON95 petrol and Diesel by 20 cents from the previous price of RM2.10 and RM2.00 pe...

Q&A: The Ruling of Rikaz (Buried treasure)

Q&A: The Ruling of Rikaz (Buried treasure) Question: Assalaamu Alaikum Wa Rahmatullah Wa Barakaatuhu, May Allah protect you, I would like an explanation: Why does "Ar-Rikaz" (Buried treasure) come under the ch...

Boom and Bust Cycle is Inevitable in Capitalism

Boom and Bust Cycle is Inevitable in Capitalism All praises are due to Allah سبحانه وتعالى and Peace be upon Rasul Allah صلى الله عليه وسلم, to his family and his Companions (ra) and those ...

Bitter Fruit of Capitalism: Poverty Causing People to Kill Themselves in Drought-Hit Thar

Bitter Fruit of Capitalism: Poverty Causing People to Kill Themselves in Drought-Hit Thar Thirty-year-old Marubhat, a resident of Samo Bheel village - a two-hour drive from Chhachhro, Pakistan- decided to end her life on 23 August 2014, after she had failed ...

Q&A: Is the Land of Tamim Ad-Darri (ra) classified as ushri or kharaj land?

Q&A: Is the Land of Tamim Ad-Darri (ra) classified as ushri or kharaj land? We know that Prophet Muhammad صلى الله عليه وسلم had allocated land for the noble companion Tamim Ad-Darri (ra) in Al-Khaleel which is now known as Al-Ma...

Q&A: Paying Zakat before it's due

Q&A: Paying Zakat before it's due Assalamu alaikum our sheikh, May Allah cherish you with Islam and cherish Islam with you. I pray to Allah that I will be among those who will give you the Bayah for the...

The Global Economic Crisis: 7 Years On

The Global Economic Crisis: 7 Years On As the summer season reached its zenith in the northern hemisphere the global economic crisis that began in 2007 reached its seventh anniversary. Three announcements we...

The Tyrant Sisi Hikes Fuel Prices to Rob the People

The Tyrant Sisi Hikes Fuel Prices to Rob the People News: On Saturday 5th of July, 2014 the government of President Abdel-Fattah el-Sisi shocked Egyptians by dramatically raising fuel prices. For instance, the price of ...

Negative Interest Rates is Not the Answer to Europe's Economic Woes

Negative Interest Rates is Not the Answer to Europe's Economic Woes Earlier this month, the European Central Bank (ECB) introduced a series of measures aimed at stimulating euro zone's beleaguered economy. The measures include: lowering...

Islam Alone Ensures the Stability of the Currency in Kazakhstan!

Islam Alone Ensures the Stability of the Currency in Kazakhstan! The Kazakh Information Center released on the 2nd of June information stating that the Head of the National Bank of Kairat Kelimbetov refuted the rumor about the possib...

Budget 2014-15 will Further Ensnare Pakistan in Colonialist Debt Trap

Budget 2014-15 will Further Ensnare Pakistan in Colonialist Debt Trap Pakistan's finance minister, Mr. Ishaq Dar, has ensured in the Budget of 2014-15, that Pakistan will be ensnared in the IMF manufactured debt trap. This budget speech i...

Q&A: Nisab (Amount) of Zakat

Q&A: Nisab (Amount) of Zakat Question: In the book Funds in the Khilafah State on page 144 (the English version), it mentions the following: "However if the Nisab of gold and silver is complete f...

Q&A: Is the Murabahah contract Halal or Haram?

Q&A: Is the Murabahah contract Halal or Haram? Question: May Allah protect you, I would like to ask you a question. Is Murabaha Halal or haram? i.e. a person wants to purchase a piece of land, but is unable to pay ...

Q&A: Health Insurance Provided to an Employee by the Employer

Q&A: Health Insurance Provided to an Employee by the Employer Question: As Salaamu Alaikum Wa Rahmatullah Wa Barakaatuhu Our honourable Scholar, may Allah increase your knowledge and elevate your status. I wish to ask a questio...

The IMF-Approved Budget 2014-15 for Pakistan Will Further Destroy the Economy

The IMF-Approved Budget 2014-15 for Pakistan Will Further Destroy the Economy Democracy and Dictatorship Both Implement Capitalist Economy On Saturday, 10 May 2014, Pakistan's Finance Minister, Ishaq Dar, held a press conference along with IMF's...

Muslims in the West are between Regime Corruption in the Islamic World and the Hammer of Disbelieving Capitalism

Muslims in the West are between Regime Corruption in the Islamic World and the Hammer of Disbelieving Capitalism The subject of brain drain and the Islamic competencies has long been a chronic dilemma that the Islamic Ummah suffers from; depriving it of those creative minds, which...

The Oil Derivatives Crisis in Yemen's Blessed Land

The Oil Derivatives Crisis in Yemen's Blessed Land The people of Yemen are stricken by political, economic, and security crises and other crises as a result of the non-application of Islam and its reference in solving p...

Q&A: When trading in paper currency do we use the gold Nisaab or silver Nisaab for Zakat?

Q&A: When trading in paper currency do we use the gold Nisaab or silver Nisaab for Zakat? Question: Our respected Sheikh, kind greetings, blessings from Allah Assalamu Alaikom Wa Rahmatullahi Wa Barakatuhu My question is in relation to the Nisaab of Zakat...

Q&A: Is there Zakat on Gold Jewellery that is for the Purpose of Savings?

Q&A: Is there Zakat on Gold Jewellery that is for the Purpose of Savings? Question: Assalamu Alaikum our honourable Ameer Is there Zakat on gold jewellery that is for the purpose of savings? Jazak Allahu Khair and the victory of Allah for t...

Q&A: Is it Permissible for one of the Partners in a Company of Assets to Work as an Employee in Return for a Defined Wage in Addition to his Share of the Profit?

Q&A: Is it Permissible for one of the Partners in a Company of Assets to Work as an Employee in Return for a Defined Wage in Addition to his Share of the Profit? Question: Assalamu alaikum, our honourable Sheikh, May Allah guide you to what He and His honourable Messenger love. I have a question, in the case of a partnership b...

Q&A: Punishment for non-payment of Zakat

Q&A: Punishment for non-payment of Zakat Question: Our Dear Ameer, Assalamu alaikum wa Rahmatullahi wa Barakatuh, may Allah give victory through you. It is mentioned in the book, The Funds in the Khilafah Sta...

Q&A: Disposing of Riba [Interest] Money

Q&A: Disposing of Riba [Interest] Money Question: Our eminent Ameer, may Allah preserve him and forgive his sins, Assalamu Alaykum wa Ramatullahi wa Barakatuhu Someone opened an interest-based bank account...

Temporary Appreciation of Rupee Exposes Weakness in Dollar Loan Based Economy

Temporary Appreciation of Rupee Exposes Weakness in Dollar Loan Based Economy Economic progress is not possible unless our currency is based on Gold or Silver The recent Rupee temporary appreciation confirmed that by pegging Rupee to Dollar, Pak...

Q&A: Zakat on Profit

Q&A: Zakat on Profit Question: Assalamu Alaikum, I have a question about zakat. First, I'll tell you the situation; I make profit on selling apartments. For example, I bought an apartment ...

The Financial Crisis in America

The Financial Crisis in America News agencies reported that the U.S. House of Representatives approved on 11/2/2014 CE to raise the U.S. debt ceiling until 15 March 2015. America witnesses today an u...

Capitalism: of the rich, by the rich and only for the rich

Capitalism: of the rich, by the rich and only for the rich The release of Oxfam's report on global inequality: 'working for the few,' reveals a number of damming indictments upon capitalism and the developed world. Some of its ...

Q&A: Custom Duties in the Islamic State

Q&A: Custom Duties in the Islamic State Question: Assalamu Alaikum, it was mentioned in the book, The System of Islam, that the State collected the necessary funds for its expenditures according to the Shari...

The WTO Trade Liberalization Agreement Promises Further Economic Misery for Women in the Muslim World

The WTO Trade Liberalization Agreement Promises Further Economic Misery for Women in the Muslim World The 9th World Trade Organisation (WTO) Conference that took place in Bali, Indonesia from 3rd to 6th December reached a draft global trade agreement that includes furth...

Financial Scandals in the West are fuelled by the Super Rich and their Bankers

Financial Scandals in the West are fuelled by the Super Rich and their Bankers The UK media is once again reporting another banking scandal involving the Royal Bank of Scotland. This time the bank is under scrutiny for two offences: one, a report ...

Q&A: Leasing Agricultural Land

Q&A: Leasing Agricultural Land Question: Assalamu Alaikum, What is the ruling for someone who has a section of agricultural land that he does not farm, while our agriculture system constitutes eith...

Q&A: What is the Evidence that Land is never idle?

Q&A: What is the Evidence that Land is never idle? Question: Assalaamu Alaikum wa Rahmatullahi wa Barakatahu It was said in one of the answers to the questions that for the land in the hands of the Kaffir, on which th...

Q&A: The Ruling on dealing with Islamic Banks specifically the Issue of Profit Sales (murabaha)

Q&A: The Ruling on dealing with Islamic Banks specifically the Issue of Profit Sales (murabaha) Question: Assalaamu Alaikum wa Rahmatullah wa Barakatuhu Our esteemed Sheikh, I would like to request from you that you clarify the hukm (ruling) on dealing with Isla...

Q&A: Problems in the Chinese Economy

Q&A: Problems in the Chinese Economy Question: On Wednesday 13th November the Chinese President Xi Jinping said that "China will step ahead with reforms to solve the economic problems but these reforms re...

Q&A: The Murabaha contract

Q&A: The Murabaha contract Assalamu Alaikum Wa Rahamatullah Wa Barakaatuu Our Sheikh and Ameer, Ata Bin Khalil Abu Al Rashtah, my question is: what is the ruling on the profit sales contract (Mu...

Q&A: Devaluation of Banknotes

Q&A: Devaluation of Banknotes Question: Assalamu Alaykum wa Rahmatullahi wa Barakatuhu, My dear brother, May Allah reward you for what you have explained earlier, please allow me, my brother, to a...

Q&A: Varieties of Crops and Fruit on which Zakat is due and Provisions relating to Treasure Troves

Q&A: Varieties of Crops and Fruit on which Zakat is due and Provisions relating to Treasure Troves Questions: 1. My dear Ameer and honorable Sheikh: What are the varieties of crops and fruit on which the Zakat is due? For example there are some who pay the Zakat on ...

Q&A: Selling in Instalments with the Presence of a Penalty Clause

Q&A: Selling in Instalments with the Presence of a Penalty Clause Is the selling contract legal when the selling price is fixed as a monthly payment with a written penalty clause of increasing the value of instalment in case the buyer...

There is no Zakat on Leased Properties, rather on money if one year has passed and it reaches the 'nisab'

There is no Zakat on Leased Properties, rather on money if one year has passed and it reaches the 'nisab' According to the Akhir Lahdha Newspaper Issue 2572, "The joint meeting between the Zakat Chamber in the Khartoum area and the heads of the Regional People's Committees ...

Q&A: Recent US Debt Crisis

Q&A: Recent US Debt Crisis There is a heated conflict happening in the United States between the Obama administration and the Democratic Party on one side, and the rival Republican Party on the o...

Shariah-Stipulated Gold and Silver Backed Currency Will End Rupee Devaluation

Shariah-Stipulated Gold and Silver Backed Currency Will End Rupee Devaluation Abolish Capitalism to Strengthen Currency, End Rampant Inflation Pakistan's Finance Minister, Mr. Ishaq Dar, is misleading the people about the weakening of the Rupee,...

Only Khilafah can bring Stability and Harmony in the Industrial Sector by Ensuring Rights of Workers and Factory Owners

Only Khilafah can bring Stability and Harmony in the Industrial Sector by Ensuring Rights of Workers and Factory Owners Workers in the Bangladesh readymade garment sector started violent protests from 21st September, 2013, demanding increase in their monthly minimum wages from existing B...

Sudan's Hospitals are like Death Chambers!

Sudan's Hospitals are like Death Chambers! The Sudanese government pledged to introduce a program to reduce the causes of maternal mortality presented by the Ministry of Welfare and Social Security as part of a ...

Q&A: Labour Social Welfare Law in Jordan

Q&A: Labour Social Welfare Law in Jordan Assalamu alaikum wa rahmatullah wa barakatuhu Barak Allahu feekum and keep you on the path of Truth I work as a Pharmacist, and the Labour Social Welfare Law was enfo...

Q&A: Barren Land and Kharaj on Dhimmi

Q&A: Barren Land and Kharaj on Dhimmi Asalamu Alaikum wa Rahmatullah wa Barakatahu. I have a question of two parts on my mind that stopped me many times in the book, The Economic System, regarding the barr...

Q&A: Has the Global Financial Crisis come to an End?

Q&A: Has the Global Financial Crisis come to an End? On Friday 09/06/2013 the G-20 Economic Conference was concluded in St. Petersburg with the adoption of the final statement. The statement said, as quoted by Reuters New...

Q&A: Ahkam Related to Buying and Selling

Q&A: Ahkam Related to Buying and Selling Assalamu alaykum wa rahmatullahi wa barakatuhu, We know that it's not permissible to buy gold for silver or any other different types except hand to hand, and it's not...

Q&A: The tax due on uncultivated land

Q&A: The tax due on uncultivated land It is stated in the book Funds in the Khilafah State on page 79 (Arabic ed.), starting from the seventh line from the bottom of the page to the third line from the bott...

Q&A: Economic questions related to gold

Q&A: Economic questions related to gold Assalamu Alaykum Warahmatullahi Wabrakatahu: Honorable Scholar Ata' Bin Khalil, may Allah sustain you and provide for you; Economic questions related to gold: What a...

Muslim Families Faced Anguish in their Eid Celebrations Due to the Flawed Economic Development Policy of Capitalist Governments

Muslim Families Faced Anguish in their Eid Celebrations Due to the Flawed Economic Development Policy of Capitalist Governments This year, up to a week after Eid ul Fitri, 719 people were reported to have died, 1184 seriously injured, and 4326 people slightly injured, due to 3279 transportation ...

Q&A: The Hukm of the Haram money after Taubah (Repentance)

Q&A: The Hukm of the Haram money after Taubah (Repentance) To the Scholar Ata Ibn Khalil Abu Al-Rashtah, may Allah Protect you. As-Salaamu Alaikum Wa Rahmatullah: What is the Hukm (Islamic ruling) concerning the Haram money af...

Calamities of the Western Civilization - Homelessness

Calamities of the Western Civilization - Homelessness 100 million people in the world are homeless, and the vast majority of these are from the capitalist democracies. Whether large or small, rich or poor, the democracies ...

Q&A: The One Who Eats Ribaa (Usury)

Q&A: The One Who Eats Ribaa (Usury) Assalaamu Alaikum, If you permit I would like to ask about the one who commits the act of Ribaa (usury) and if he will be in the fires of Hell forever? It relates to t...

A Criticism of Derivatives

A Criticism of Derivatives There can be no debate that derivatives are amongst root causes for the Global Financial Crisis of 2007 – 2008, arguably the worst economic crisis since the Great Dep...

Capitalism has Taken Food from the Mouths of Children: It is the Islamic System Alone that can Provide Food and Financial Security for Humanity

Capitalism has Taken Food from the Mouths of Children: It is the Islamic System Alone that can Provide Food and Financial Security for Humanity According to recent research carried out by Tesco, the food-banks charity, the Trussell Trust, and food redistribution charity Fare Share, one in five parents in the UK...

IMF's Budget 2013-14 for Pakistan: Nussrah for Khilafah is Needed to End Economic Exploitation

IMF's Budget 2013-14 for Pakistan: Nussrah for Khilafah is Needed to End Economic Exploitation Hizb ut-Tahrir Wilayah Pakistan gathered the influential of the largest city in Pakistan's largest province Punjab, the city of Lahore, and home to ten million people. ...

Q&A: Benefiting from buried treasure in the form of idols, statues and crosses

Q&A: Benefiting from buried treasure in the form of idols, statues and crosses With respect to the subject of al-Rikaz, it is mentioned in the book, al-Amwal (The Funds) that there is one fifth of al-Rikaz, and the question is: with respect to the...

Haze Chokes Singapore and Malaysia!

Haze Chokes Singapore and Malaysia! Global Voices Online - Since mid June until today, most areas in the Riau province of Indonesia, south western coast of Malaysia and Singapore are affected by thick haz...

Q&A: Extent of State Involvement in Economics and Taxes

Q&A: Extent of State Involvement in Economics and Taxes As-Salaamu Alaikum to our honourable Sheikh may Allah keep you safe and sound. I want to know the extent of the involvement of the Islamic State's authority in economi...

Policy for Agricultural Development, Food Security and Rural Prosperity

Policy for Agricultural Development, Food Security and Rural Prosperity June 2013 CE - Shaban 1434 AH Hizb ut-Tahrir Wilayah Pakistan has issued a Publicized Policy Position (PPP) regarding ensuring strong agricultural development upon the...

Hizb ut-Tahrir Releases Agriculture Policy for the Khilafah: Khilafah Will Provide Food Security for the Ummah

Hizb ut-Tahrir Releases Agriculture Policy for the Khilafah: Khilafah Will Provide Food Security for the Ummah Hizb ut-Tahrir Wilayah Pakistan has issued a Publicized Policy Position (PPP) regarding ensuring strong agricultural development upon the vast agricultural lands of the...

Q&A: Calculating blood money (diyah)

Q&A: Calculating blood money (diyah) Is it permitted to calculate diyah (blood money) as 12,000 silver dirhams to make it easier for people, even though the Fuqahaa calculate the diyah in camels for people...

End American Raj, Establish Khilafah: The Electricity Crisis is Democracy's Best Revenge

End American Raj, Establish Khilafah: The Electricity Crisis is Democracy's Best Revenge The electricity crisis through out the country is indeed democracy's best revenge against the masses. It is an open secret that this crisis is not because of generation...

Policy for Industrialization as a Leading State

Policy for Industrialization as a Leading State Although Pakistan has huge material resources, a young, bright and lively population and has been included within the "next eleven" economies in the world regarding its...

Hizb ut-Tahrir Releases Industrial policy for the Khilafah: Making Khilafah the World's Leading Industrialized State

Hizb ut-Tahrir Releases Industrial policy for the Khilafah: Making Khilafah the World's Leading Industrialized State Hizb ut-Tahrir Wilayah Pakistan has issued a Publicized Policy Position (PPP) regarding the subject of establishing the industrial requirements for the Khilafah as the ...

Indonesia: Reject the Fuel Price Increase, and Reject Gas and Oil Liberalization

Indonesia: Reject the Fuel Price Increase, and Reject Gas and Oil Liberalization The government decided to increase the price of oil. It will be in the range of 6500 per liter. The government argues that the decision is taken to lessen the massive s...

Bribery in Afghan Government Departments is a Legacy of the Democratic System

Bribery in Afghan Government Departments is a Legacy of the Democratic System The issue of widespread corruption in Afghan departments has been acknowledged both by the government of Afghanistan and Western colonialists, so much so that after the...

IMF Prepares Pakistan's Budget: Abolish Democracy, Establish Khilafah to Restore Economic Sovereignty

IMF Prepares Pakistan's Budget: Abolish Democracy, Establish Khilafah to Restore Economic Sovereignty Regardless of the changes of faces on 11 May 2013, democracy will ensure that our budget is made by the colonialists. During its April 17-22 visit to the United States,...

Malnutrition Reaches People in Indonesia's Rich Lands

Malnutrition Reaches People in Indonesia's Rich Lands RCTI News (13/4). It was revealed last week that 95 people were killed due to poor nutrition in the District Kwor, Tambraw in West Papua Province in Indonesia. This num...

Capitalism's Exploitation of Millions of Vulnerable People as Domestic Workers

Capitalism's Exploitation of Millions of Vulnerable People as Domestic Workers On 9th January 2013, for the first time the International Labor Organization (ILO) launched its global report related to domestic workers around the world. The report e...

Political-Economics of Petrol pricing in India: an Islamic Perspective

Political-Economics of Petrol pricing in India: an Islamic Perspective Of the various sensitive issues that can make or break a government in India, petrol pricing is one. As on 10 Dec '12, petrol price in India is R72.3 (Average price of ...

The Deception of the Western Economic System

The Deception of the Western Economic System Things are often not quite as they seem in the in West. When they talk about the liberation of nations they actually mean the imposing of colonialist occupation. When t...

Only the Khilafah will eliminate the menace of ever-rising inflation

Only the Khilafah will eliminate the menace of ever-rising inflation The Rupee like other currencies such as the Dollar and the Pound, was originally backed by real tangible wealth in the form of a precious metal. In the case of the Doll...

Q&A: What is the current status of the global economic crisis?

Q&A: What is the current status of the global economic crisis? After 5 years of economic crisis, the global economy is still reeling and with unemployment constantly increasing social chaos has already begun in Europe. All attempts...

Pakistan's CNG Shortage: The Khilafah will rescue the Ummah from artificial energy crises

Pakistan's CNG Shortage: The Khilafah will rescue the Ummah from artificial energy crises People who have already been suffering from numerous crises are now forced to bear the artificial CNG shortage as well. People are must sit in their cars, queuing for m...

ZAKAT PART 1: The obligation of Zakat

ZAKAT PART 1: The obligation of Zakat As many Muslims pay their Zakat during the blessed month of Ramadhan due to the increased rewards in doing so, we are serialising the chapters on Zakat that detail its ...

Global Economic Crisis: The Curse of Austerity

Global Economic Crisis: The Curse of Austerity August 2012 marks the 4th anniversary of the global financial crisis which began in 2008. On its fourth anniversary the Eurozone is teetering on the brink of collapse a...

Global Economic Crisis Update

Global Economic Crisis Update With the world's financial markets making huge losses in September 2011 and with the EU and the US drowning in their debt woes Khilafah.com provides some answers to the...

The Financial Crisis and Growth

The Financial Crisis and Growth Global headlines continue to churn out news of economic meltdown. With the US debt downgrade and the possibilities of defaults in the Eurozone by countries such as Gree...

Is Pakistan's economy dependant on western aid?

Is Pakistan's economy dependant on western aid? With increasing debate in the media over severing alliance with the US, agents of the US embassy also known as 'contacts,' in the language of the embassy cables, have s...

The debt crisis: the making of the super rich

The debt crisis: the making of the super rich "The world with its billions does not have too many people, but it does have too many in their thousands who think that they are worth a million others." Barely a year...

Economic Development through Self Sufficiency

Economic Development through Self Sufficiency Central to the Arab spring has been the dire economic straits the Muslim world finds itself in. Mohamed Bouazizi's self-immolation which was the catalyst to the resulta...

A New Economy for the Muslim World

A New Economy for the Muslim World With the revolutions in the Muslim world in full swing and now spreading from North Africa to the Middle East Western nations are attempting to hijack the Ummah's deman...

Only the Caliphate can shield the ummah from the rise in food prices

Only the Caliphate can shield the ummah from the rise in food prices A few days ago the UN warned that food prices could rise by 10% to 20% next year after poor harvests and an expected rundown of global reserves. More than 70 African an...

Global Economic Crisis - The Quest for Growth

Global Economic Crisis - The Quest for Growth The IMF's annual gathering in Washington had one message, that the worlds economies need to work together to achieve sustainable economic growth. "The most important po...

Oppressive taxes like VAT and GST are Haram in Islam

Oppressive taxes like VAT and GST are Haram in Islam The Pakistan government has announced it will implement VAT (Value Added Tax) under the new name of reformed GST (General Sales Tax) under American diktats. This is a c...

A Radical Approach to Pakistan's Economic Crisis

A Radical Approach to Pakistan's Economic Crisis ‘Roti, Kapra aur Mukan' (food, clothing and shelter)! This has been the selfless slogan of the PPP rulers since the party was founded in the 1970s. Yet with the deliv...

Masses in Pakistan are skinned alive to fund the American crusade

Masses in Pakistan are skinned alive to fund the American crusade It is only in the Islamic economic system where all the indirect taxes like GST, income tax, business tax, customs, excise, surcharge, additional surcharge, petroleum d...

Q&A: Global Economic Crisis

Q&A: Global Economic Crisisبسم الله الرحمن الرحيم Question: We know that at the beginning of the Economic crisis in America the Dollar fell significantly with respect to the ...

Q&A: Benefiting from Public Property in the Khilafah

Q&A: Benefiting from Public Property in the Khilafah In our books we find the hadith, "The Muslims are partners in three..." as well as the hadith, "The people are partners in three..." In light of this, the question is a...

Is it forbidden to live a luxurious life in Islam?

Is it forbidden to live a luxurious life in Islam?When it is said that luxury (Taraf) is Haram it does not mean the life of ease is Haram, it rather means that arrogance which results from the easy use of wealth is Hara...

The Collapse of Dubai's Economic Dream: A Consequence of Abandoning the Islamic Economic System

The Collapse of Dubai's Economic Dream: A Consequence of Abandoning the Islamic Economic System Whilst many have been looking at the prospect of global economic recovery, Dubai sent investors into a tailspin in December 2009 when the government revealed that it pl...

Islamic Finance - A False Dawn

Islamic Finance - A False DawnOpen up the pages of any newspaper or Financial Magazine and you are guaranteed to find advertisements from banks announcing their latest Islamic finance products. Once p...

Islam and Finance

Islam and FinanceGlobal finance today dominates the world economy. Western economies are characterised with financial sectors which generate billions for the economy. Stock Markets, multi...

Islam and Taxation

Islam and TaxationTax is one of the very few aspects of life which are certain alongside death according to the well known saying. Taxation is the system states use to raise money to finan...

Islam and Industrial development

Islam and Industrial developmentWhilst the Western world has managed to achieve phenomenal development since the industrial revolution the Muslim world on the other hand lags far behind. The Muslim worl...

Islam and Economic Growth

Islam and Economic GrowthPresident Harry Truman of the US, in his inaugural speech in 1949 encapsulated development: "Greater production is the key to prosperity and peace. And the key to greater...

Global Economic Crisis Update: Curing the Patient with the Disease

Global Economic Crisis Update: Curing the Patient with the DiseaseBarack Obama in an article for the Washington Post laid out the economic challenges the world's largest economy faces: "By now, it's clear to everyone that we have inheri...

The Economics of Money

The Economics of MoneyAs the world drifts into a global recession the US which dominated the global economic scene in the post World War II era has begun to lose its post World War II economic...

Essay: Virtual Economy - Root Cause Analysis of The Current Financial Crisis

Essay: Virtual Economy - Root Cause Analysis of The Current Financial CrisisIn a statement made to a congressional committee on April 3, 2008, the Chairman of the Federal Reserve Bernanke said that "if Bear Stearns had been allowed to fail, it wo...
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