On 26 May 2023, Pakistan’s Finance Minister informed the US Ambassador about plans related to revenues and expenditures, for meeting international financial obligations. Having received approval from their master, Pakistan’s rulers are now preparing another colonialist budget, which will further weaken our economy. Moreover, when the rulers are asked about the issues faced by the […]
Bangladesh Bank created fresh money of more than Taka 500 billion in the July-December period in the name of budget support, the highest in recent history (The Business Standard, January 03, 2023), to compensate the money looted from the banks by the Capitalists elites. The default loans of the commercial banks have already reached Taka […]
The Bank of England has said it will “not hesitate” to hike interest rates to curb inflation after the pound fell to a record low against the US dollar. Its statement came after the Treasury said it would publish a plan to tackle debt in a bid to reassure investors. Sterling fell to an all-time […]
Question: Assalamu Alaikum Wa Rahmatullah Wa Barakatuh. Since the six categories that were mentioned in usury were fixed names, and when paper currency took the rule of gold and silver when they were covered with gold and silver, the ruling was clear, now paper currency does not have a gold or silver cover, so does […]
Headlines: • Ukraine Tensions Heat up • Over 100 Millionaires Call for Wealth Taxes on the Richest • Bitcoin Experiment Failure Ukraine Tensions Heat up At a press conference on 19 January 2022, US President Joe Biden predicted Russia would “move in” to Ukraine and suggested a “minor incursion” by Moscow could lead to Western […]
The immense concentration of wealth under the current capitalist world order has now reached intolerable levels. The World Inequality Report 2022 from the Paris-based World Inequality Lab stated that, “The share of the bottom 50% of the world in total global wealth is 2%… while the share of the top 10% is 76%.” The report […]
Inflation measured through the Sensitive Price Index (SPI) posted an increase of 1.07 per cent for the week ended on November 18, driven by a sharp rise in the prices of essential food items, data released by the Pakistan Bureau of Statistics (PBS) confirmed. The PBS data showed that this is the sixth consecutive week […]
By November 2021, the Rupee fell to 175 Rupees to a dollar, unleashing crushing inflation upon the citizens of Pakistan. Inflation is a permanent feature of the capitalist economy, irrespective of the re-opening of the economy after lockdown. Unlike Islamic gold and silver currency, fiat paper money loses its purchasing power, as governments print more […]
The 3 November 2021 address of Pakistan’s Prime Minister, Imran Khan, regarding inflation was to prepare opinion for another batch of catastrophic IMF economic policies. The so-called 120 billion Rupees “relief” package announced for 20 million people, amounts to only Rs. 1,000 per person per month, for six months. This is whilst the middle classes […]
Nothing Less than the Sound Economic Policies of the Khilafah Will End Inflation The Muslims of Pakistan are crushed by waves of back-breaking inflation as the Rupee crumbles before the dollar. Household budgets for many are stretched to provide just two meals a day. Despite the hue and cry against inflation by the opposition, it […]
The Current Account Deficit (CAD) has increased by a whopping 81 per cent in August to $1,476 million compared to July during this fiscal year (FY22), mainly because of an ever-rising imports bill. Mr Tarin, Minister for Finance & Revenue, observed that the economy was in a state of growth and there was an increased […]
