Electricity bills are so high in Pakistan that some have been driven to suicide. Comment: After the privatization of the electricity sector, bills are high to ensure profits for the private companies. The bills include capacity charges that are paid to the companies, even when they are not producing electricity.
After winning the elections, Turkey’s President Erdogan handed over the management of the economy to Mehmet Şimşek, whom he appointed as the Minister of Treasury and Finance, and the management of the Central Bank to Hafize Gaye Erkan.
A press release issued by the government of Pakistan on June 20, 2023 announced a new economic recovery plan. It is primarily supported by the military leadership, and dubbed as the “Asim Munir Doctrine.” Under this plan, it has been claimed that a Special Investment Facilitation Council will be formed to promote investment from other […]
President Recep Tayyip Erdoğan, regarding the economic policies discussed after Treasury and Finance Minister Mehmet Şimşek’s statement “We will return to the rational ground”, said, “We accepted that our Minister of Treasury and Finance is taking his steps with the Central Bank quickly and easily. We declared our determination to reduce inflation to single digits. […]
The government’s major concerns in finalizing the FY24 budget are limited revenue income and compliance with IMF loan requirements. The record budget of Taka 7617.85 billion has a record deficit of Taka 2578.85 billion when foreign funding and loans are factored in. To meet the massive spending, a total revenue target of Taka 5039 billion […]
The International Monetary Fund (IMF) said that Jordan’s prudent fiscal and monetary policies have maintained economic stability and a positive future outlook for external creditors and global rating agencies. This came in a press interview with “The Kingdom” conducted by the Resident Representative of the International Monetary Fund in Jordan, Kareem Ismail, on 12/4/2023.
It was never unexpected that the House of Representatives, with a rate of 75% of the attendees, would approve the general budget law for the fiscal year 2023, despite the harsh criticism of the bill during the 3-day debate sessions due to the financial deficit, the high riba (usury) of public debt, and the absence […]
It is the Choice of the Political and Military leadership. On 13 February 2023, the Economic Coordination Committee (ECC) meeting, chaired by Pakistan’s Finance Minister, Ishaq Dar, approved an increase in gas prices of up to 112%, 29% for the commercial sector, 31% for the Compressed Natural Gas (CNG) sector and 29% for power plants. […]
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 […]
Amid public suffering due to the price hike of essentials and hampering of industrial production due to the power crisis, the deceitful Hasina government has decided to increase the bulk electricity prices by 19.92% to Tk6.20 kWh from the previous price of Tk5.17 kWh in compliance with the prescription of International Monetary Fund (IMF).
On Thursday morning, October 27, 2022, the Central Bank of Egypt raised interest rates by 200 basis points, during an exceptional meeting, so that the rate of return for deposit and lending overnight became 13.25 percent and 14.25 percent, respectively, and the Central statement included an important paragraph in which it said that: “Reform measures […]
The country wide debate, from the masses to the people of power, has widened from the crash of the Rupee before the US dollar, and the use of Pakistan’s air space for American drones, to how Pakistan can become truly independent, whilst we bear grave losses to our economy, education, health and security. The long […]
The Abolition of Riba is only Possible under the Khilafah, from the Moment of its Establishment #KhilafahEndsRiba Muslims are outraged that the recent ruling of the Federal Shariat Court to remove interest from Pakistan’s economy has once again been challenged in the Supreme Court, where the case had been pending review for twenty years already. […]
The worst kept secret about the present economic crisis is that it has resulted from our rulers having saddled the people with a huge debt while harvesting its proceeds to acquire properties, businesses, and citizenships abroad. (brecorder)
The Pakistani currency touched a critical threshold of Rs 200 in the open market against the US dollar during intraday trading on Wednesday, 18th May 2022, mainly due to the country’s depleting foreign exchange reserves and high imports, whilst drowning the people in inflation.
The Khilafah Alone Will Build an Independent Economy through Islamic Policies. An independent nation can never be born of slavery-based economic structures, policies and regimes. What is the result of seventy years of enslaving, democratic, capitalist policies? When the international price of oil rises, the economy begins to falter, sputter and stall. When the US […]
Faces change but slavery to the IMF remains. The IMF supervised interest debt trap has meant that Pakistan’s debt has risen from 10 trillion Rupees in 2011 to 40 trillion in 2022. Over half of Pakistan’s tax revenues are now spent on interest payments. The IMF will keep Pakistan as a cash cow for those […]
Like other currencies, the Dollar, the Pound and the Franc, originally, the Rupee was backed by real tangible wealth in the form of a precious metal. In the case of the Dollar, it was gold, in the case of the Rupee it was silver. This system stabilized the value of the monetary unit both internally […]
The Khilafah Alone Will Liberate Us from Economic Slavery America’s tool for economically enslaving most of the world, the IMF, released a statement on 24 April, 2022, that “We had very productive meetings with the Finance Minister of Pakistan Miftah Ismail over Pakistan’s economic developments and policies.” Thus, Pakistan will continue to be controlled by […]
Pakistan’s rulers use the US dollar for international trade, in obedience to the colonialist IMF. Amidst a shortage of dollars, the rulers also take interest-based loans in dollars to finance our economy. The Rupee weakens against the dollar, unleashing back-breaking inflation, whilst Pakistan is plunged into an ever growing, interest-based debt. In the Khilafah, the […]
Question: Assalamu alaikum, Could you also explain to us regarding the opinion of Abu Hanifa, Sufyan al-Thawri and others that there is no Riba (usury) in Dar ul-Kufr inferring the hadith (There is no Riba between a Muslim and a harbi in Dar al-Harb) and the evidence that Al-Abbas dealt with usury in Dar ul-Kufr […]
The Pakistani rupee has been depreciating rapidly over the past month. On 10 July, 2021, one dollar was selling at Rs. 155.92, whilst on 5 August 2021, one dollar was selling at Rs. 163.41. Thus, in less than a month, the rupee has lost Rs 7.49, or 4.8 per cent, of its value against the […]
President Recep Tayyip Erdogan spoke at the admission of the DEIK Executive Board. While criticizing the high interest, Erdogan emphasized financial discipline. Erdogan stated that he knows how the banks exploit the business world and said “We almost pride ourselves on sinking many of our companies. Whether they listen to me or not, I’m against […]
Introduction of Dollar Based Interest Saving Scheme is a Danger First Year Performance of PTI Proves that Real Change is Impossible through Democracy Referring to the International Court of Justice over the Matter of Kashmir is Open Transgression of the Command of Allah (swt) Introduction of Dollar Based Interest Saving Scheme is a Danger On […]
Headlines: The Abolition of Capitalism is the Solution of the Issue of Circular Debt German 22.4 Million Euro is not in Pakistan’s Interest Attacks on the Armed Forces of Pakistan are Because of US Presence in Pakistan The Abolition of Capitalism is the Solution of the Issue of Circular Debt According to the Dawn Newspaper, […]