The semi-annual review report of the State Bank of Pakistan, published on 18 September 2023, revealed that the profit of the banks was 126 billion rupees in the first half of previous year. It has increased to more than double, to 284 billion rupees in the first half of this year. The main reason for […]
Successive Pakistani governments have consistently faced the challenge of fiscal deficits. It means the state is continuously short of resources to spend on the people. This shortage of resources faced by the state is the direct consequence of the economic governance structures implemented in the country. Pakistan’s ruling elite implements the capitalist economic model in […]
[يَا أَيُّهَا الَّذِينَ آمَنُوا لَا تَتَّخِذُوا الْيَهُودَ وَالنَّصَارَى أَوْلِيَاءَ بَعْضُهُمْ أَوْلِيَاءُ بَعْضٍ وَمَن يَتَوَلَّهُم مِّنكُمْ فَإِنَّهُ مِنْهُمْ] In recent weeks, Tunisia has witnessed an influx of European officials. On Sunday, June 11, 2023, the Italian Prime Minister, Giorgia Meloni (whose visit is her second in a week), accompanied by the President of the European Commission, […]
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 […]
Extreme poverty, disguised unemployment, political and economic chaos, outrageous wealth for a few at the expense of the majority of people, an unprecedented drop in the value of the pound against foreign currencies, eating up people’s savings, a strong decline in the standard of living, a steady increase in public debt, an unprecedented rise in […]
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 […]
Janata Bank and Islami Bank’s new loan scams have come to light soon after the incidents of the looting of Taka 95 billion from three banks by opening fake address and paper companies were revealed. On December 18, the Daily Star Newspaper published a report that in 2020, four big tycoons of the country took […]
In an effort to provide state-backed concessional loans to small businesses that have struggled to access financing from mainstream banks, the Government has launched the Hustler Fund upon which already poor Kenyans have borrowed an average of sh17 million an hour through the fund on its first day. The repayment period for loans will be […]
The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) has raised interest rates by 1.5 % to 15 %. According to the SBP’s own press conference, the increase is to slow the economy down, whilst claiming that such demand contraction is a must, otherwise high growth is unstable, worsening inflation. Even after […]
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 Pakistan government is currently negotiating a deal with the International Monetary Fund (IMF) to secure a bailout which it argues is needed to keep its economy afloat. Officials are in talks with the financial institution to unlock the remaining $3 billion from a $6 billion loan programme which the Imran Khan led government agreed […]
The media commentators are trying to engage the people in debate over the London Plan and Islamabad March, as if there is any hope that these plans and political maneuvers will solve the problems of the people. Be it Maryam Aurangzeb, Shahbaz Gul or Rana Sanaullah, their rhetoric is like that of Nadr bin Harith, […]
On Tuesday, 28/12/2021, Minister of Finance, Siham Boughediri Namsiyah announced during a press conference on the government’s budget for the year 2022, which was issued by a presidential decree that included the chapters of the Finance Law for the year 2022, she estimated the deficit at 8.548 billion dinars. She said, “The Tunisian state will […]
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 […]
The IMF’s demand regarding the State Bank of Pakistan is a project of structuring Pakistan’s economy in a manner that it can continue to pay back the interest on loans, with no regard whatsoever for the economic well-being of the people of Pakistan. The result will be increased interest payments on domestic debt, higher taxation […]
The CVs of Pakistan’s Governor of State Bank of Pakistan and Finance Minister speak volumes about their Western credentials. Both have degrees from supposedly prestigious institutions, and have worked in many developed countries. And yet, beyond their research publications, one has the right to ask exactly which developing countries have they transformed into developed countries? […]
