The Upcoming Khilafah (Caliphate) will Ensure the Ownership of People over Oil and Gas Resources The oppressive Hasina regime is now set to increase gas price by 117% amid the ongoing gas supply crisis within just two months of raising the prices of diesel, kerosene and liquefied petroleum gas. According to the proposals of the […]
The National Assembly on Thursday, 13th January 2022, passed the controversial Finance (Supplementary) Bill, known as the “mini-budget,” along with the State Bank of Pakistan (Amendment) Bill 2021, during a prolonged session, amidst fierce objection from the opposition benches. The Finance Bill and the SBP bill, both tabled on 30 December 2021, are necessary to […]
The spokesperson of UN Secretary-General declared that $1.5 billion has been raised to address the situation of the people of Afghanistan. He also added the harsh winter is making life difficult for Afghans. After the takeover of Afghanistan by the Islamic Emirate, the Western institutions have been regularly speaking of humanitarian crisis in Afghanistan, shedding […]
While the fall of the lira touched the threshold of thirty thousand liras per dollar, and with the outrageous high prices in all aspects of life, the collapse of the purchasing power of the lira to the limits of 95% of its value, and the salaries of the employees that became even less than subsistence, […]
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 […]
People in Sudan were surprised by an undisclosed increase in electricity prices as of Saturday 01/01/2022, which amounted to about 600%, as the price of one kilowatt was eighty piasters, and the new price became five pounds. Likewise, about a month ago, the so-called subsidized bread flour stopped working in bakeries, and a piece of […]
In less than a year in the office as the President of United Republic of Tanzania, Samia Suluhu Hassan has secured to about $3 billion in loans which include concessional loans and relief funds obtained from the World Bank (WB), the International Monetary Fund (IMF) and the African Development Bank (AfDB).
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 […]
All the world’s economies follow the capitalist ideology with its secular foundation, either because its people have adopted it, as is the case in the West, or as the majority case elsewhere, because the wealthy Western colonialists have imposed it through their agents, whether dictators, kings, prime ministers, generals and emirs. With such dominance over […]
Headlines: • Putin Accuses West of Coming with its Missiles to our Doorstep • Pakistan has no Choice but to Remain Under IMF Programme • China Accounting for Lowest Percentage of U.S. Imports since 2008 Putin Accuses West of Coming with its Missiles to Our Doorstep Vladimir Putin has accused the west of “coming with […]
Foreign Minister Shah Mahmood Qureshi on Thursday, 16th December 2021, said that with members of the international community and the Taliban at the same platform, the 19 December meeting of the OIC in Islamabad would prove to be a stepping stone in finding solutions to the humanitarian crisis in Afghanistan. The foreign minister said, by […]
The BBC reported on December 2nd that the crumbling infrastructure of Afghanistan has resulted in an almost nonexistent health care and social welfare system. Many doctors are now working without pay and the food crisis has added an unprecedented burden upon hospitals overflowing with citizens suffering from the desperate conditions of poverty.
The mujahid Muslims of Afghanistan are currently facing a severe humanitarian crisis, wherein out of a 40 million population, almost half are starving. However, instead of helping them, Pakistan’s agent rulers are exploiting the crisis, in order to force the Taliban regime to form a fully Western-style national democratic and liberal government. All this is […]
Question: The Turkish lira plunged to its lowest level in a short period, losing more than 30% of its value in less than two months, and losing more than 45% of its value since the beginning of this year. The inflation doubled to about 21% and prices rose significantly. Note that it has been in […]
On Tuesday evening, Fitch raised its expectations for Jordan’s credit rating to stable from negative, and stated, “The revision of the Outlook reflects Jordan’s progress on fiscal consolidation and the post-pandemic economic recovery.” Yesterday, the Jordanian Minister of Finance, Muhammad Al-Ississ, said in this regard: Fitch’s upgrading of the Kingdom’s credit rating outlook reflects the […]
Headlines: Pakistan’s Debt Skyrockets Iran Nuclear Talks Resume Turkey Economic Crisis Gets Worse
GST and income tax are regressive taxation. Regressive taxation burdens the poor and indebted. Islam forbids regressive taxation. The poor and indebted receive Zakah. The Khilafah taxes only the financially capable. Yearly Zakah on trading merchandise above Nisaab. Yearly Kharaaj from agricultural land owners. The Messenger of Allah (saw) said, لَا يَدْخُلُ الْجَنَّةَ صَاحِبُ مَكْسٍ […]
According to the United Nations, Afghanistan is on the brink of becoming the world’s worst humanitarian crisis, with half of the population facing unprecedented levels of acute hunger due to a combination of severe drought, the aftermath of two decades of Western occupation, the withdrawal of humanitarian aid by the international community and the freezing […]
Headlines: • Déjà vu Sudan • Pakistan Turns to IMF Again • New Bill to Remove British Citizenship Déjà vu Sudan After being removed in a coup a month ago Abdalla Hamdok has reinstated by General Abdel Fattah al-Burhan after signing a political agreement. Twelve cabinet ministers submitted their resignation in protest against the political […]
The COP26 global climate summit lasted for two weeks in Glasgow, UK. It brought together nearly 200 nations in order to agree to emission targets so the planet doesn’t reach tipping point. The summit brought together nearly 200 leaders who are being asked to targets to cut emissions by 2030. There has been growing urgency […]
We are suffering immensely, as the economy obviously collapses, despite the reassurances of Pakistan’s rulers. The rupee is collapsing in value, whilst inflation is spiralling out of control. Fuel, electricity and gas prices are all increasing, as are taxation and unemployment. As if our economic misery were not enough, the rulers use the weak economy […]
A few days ago, adviser to the Prime Minister on Finance and Revenue, Shaukat Tarin told the media that matters with the IMF will be concluded over the revival of the $6 billion Extended Fund Facility (EFF). He also said that a formal announcement will be made soon. [Source: Dawn]
Pakistan spends more than half of collected taxes on interest payments. In 2011, Pakistan’s debt was 10 trillion rupees. In 2021, Pakistan’s debt is around 40 trillion rupees In Islam, interest (Riba) is strictly forbidden. Allah (swt) said, [يَا أَيُّهَا الَّذِينَ آمَنُوا اتَّقُوا اللَّهَ وَذَرُوا مَا بَقِيَ مِنَ الرِّبَا] “O you who believe! Fear Allah […]
Prime Minister Imran Khan on Wednesday addressed the nation to announce a package to mitigate the hardships of the inflation-hit public. (https://www.dawn.com/news/1655727)
The Capitalist system which is dominant the world over today although paying lip service to caring about the environment in reality focuses on maximizing production and enriching the elite at any cost. This is because the innate characteristic of Capitalism is defined by the notion that human beings have “unlimited wants in a world with […]
UNICEF announced that 10,000 Yemeni children were either killed or maimed since the start of the war in Yemen in March 2015 and added that many more child deaths and injuries go unrecorded and 11 million needed humanitarian assistance and about 400,000 suffer severe acute malnutrition while more than 2 million children are out of […]
This week, ministers and diplomats from across the world will be gathering in Glasgow for the 26th United Nation’s International Climate Change Conference, COP26, aimed at addressing what many have described as the ‘Climate Emergency’ facing the planet. On the agenda are plans to reduce high global emissions of greenhouse gases such as CO2, created […]
The discovery of the Panama Papers shocked the world about five years ago. Today, the world is again shaken by the Pandora Papers investigation which involved 600 journalists from 150 media organizations in 117 countries. The investigation was based on 11.9 million leaked confidential documents involving 2.9 terabytes of data, from 14 financial services companies […]
Figures from Jubilee Debt Campaign show that 34 of the world’s poorest countries are spending $29.4bn on debt payments a year compared with $5.4bn on measures to reduce the impact of the climate emergency. Uganda said it would spend $537m between 2016 and 2020, including funds from international agencies and donors, on climate related projects […]
In the winter of October 2021, the Pandora Papers were revealed to the world. This was a leak of almost 12 million documents that reveal how the world’s richest people siphon off wealth (often obtained illegally) and hide it in various ways. Some of the questionable tactics include tax avoidance and money laundering with collaboration […]
