Essential Islamic Fin Islamic Economy 6

7/29/2019 Essential Islamic Fin Islamic Economy 6

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Islamic EconomyThe Prophet (s):

It is not allowed to do harm, nor to be harmed.


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Issue to be discussed

The state of economy after 60 yearsThe role of the government Governments proactive Fiscal Policy

Eradication of Zulm Concept of Taxation in Islam

Bait-ul-Maal Subsidy Powerhouse

Inflation control Pro-employment policies

Pro-development policies

Monetary policies


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Important Hadith (Bukhari-vol3,book 43 Hadith # 655)

Narrated Abu Huraira : The Prophet (s)said,

"When an adulterer commits illegal sexualintercourse, then he is not a believer at thetime, he is doing it,

and when a drinker of an alcoholic liquordrinks it, then he is not a believer at the

time of drinking it,and when a thief steals, then he is not a

believer at the time of stealing,

and when a robber robs, and the people loo


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The state of economy after 60 yearsIslamic Republic of Pakistan


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h bl ?


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what problem ?


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The state of people after 60 years


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The solution ?


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Progress primarily because of thetechnological era in which we live!

h h ( )


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What the Quran DECLARES (4:59):

Verily! Allah commands that you must

render back the trusts to those,

to whom they are due;

and that when you judge between men,

you judge with justice.

Verily, how excellent is the teaching which He

(Allah) gives you!Truly, Allah is Ever All-Hearer,

E li hm n f i

Ayah

ignoredforcenturies!


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Governments Role

To provide & facilitate in the peoples

interest, as ordered by ALLAH

Build economic environment

Provide ALL kinds of safety

Implement Shariah with enforcement !

Seek the Help & Guidance of ALLAAH

Responsibility must be answered for!


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Leader Status!It has been narrated on the authority of Abu Malik that Ubaidullah b.

Ziyad visited Ma'qil b. Yaser in the latter's illness. Ma'qil said tohim: I am narrating to you a tradition. If I were not at death's door,I would not narrate it to you. I heard the Messenger of Allah (maypeace he upon him) say:

A ruler who, having obtained control overthe affairs of the Muslims,does notstrive for their betterment and does notserve them sincerely shall not enterParadise with them.

(Sahih Muslim, Hadith # 4502)

Abu Nasr Al-Farabi said:

Ignorance is more harmful in monarchs than it is in thecommon people.


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Common Government Satanic Practices

All injustices in the name of ISLAM

Intention: to please other than ALLAH

Excessive taxes & inefficiencies

Excessive luxuries/protocols

Blatant ignorance

Leaders right to always rule = BEST Decision

Criticism intolerable = Punishable !

MUST lead

with best

example !


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Ministerial privileges in Pakistan

Approximately 96

ministers

Rps 100,000 monthly

mobile balance

25 monthly air tickets only

What about other judges,

technocrats, dignitaries,

ambassadors, generals,

governors, beaurocrats, &

Annual Expenditure for only 2

allowances ONLY

Rps 100,000 x 12 = 1,200,000

25 air tickets x Rps 20,000 x 12= 6,000,000

1,200,000+ 6,000,000 =

7,200,000

7,200,000 x 96 ministers =

691,200,000

~ Rps 70 Crore


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Good Governance Example

Saheeh Muslim (Book 20, Number 4494):

Abd al-Rahman bin Shumasa who said: I came toA'isha to inquire something from her. She said:

From which people are you?

I said: I am from the people of Egypt.

She said: What was the behaviour of your governortowards you in this war of yours?

I said: We did not experience anything bad from


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Good Governance Example (contd)

If the camel of a man from us died, he would bestowon him a camel.

If any one of us lost his slave, he would give him aslave.

If anybody was in need of the basic necessities oflife, he would provide them with provisions.

She said: Behold! the treatment that was meted outto my brother, Muhammad bin Abu Bakr, does not

prevent me from telling you what I heard from theMessenger of Allah (may peace be upon him).

He said in this house of mine: O God, who (happensto ac uire some kind of control over the affairs of


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Pro-active Governance

20% direct influence on economy (C+I+G+[X-M])

Maximize GDP

Pro-competition

Anti-Monopoly

Enhancing productivity & efficiency

What should the tax rate be ?

ComparePakistan &

Japan


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Erradication of Zulm - Injustice

Eradication of all un-islamic practices &injustices

Lawful dealings only (ban all Satanic trades)

Avoidance of Gharar (uncertainties)

Eliminating hoarding, shortage, monopolies

Cheating & fraud totally unacceptable


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Taxation in ISLAM

100% taxation ?

0% taxation ?

What should the tax rate be ?

What should tax revenue be used on ?

The more the tax, the more theinefficiencies, corruption, luxuries &

rotocols

Zakat is nottax


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Hadeeth on Taxation

The Prophet (s) said:

He who imposes maks [Sales Tax] willNot enter paradise.

(Ahmed & Ad-Darmi)

Uqbah ibn Amir heard the Prophet (s) say:One who wrongfully takes an extra tax (sahibmaks) will not enter Paradise.

(Sahih Muslim, Hadith # 2931)


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Hadeeth on Taxation

The Prophet (s) said:

When someone offers an excuse to his

fellow Muslim and the later does notaccept it, his sin sin is like the crime of

imposing taxes.(Ibn-e-Majah)

Li i i Dhi i T


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Limitation on Dhimmi TaxNarrated 'Amr bin Maimun (r): Umar-r (after he

was stabbed), instructed (his would-be-

successor) saying:

"I urge him (i.e. the new Caliph) to takecare of those non-Muslims who are under

the protection of Allah and His Apostle inthat he should observe the conventionagreed upon with them, and fight on their

behalf (to secure their safety) and heshould not over-tax them beyond theircapability."

(Saheeh Bukhari, Book #52, Hadith #287)

Result of taxation &
http://www.searchtruth.com/book_display.php?book=52&translator=1&start=0&number=287http://www.searchtruth.com/book_display.php?book=52&translator=1&start=0&number=287http://www.searchtruth.com/book_display.php?book=52&translator=1&start=0&number=287http://www.searchtruth.com/book_display.php?book=52&translator=1&start=0&number=287


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Result of taxation &high governmentspending

Bankrupcy (Chapter 9)filed by

3 Californian Cities

(2012, in 1 month): Stockton

Mammoth Lakes

San Bernadinio(http://www.bbc.co.uk/news/world-us-canada-19089970)


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Only a few taxes in Islamic Republic of Pakistan

Income tax

General SalesTax

Service Tax

Fuel

AdjustmentCharges

Petrol Levy

Excise Duty

Customs Duty Property Tax

Stamp Duty

Aabiana

Local Cess

CVT

VAT CST

Octori

TDS

ESI EoBI

CGT

STT

Dhal Fees

Local Cess

Water Tax

ProfessionalTax

Road Tax

Education Cess

Wealth Tax Tax on tax

Capital GainTax

CongestionLevyCompulsoryDeduction

Minimumturnover tax

In addition to

otherimportanttaxes

Atleast we any enjoy tax joke untaxed!


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Atleast we any enjoy tax joke, untaxed!


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Bait-ul-Maal Subsidy Power House

Subsidy is an integral component

Strategic use of subsidies

Subsidy on core consumer items

Effect of subsidy on technology


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Receivers of Zakat

PoorNeedy

Travelers

To reconcile hearts towardsislam (Dawah)

To spread Islam (Jihad)Collectors of Zakat

Freeing slaves

Debtors


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Sadaqah-Charity

A religious obligationchanging humanities attitude

towards the have-nots

The concept of saving =

Sharing ?

The concept of wealth


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Hadeeth: Sadaqah-Charity

The best charity is to satisfy ahungry person.

No wealth (of a servant of Allah) isdecreased because of charity.

(At-Tirmidhi, hadeeth # 2247)


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How can a tax-free, subsidy-basedeconomy survive ?

By efficient management of naturalresources (oil, gas, chromite,

marble, precious stones, etc)

If no natural resources, must be

creative & innovative (Coke/Pakola,medicine, handicraft, hand madewonders, etc)


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How can a tax-free, subsidy-basedeconomy survive ?

By efficient management of naturalresources

Creative & innovativeZakat & Sadaqah

Jizyia

Ushr & KharajAnfal & Fai

Mudarbah & Musharikah

When all the above are available is


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Pro-employment & Pro-investment

Problem of unemployment, over-employment, &

national inefficiency

Converting population into skilled-labour

Nurturing & retaining human capital

Investment in infrastructure -> Nation building

Real investment in evolving military assets

Man will have nothing but what he strives for;Sourah An-Na m verse 39


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U$ Gun Law!


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Learning a lesson from Qaroon

Surely Qaroon was of the people of Musa,But he oppressed them;

And we gave him so much treasure that his hoards

of wealth would certainly weigh down a companyof men possessed of great strength.

When his people said to him: Do not rejoiceexultantly, surely Allah does not love the

exultant.(Sourah ?, verse ?)


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Land development

Hadhrat Aisha (r) reported that the Prophet (s)said:

Whoever colonizes a land which does not belongto another,

has the better right to keep it.

Urwa Bin Zubair (r) states tha Hadhrat Umar (r)

acted upon the same rule during his reign.(Bukhari, Muslim & Nisai)


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Public interest

Abdullah bin Abbas (r) reported that the Prophet

(s) said:

All Muslims are partners in 3 things:

1. In water,2. Herbage and

3. Fire(Abu Dawoud & Ibn Majah)

Abu Hurairah (r) reported that the Prophet (s)said:

Dont withhold excess water so as to prevent

therwith (the growth of) additional herbage.


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Reserved Public interest abolished!

Abdullah bin Abbas (r) reported that Saad bin

Jassamah heard the Prophet (s) say:

There is no HIMA, except for Allah and HisProphet.:

(Bukhari)

Hima is a grass land with water which pre-Islamic Arabs used to reserve for their own

cattle 7 animals.

M t li ANTI i fl ti


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Monetary policy ANTI-inflation

Biggest note ?Interest rate ?

Restrict money supply

Investment in real industry

DEFLATION ??

Which is more powerful Fiscal or

Monetar ? The Nominal Interest Rate and the


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The Nominal Interest Rate and theInflation Rate

Copyright 2004 South-Western

Percent(per year)

1960 1965 1970 1975 1980 1985 1990 1995 20000

3

6

9

12

15

Inflation

Nominal interest rate

Nominal GDP, the Quantity of


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Nominal GDP, the Quantity ofMoney, and the Velocity of Money

Copyright 2004 South-Western

Indexes(1960 = 100)

2,000

1,000

500

0

1,500

1960 1965 1970 1975 1980 1985 1990 1995 2000

Nominal GDP

Velocity

M2

R t i d f h i fl ti


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1

10

100

1000

10000

percentg

rowth

Israel

1983-85

Poland

1989-90

Brazil

1987-94

Argentina

1988-90

Peru

1988-90

Nicaragua

1987-91

Bolivia

1984-85

inflation growth of money supply

Recent episodes of hyperinflation

Money Supply, Money Demand,


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Money Supply, Money Demand,and the Equilibrium Price Level

Quantity ofMoney

Value ofMoney, 1/P

Price

Level, P

Quantity fixedby the Fed

Money supply

0

1

(Low)

(High)

(High)

(Low)

1/2

1/4

3/4

1

1.33

2

4Equilibriumvalue ofmoney

Equilibriumprice level

Moneydemand

A

The Effects of Monetary Injection


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The Effects of Monetary Injection

Quantity ofMoney

Value of

Money, 1/P PriceLevel,P

Moneydemand

0

1

(Low)

(High)

(High)

(Low)

1/2

1/4

3/4

1

1.33

2

4

M1

MS1

M2

MS2

2. . . . decreasesthe value ofmoney . . . 3. . . . and

increasesthe pricelevel.

1. An increasein the moneysupply . . .

A

B


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How did U$ get out of the Great Depression?

Stock market crash Severe drought

High unemployment (30%)

High Inflation Social unrest

Increase in organized crime

Fear of spreading communism Dwindling economy

Capital flight

Banking system failed

Isnt thissituation

similar to the

currentPakistanieconomic

disaster ?


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Pro-Active Fiscal & Monetary Policy


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Pro Active Fiscal & Monetary Policy Maximizing GDP (Investment, Production, Export), Minimize

government spending on luxuries

Tax rate ~ ZERO

Real use of Bait-ul-Maal (Zakah Fund, Sadaqah Funds, resourceharvesting/mining)

Subsidization of all core consumer items (wheat, rice, sugar, petrol,gas, electricity, cement, plastic, metal, wood, etc)

Education 100% FARD

Transforming population into labor force

Widely dispersed vocational training institutes, avoid non-senseindustries

Nurturing & retain human capital

Promote permanent residency (only temporary travel) Curb capital flight, pro-investment

Strategic employment

Pro-competition, anti-monopoly

Build infrastructure (roads, electricity, gas, water, education, health,

etc)

Economic Roadm

Household budget-Rps8000 for a family of 4 adults & 3 children


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Meat (6kg x 125)800

Chicken (6kg x 80)

480Beef (6kg x 80) 480

Fish (6kg x 40) 240

Pulses (7kg x 30)210

Vegetables (40kg x 9) 360Fruits (18kg x 10)

180

Rice (30kg x 30)900

Wheat (30kg x 20)600

Sugar (7kg x 18)126

Spices (3.5Kg x 40)140

Milk (30ltrs x 10)

Rent 1,000

Transportation 150

Water 20

Electricity 170Gas 80

Phone 40

School fees 240

Medicine 10

Books 40

Clothing 100

Cleaning 80

Entertainment 50

Toys 25

Durable goods200

Emergency 100

Saving 100

Miscellaneous 100

Other 86

Total 8,000

A balanced budget,

in an economy

accommodating the

poorest!

This is only 1 fruit of

adopting the Shariah!

This would cost more than

Rps 60,000 in todays man-

made, interest-based, tax-

based, pro-democratic,

corrupt economy!

More than 60% of

Pakistani today dont earnmore than Rps 178/day!

How ? is it possible ?


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How ?is it possible ? Elimination of taxes

Introduction of subsidies on core

consumer items Elimination of interest

Promoting competition, eliminating

monopolies Elimination of profiteering

Eliminating luxuries & protocol ofgovernment officials

Exporting of excess production Extraction of natural resources

Boost investment

Strategic use of Baitul-Maal (zakat,

Bigger questionwill it happen?

Abu Nasr Al-Farabi

said:

Obedience isfreedom,While coercion is

slavery


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Will lead to:

Economic stability

Controlled inflation, even deflation insome cases

Elimination of poverty

Economic growth Self sufficiency

A super power house

Case study: Libya Under Ghadafi Rule


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(only a partial Islamic System)

Banks state owned, giving 0% interest

Free electricity Newly wed given $50,000 (60,000 dinar) to start

Mother get $ 5,000 for new born

Free Education (otherwise $ 2,300/monthly for abroad)

Free Health (otherwise $ 2,300/monthly for abroad) 83% literacy (25% university graduates)

Farmers given all for free: land, house, fertilizer, seeds,equipment

Pertrol price $0.14/liter (Rps 12.5/liter) 0 national debt

Foreign exchange researve : $ 150 billion

Percentage of oil sale given to all Libyans in their

accounts

Islamic Economic may have


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ysimilarities, but is different from:

Keynesian

Chicago

Mercantile

As a whole it is: Divine

Unique

Comprehensive

Flexible

Well balanced


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20th Century Economistsdefine Islamic Economics (Hasan-uz-Zaman)

Islamic Economics:

is the knowledge, application ofinjunctions & rules of the IslamicJurisprudence

that prevent injustice in the gaining &disposal of material resources

in order to provide satisfaction to humanbeings

& enable them to perform their

obligations to Allah & the society.


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Muslim contribution for Economics

Ibn Khaldun is accepted as the fatherof Economics of all times, even byAdam Smith;

Ibn Khalduns economics is based onthese 4 fundamental Islamicprinciples:

All wealth belongs to Almighty Allah.Man is the trustee of wealth.

Hoarding of wealth is prohibited.

Wealth must be in circulation at all


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Islamic Economy Objective

Islamic economics aims at thestudy of human recoveryachieved by organizing the

resources of the earth on thebasis of cooperation &participation.


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Islamic Economy Salient Nature

The pure divine is a world apartfor the man made, error prone,plagued with interest group

maneuveringCombine law with the spiritual(& moral obligation)

This translates into be willobedience & compliance

Pakistans vital role in the global


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gpolito-economic quagmire

Trade creates surplus


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Trade creates surplus

Unlike RIBA, trade creates

surplus (money)Compare with RIBA example:

Riba-free loan Raw->supply

Sajid 1,000 Fishes Earningprofit to pay

Navid 1,000 Farms interest-free loan

Farid 1,000 Fruit Jam

Convention Economics & Politicians


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Convention Economics & Politicians

Lessons from history


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y

Establishment of shariah Fardh!


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Establishment ofshari ah Fardh!

O you who believe!Stand-up firmly by the Commands of Allah,Bearing witness with justiceand let not the enmity of any peopleincite you that you should not do justice.

Do justice, that is nearer to piety, and fear Allah;Undoubtedly , Allah is aware of your doings.(Sourah Al-Maidah, ayah # 8)

Future of Islamic Economy


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All other economies have failed!

No economy has performed as statedtheoretically

Human made economies have evolved,adapted and failed

Islamic economy has always succeededwhen applied



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Allah has promised those among you who believe,and do righteous good deeds,that He will certainly grant them succession to(the present rulers) in the earth,as He granted it to those before them,

and that He will grant them the authority to practisthat which He has chosen for them (i.e. Islam).And He will surely give them in exchange a safe seafter their fear (provided) they (believers)

worship Me and do not associate anything (in worsBut whoever disbelieved after this,they are the Fasiqun (rebellious, disobedient to All(Sourah Nour, ayah # 55)

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Abd-Allaah bin Masud (r) reported the Prophet (s) a

If only one day of this world remained,Allaah would lengthen that day(according to the version of Za'idah),

till He raised up in it a man who belongs to me orto my family whose father's name is the same as my

who will fill the earth with equity and jus

as it has been filled with oppression and(according to the version of Fitr).Musnad Ahmed:(1/448) & (1/376/377).Also authenticated by Dr Bastawi in Al-Mahdi Al-Muntadhar, pageAbu Dawoud: Kitab Al-Mahdi, volume 3, page 1191, hadeeth # 4269.

Tirmidhi: Authenticated (judged Sahih) in Sahih At-Tirmithee (4/505), hadeeth # 1819.

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Mattar narrates:

We have been told that Mahdi will make something that

Omar bin Abdul-Aziz did not do. We asked: What is it ?

He said: A man will come to him and ask him

(to give him), then he will say:Go inside (cashier) and take.

He will go inside and take.Then he will go out and see people not hungry (satisfied)then he will become sorry (feel guilty)

and come back to him and say: Take what you gave me.

He will reject and say: We give and dont take.Mattar is a follower of the followers (Tabi Al-Tabiyeen).Al-Fitan (99), and Al Waredah fi Al-Fitan (5/1064), # 585.Authenticated by Dr Bastawi in Al-Mahdi Al-Muntadhar, page 226, # 18. Conclusion: Isnad are saheeh.


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Dr Muhammad Al-Tijani Al-Samawi:

Al-Imam Muhammad ibn Al-Hasan Al-Mahdi,who will fill the earth with justice and equalityas it has been filled with injustice and despotism,behind whom Maryams son (Jesus will pray,

and by whom Allaah will perfect His light and the believers

Quoted from Al-Samawi, Dr Muhammad Al-Tijani. Translator Hasan Muhammad Najafi.The Shia:The Real Followers of the Sunnah (Ash-Shia Hum Ahlul-Sunnait. Ansariyan Publications, Iran



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Future of Islamic EconomyAbu Hurairah (r) reported the Prophet (s) as saying:

There is no prophet between me and him, that is, Esa.He will descend (to the earth).When you see him, recognize him:a man of medium height, reddish (fair), wearing two yellow garments,looking as if drops were falling down from his head though it will not be

[1] He will fight the people for the cause of Islam.

[2] He will break the cross,

[3] kill swine,

[4] and abolish Jizyah. Allaah will perish all religions except Islam.

[5] He will destroy the Antichrist and will live on the earth for forty y The Muslims will pray over him.Abu Dawoud: Kitab Al-Malahim volume 3 page 1202 hadeeth # 4310

Essential Islamic Fin Islamic Economy 6

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