R-AH
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On 13 October 2018, the Finance Minister, Asad Umar, said, “We are going [to the IMF] for the 19th time and we wish that it is the last time we do so.” However it is a fact that the IMF is a colonialist tool that never allows the country that receives loans to stand on its feet. This was even acknowledged by Imran Khan himself in 2011.
The IMF is the successor to the British East India Company that impoverished the Indian Subcontinent, a region that was immensely rich under Islamic rule. However today, the IMF is the guarantor of Western economic dominance over the rest of the world. The IMF insists on the weakening of the local currency, which directly increases the prices within the country, manifested as widespread and relentless inflation. Buying becomes more expensive, as does agricultural and industrial production. It insists on increasing the costs of power and fuel, so it is more expensive to produce and transport goods. It insists on increasing “regressive” taxation, like General Sales Tax (GST), which is applied upon everyone, without consideration of hardship.
To perpetuate the downward spiral of the local economy, the IMF insists on the privatization of the large sources of revenues for the state treasury. Thus, the state becomes more reliant on taxation and colonialist loans. The privatization drive is sold on the flawed idea that the state can never manage large sources of revenues efficiently. However, these same enterprises are then handed over to private interests who are able to extract billions in profits, whilst the state is left to hammer the local economy into the ground with taxation and then beg from the East and West for loans. Moreover, the colonialist loans come with the evil of interest, which ensures that nations remain in debt, even when they pay back the original principles of loans many times over.
Then, having successively weakened the state and local production, the IMF insists on low import duties for Western goods, Western access to the local markets and resources, as well as measures to take profits back to the West as much as possible.
The Islamic system will generate the equivalent of billions of dollars for the state treasury by implementing Islam. It will implement the Islamic ruling for energy and minerals, which is that they are a public property, supervised by the state to ensure its entire benefit is for the people’s needs. It will implement the Islamic rulings on company structures, which restrict the scale of private ownership of capital-intensive industry, such as large scale manufacturing, construction and transport, allowing the state to dominate these sectors and hence have large revenues to look after the affairs of the people. The Islamic system will implement revenue generation, such as Zakah on trading merchandise and Kharaaj on agricultural land, whilst abolishing oppressive taxation, such as GST and income tax, which does not take into account the poverty of individuals. It will implement the Islamic ruling on currency, ensuring that it is backed by gold and silver, rather than being tied to the dollar. It will thus end the root cause of relentless inflation, restoring a currency which ensured those under Islamic rule enjoyed stable prices for over a thousand years. The Islamic system will implement the ruling on the excessive increase in personal wealth of the rulers during ruling, which is to seize the ill-gotten wealth and put it in the state treasury.
I think there is a need to change the system in Pakistan as taking another loan from the IMF will only burden the average person in Pakistan and we will continue to be slaves to the IMF.
The IMF is the successor to the British East India Company that impoverished the Indian Subcontinent, a region that was immensely rich under Islamic rule. However today, the IMF is the guarantor of Western economic dominance over the rest of the world. The IMF insists on the weakening of the local currency, which directly increases the prices within the country, manifested as widespread and relentless inflation. Buying becomes more expensive, as does agricultural and industrial production. It insists on increasing the costs of power and fuel, so it is more expensive to produce and transport goods. It insists on increasing “regressive” taxation, like General Sales Tax (GST), which is applied upon everyone, without consideration of hardship.
To perpetuate the downward spiral of the local economy, the IMF insists on the privatization of the large sources of revenues for the state treasury. Thus, the state becomes more reliant on taxation and colonialist loans. The privatization drive is sold on the flawed idea that the state can never manage large sources of revenues efficiently. However, these same enterprises are then handed over to private interests who are able to extract billions in profits, whilst the state is left to hammer the local economy into the ground with taxation and then beg from the East and West for loans. Moreover, the colonialist loans come with the evil of interest, which ensures that nations remain in debt, even when they pay back the original principles of loans many times over.
Then, having successively weakened the state and local production, the IMF insists on low import duties for Western goods, Western access to the local markets and resources, as well as measures to take profits back to the West as much as possible.
The Islamic system will generate the equivalent of billions of dollars for the state treasury by implementing Islam. It will implement the Islamic ruling for energy and minerals, which is that they are a public property, supervised by the state to ensure its entire benefit is for the people’s needs. It will implement the Islamic rulings on company structures, which restrict the scale of private ownership of capital-intensive industry, such as large scale manufacturing, construction and transport, allowing the state to dominate these sectors and hence have large revenues to look after the affairs of the people. The Islamic system will implement revenue generation, such as Zakah on trading merchandise and Kharaaj on agricultural land, whilst abolishing oppressive taxation, such as GST and income tax, which does not take into account the poverty of individuals. It will implement the Islamic ruling on currency, ensuring that it is backed by gold and silver, rather than being tied to the dollar. It will thus end the root cause of relentless inflation, restoring a currency which ensured those under Islamic rule enjoyed stable prices for over a thousand years. The Islamic system will implement the ruling on the excessive increase in personal wealth of the rulers during ruling, which is to seize the ill-gotten wealth and put it in the state treasury.
I think there is a need to change the system in Pakistan as taking another loan from the IMF will only burden the average person in Pakistan and we will continue to be slaves to the IMF.
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