The economic challenge for the ways to make a lot of money online ummah ilmgate

The nineteenth century was a century of political oppression whereby ways to make a lot of money online the powerful western nations enslaved most of the asian and ways to make a lot of money online african nations including a large number of muslim countries. The present century, which is nearing its end, has witnessed the gradual independence of these countries from western ways to make a lot of money online imperialism. However, despite our apparent success in achieving the goal of political ways to make a lot of money online liberty, we could not succeed in acquiring independence on intellectual, economic and strategic levels. That is why muslim ummah could not yet reap the ways to make a lot of money online fruits of its political freedom.

However, this hope cannot be realized through wishful dreams. We will have to work hard for our total freedom ways to make a lot of money online even more than we did for our political freedom. We need a total revision of our strategy, a well-considered plan, a collective resolution, and a revolutionary approach.In this paper, I would like to confine myself to two major issues.

It is common knowledge that ummah’s basic economic problem is the dependence of the muslim ways to make a lot of money online countries on others. Most of the them are borrowing huge amounts from the ways to make a lot of money online rich western countries. Some countries are incurring these heavy interest-bearing loans not only for the development projects, but also for their day-to-day expenses, and what is more serious, for the payment of interest accrued on their previous loans ways to make a lot of money online which keeps the size of their indebtedness ever-increasing through a vicious circle.

Dependency on foreign loans is the basic disease of our ways to make a lot of money online economy that has not only shattered our economic life, but has also devastated our self-determination and has forced us to submit to the demands ways to make a lot of money online of our creditors, sometimes, at the price of our collective interests. It is no secret that the creditors impose their own ways to make a lot of money online conditions before they advance a loan. These conditions keep us under a constant foreign pressure, often stop us from pursuing our own objectives and force ways to make a lot of money online us to follow the policies dictated by others. The evil consequences of dependence on foreign loans are too ways to make a lot of money online obvious to need any further elaboration.Islamic teachings consider “indebtedness” as a detestable phenomenon, which should not be resorted to except in cases of ways to make a lot of money online extreme necessity. The prophet, salla-allahu alayhi wa sallam, even refused to offer the funeral prayer for a person ways to make a lot of money online who died before paying back his loan.

Moreover, the muslim jurists have discussed whether it is lawful for ways to make a lot of money online the ruler of a muslim state to accept the gifts ways to make a lot of money online offered by a non-muslim. The answer: it is lawful only where the acceptance of gifts does ways to make a lot of money online not result in any kind of pressure against the interest ways to make a lot of money online of the ummah.Islamic principles require that the muslims should avoid incurring foreign ways to make a lot of money online debts, even if they face some hardships. But our present indebtedness was not created by lack of ways to make a lot of money online resources. In fact, the muslims have never been so resource-rich. They own enormous natural resources. They occupy important strategic positions on the globe. They are joined together by a geographical chain from morocco ways to make a lot of money online to indonesia, broken only by india and israel. They produce nearly 50% of the oil of the world. They are said to account for more than one third ways to make a lot of money online of the world’s export of raw material. What is more, the cash they have invested in the western countries alone ways to make a lot of money online may be more than sufficient to set off their total ways to make a lot of money online liabilities.

According to a recent report of islamic development bank, the total external debt of the IDB member countries in ways to make a lot of money online 1996 amounted to 618.8 billion dollars. The deposits and assets kept by the muslims in the ways to make a lot of money online western countries are said to be much more than this ways to make a lot of money online amount. Obviously, there is no authentic record of such deposits, because their owners do not disclose them. However, the economic experts have estimated them to be between 800 ways to make a lot of money online and 1000 billion dollars, out of which 250 billions are said to be taken ways to make a lot of money online back by the arabs to their own countries after the ways to make a lot of money online gulf war. Practically it means that we are borrowing a part of ways to make a lot of money online our own money at a high rate of interest.

Our dependence on foreign loans is self-imposed for which we cannot blame anyone but ourselves. We did never probe in to the factors underlying the ways to make a lot of money online flight of our capital. We did never try to remove those factors and instill ways to make a lot of money online confidence in our own people. We could not deliver ourselves from the corrupt and oppressive ways to make a lot of money online system of taxation. We were not able to create a peaceful atmosphere for ways to make a lot of money online investment. We could not provide our countries with stable political system. We did not bother to create opportunities for the sound ways to make a lot of money online utilization of capital and, above all, we failed to mobilize the spirit of islamic unity and ways to make a lot of money online to activate the strength of the muslim ummah as a ways to make a lot of money online whole.

The tragic situation cannot be corrected by expensive celebrations at ways to make a lot of money online the advent of the new century. We will have to take the challenge of time seriously. Our economic and political leadership will have to find ways ways to make a lot of money online and means to free ourselves from dependence on foreign countries. We already have the basic resources for that. All we need is to design new policies to utilize ways to make a lot of money online the wealth of the ummah within the muslim world, and to develop the concept of islamic brotherhood and mutual ways to make a lot of money online understanding and cooperation.

The quran says: “all the muslims are brothers.” quranic injunctions and the prophetic teachings require that the muslim ways to make a lot of money online ummah should act as a single body. The geographical barriers should not divide them into different nations ways to make a lot of money online with conflicting objectives. The political boundaries may only be tolerated for the internal ways to make a lot of money online administrative affairs of each country, but all the muslim countries must have a united face ways to make a lot of money online at least with reference to the common objectives of the ways to make a lot of money online muslim ummah vis-à-vis the rest of the world.

But all this requires the unified efforts from the leadership ways to make a lot of money online of our countries. This is the biggest challenge faced by them. They must meet it, not only for the betterment of the ummah, but for their own survival. A great responsibility, in this respect, lies on the shoulders of OIC, which should take the initiative and create a muslim talent ways to make a lot of money online pool to design new policies for the ummah as a ways to make a lot of money online joint body .

The twentieth century has witnessed the rise of communism, the conflict between capitalist and communist countries and lastly the ways to make a lot of money online fall of communism. The capitalist western countries are celebrating the fall of communism ways to make a lot of money online as if it was an empirical evidence of their own ways to make a lot of money online victory, not only on a political front but also on ideological ways to make a lot of money online plane. The fact is, however, that communism was based on an emotional reaction against some ways to make a lot of money online evil consequences of the capitalist economy, specially, against the element of inequitable distribution of wealth, which has been experienced in the capitalist countries throughout the ways to make a lot of money online centuries. The failure of communism was not due to its justified ways to make a lot of money online criticism of the evils of capitalism. Rather it was caused by the inherent defects of the ways to make a lot of money online alternative system suggested by it. The capitalist economies still suffer from inequities in the distribution ways to make a lot of money online of wealth. There is still a large gap between the haves and ways to make a lot of money online the have-nots and ‘poverty in the midst of plenty’ is still the major problem of their economy. These are the real problems created by capitalism and unless ways to make a lot of money online they are satisfactorily solved, it may give birth to another reaction that may be ways to make a lot of money online more aggressive than communism.

The world, therefore, is badly in need of a third economic system. The muslim ummah can work out this system based on ways to make a lot of money online the islamic norms. The economic principles taught by the quran and sunnah of ways to make a lot of money online the prophet (sall-allahu alayhi wa sallam) are quite capable of solving the major economic problems faced ways to make a lot of money online by the world today. While they allow private ownership and market economy, they also provide a well considered system of distributive justice, which may eliminate the inequities and bring about a system ways to make a lot of money online in which profit motive works with the collective interest of ways to make a lot of money online the society. The basic fault of communism was that, frustrated with the inequity of capitalism, it assailed the very institutions of private ownership and market ways to make a lot of money online forces and developed a utopian idea of planned economy which ways to make a lot of money online was unnatural, artificial and oppressive. The denial of individual liberty curtailed the zeal for production ways to make a lot of money online and the wide powers of the state left the destiny ways to make a lot of money online of the people in the hands of the ruling class.

It was neither private ownership nor the institution of market ways to make a lot of money online forces that was the basic cause of injustice in the ways to make a lot of money online capitalist system. The basic factor for creating inequities in the capitalist countries ways to make a lot of money online was the absence of a criterion to differentiate between just ways to make a lot of money online and unjust earnings. The instruments of interest, gambling, speculative transactions and the tools of exploiting immoral desires of ways to make a lot of money online the consumers to secure huge profits were allowed, which tend to create monopolies and in turn paralyze the ways to make a lot of money online forces of demand and supply or at least obstruct their ways to make a lot of money online operation. It is thus ironical that the capitalist theory on the ways to make a lot of money online one hand asserts the principles of lassiez-faire but, on the other, by allowing the aforesaid instruments, interferes with their natural function and stops the market forces ways to make a lot of money online from playing their due role by creating monopolies that impose ways to make a lot of money online their arbitrary decisions on the bulk of the common people.

The system of interest favors the rich industrialists who benefit ways to make a lot of money online from the wealth of the common people who deposit their ways to make a lot of money online savings in the bank, and after making huge profits do not allow the common ways to make a lot of money online people to share these profits except to the extent of ways to make a lot of money online a fixed rate of interest that is again taken back ways to make a lot of money online by them as it is charged to the cost of ways to make a lot of money online production. At macro level, it means that these rich people always use the money ways to make a lot of money online of depositors for their own benefit and in reality pay ways to make a lot of money online nothing to them because the interest payments are always added ways to make a lot of money online to the cost of production. Similarly, gambling is a major instrument for concentrating the wealth of ways to make a lot of money online thousands of men in a few hands and for promoting ways to make a lot of money online the disastrous motive of greed for the unearned income. The speculative transactions are also a major source of disturbing ways to make a lot of money online the natural market operations and contribute to the inequities in ways to make a lot of money online the distribution of wealth.

First, it subjects the process of earning to certain divine injunctions, which clearly define the limits of halal and haram. These injunctions tend to prevent monopolies and curb the unjust ways to make a lot of money online and immoral earnings and commercial activities detrimental to the collective ways to make a lot of money online interest of the society. In the context of modern economic needs where the savings ways to make a lot of money online of the common people are activated to boost development, the use of the islamic instruments like musharakah and mudarabah, instead of interest, may make the common people directly share the fruits of ways to make a lot of money online development which may bring prosperity in a balanced manner reducing ways to make a lot of money online the gap between the rich and the poor.

Second, the institution of zakat, sadaqat, and certain other financial obligations provide that even the halal ways to make a lot of money online income is again distributed to the persons who could not ways to make a lot of money online earn enough due to insufficient market opportunities. Through the twin controls, the wealth is kept under constant circulation and the chances ways to make a lot of money online of its concentration are almost eliminated.

But our main tragedy is that the principles of islamic ways to make a lot of money online economy are still in theoretical form for which no living ways to make a lot of money online example is available. The muslim countries have not tried to structure their economy ways to make a lot of money online on islamic basis. Most of them are still following the capitalist system and ways to make a lot of money online that too in a half-baked manner, which has made the economic atmosphere much worse than that ways to make a lot of money online of the developed capitalist countries. Unfortunately, despite having the clear cut islamic injunctions, the inequities existing in muslim countries are far more severe ways to make a lot of money online than in the western world.

This tragic situation cannot last forever. If we are not prepared to mend our ways, some natural process of revolution is bound to find its ways to make a lot of money online way. If we want to avoid disastrous consequences of such revolution, we’ll have to restructure our economic system on the basis ways to make a lot of money online of clear guidance provided by the qur’an and sunnah. Our success in setting an example for implementing the islamic ways to make a lot of money online principles will be our best gift to the human fraternity ways to make a lot of money online at the advent of the new century. I hope that if the principles of islamic economy are ways to make a lot of money online implemented sincerely, we’ll find the world more receptive to them today than ways to make a lot of money online we experienced it in the past.

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