بسم الله الرحمن الرحيم
Wilayah Pakistan: Interest Based Debt!
By Drowning Pakistan in Interest Based Debt, the PTI Government Deprives the Poor, to Secure Profits for Local and Foreign Financial Investors Just like the previous corrupt governments, the PTI government has drowned Pakistan in interest based debt, depriving the poor of their right from the state treasury. Rs. 2,442 billion has been spent on interest payments by March 2020, which is a huge chunk of the Rs. 7,000 billion total budget.
Interest payments are a huge drag on major public and private infrastructure projects, where the majority of such projects are financed by loans, driving up the cost of all such projects, with Pakistan’s current circular debt in the energy sector being one such prominent example. Fundamentally, Capitalism regards interest based banking as a form of trade, with interest as a legitimate profit from that trade. Indeed, those who govern by Capitalist principles can never solve the problem of the debt trap, even whilst claiming that they want to end the suffering of the poor. Allah (swt) said,
(الَّذِينَ يَأْكُلُونَ الرِّبَا لَا يَقُومُونَ إِلَّا كَمَا يَقُومُ الَّذِي يَتَخَبَّطُهُ الشَّيْطَانُ مِنَ الْمَسِّ ۚ ذَٰلِكَ بِأَنَّهُمْ قَالُوا إِنَّمَا الْبَيْعُ مِثْلُ الرِّبَا ۗ وَأَحَلَّ اللَّهُ الْبَيْعَ وَحَرَّمَ الرِّبَا)
“Those who consume interest cannot stand [on the Day of Resurrection] except as the one stands and who is being beaten by Satan into insanity. That is because they say, “Trade is [just] like interest.” But Allah has permitted trade and has forbidden interest.” [Surah al-Baqarah 2:275]. In the Khilafah, there is no interest based banking, sucking the life out of the real economy. Revenue, such as that from Zakah on trading merchandise and Kharaaj on estimated agricultural yield, is spent on obligations of providing food, clothing, shelter, employment, education and health for the masses.
Friday, 21 Shawwal 1441 AH - 12 June 2020 CE