بسم الله الرحمن الرحيم
The Deficit is in the Economic Policy and Not in the State’s Finances
After the approval of the National Assembly on Wednesday 01/07/2015 of the budget of the current fiscal year (2015/2016) which is expected to show a deficit of 8.18 billion dinars. The Finance Minister stated in Al-Qabas Newspaper on 02/07/2015, "that the Government is considering issuing bonds as one of the different options for financing the budget deficit caused by falling oil prices.” He said, "going to the market and issuing bonds (or) Treasury bills, etc is possible this year”.
This confirms the Government’s trend to issue bonds or Treasury bills, which means that the government will be borrowing from the domestic market by interest (Riba) to cover the deficit in the State budget, and to cover its failed economic policies to care for the affairs of the people. Not one of the members of the National Assembly or any of the politicians and economists stood up to account the government on the failure of their financial and economic policies.
While recognizing that Government borrowing from the domestic market (banks and banking institutions) can only be by interest (Riba) and RIBA is prohibited according to Shariah as determined by definite text and the definite meaning.
It is absolutely prohibited to resort to borrowing with interest (RIBA) from the local market or the external market which is accompanied by conditions that make the Kaffir dominant over Muslim lands; the deficit can be covered by a number of ways:
First: to withdraw from membership of OPEC, and to sell the oil outside the Organization with prices that cover the deficit. Because this Organization as well as being a colonial project, it also obliges us to produce a specific share of oil according to the Kaffir’s interest and not our interests, to maintain a price that corresponds to their interests.
Second: to cover the deficit from the State’s general reserve money without resorting to interest-based operations.
Third: to postpone or cancel unnecessary projects, and provide costs of their establishment, projects such as stadiums, parks and recreation and other projects, and keep projects such as hospitals construction and its supplies, and educational expenses and others which are necessary.
But that requires political decisions that put Shariah rules into practice and needs as well breaking free from the dependency on the Kaffir countries on its economy and its policies. It is the mistreatment by the Muslim rulers, and not ruling by what Allah Has revealed, that led to the dire and deteriorated situation of our economy, and the loss of the Ummah's wealth in interest based operations for the benefit of banks, and domestic and foreign banking institutions. So the deficit is caused by following policies of the Kaffir capitalist countries and implementing them in Muslim countries, thus the deficit is not in the Ummah's wealth and money.
Allah (swt) says:
((وَمَنْ أَعْرَضَ عَنْ ذِكْرِي فَإِنَّ لَهُ مَعِيشَةً ضَنكاً وَنَحْشُرُهُ يَوْمَ الْقِيَامَةِ أَعْمَى))
“And whoever turns away from My remembrance – indeed, he will have a depressed life, and We will gather him on the Day of Resurrection blind.” [Taha: 124]
Whoever does not follow the guidance of Allah (swt) in this world is blind, astray from what is correct and departs from the truth. And this is a warning from Allah (swt) for the one who does not implement the Shariah rules, and even follows the policies of the States of disbelief in looking after people's affairs, and the saying the Prophet (saw):
«اللَّهُمَّ مَنْ وَلِيَ مِنْ أَمْرِ أُمَّتِي شَيْئاً فَشَقَّ عَلَيْهِمْ فاشقق عَلَيْه»
“O Allah, Whomever is made responsible over my Ummah on an issue and made it difficult on them; make things difficult for him.” (Narrated by Muslim)
Neither the state implements the economic system of Islam, nor the members of Parliament account the Government for its failure in the economic policy, or have an economic vision to protect the Ummah's economy and wealth from waste, abuse, and loss.
Hizb ut Tahrir has a complete economic system, derived from the texts of the Qur'an and Sunnah as their reference, and secures a decent life for people within a unique style of living, i.e. within the Islamic life where all Shariah rules concerning affairs of people are implemented.
And it is not possible to apply part of the rulings in the absence of the rest of the rulings, Islam does not accept this partition, it is a complete and comprehensive system for all the affairs of life, Allah (swt) said:
... أَفَتُؤْمِنُونَ بِبَعْضِ الْكِتَابِ وَتَكْفُرُونَ بِبَعْضٍ فَمَا جَزَاءُ مَنْ يَفْعَلُ ذَلِكَ مِنْكُمْ إِلاَّ خِزْيٌ فِي الْحَيَاةِ الدُّنْيَا وَيَوْمَ الْقِيَامَةِ يُرَدُّونَ إِلَى أَشَدِّ الْعَذَابِ وَمَا اللَّهُ بِغَافِلٍ عَمَّا تَعْمَلُونَ
“So do you believe in part of the Scripture and disbelieve in part? Then what is the recompense for those who do that among you except disgrace in worldly life; and on the Day of Resurrection they will be sent back to the severest of punishment. And Allah is not unaware of what you do.” [Al-Baqarah: 85]
Islam came to be applied comprehensively and holistically, without aspects being absent, and not to patch up the democratic capitalist system.
Hizb ut Tahrir invites you to respond to Allah and His Messenger to rule by what Allah has revealed by the establishment of the rightly guided Khilafah "Caliphate" on the Method of Prophethood.
((يَا أَيُّهَا الَّذِينَ آمَنُوا اسْتَجِيبُوا لِلَّهِ وَلِلرَّسُولِ إِذَا دَعَاكُمْ لِمَا يُحْيِيكُمْ وَاعْلَمُوا أَنَّ اللَّهَ يَحُولُ بَيْنَ الْمَرْءِ وَقَلْبِهِ وَأَنَّهُ إِلَيْهِ تُحْشَرُونَ))
“O you who have believed respond to Allah and to His Messenger when he calls you to that which gives you life. And know that Allah intervenes between a man and his heart and that to Him you will be gathered.” [Al-Anfal: 24]
H. 6 Shawwal 1436 AH
M. : Wednesday, 22 July 2015