On 7 March 2009, Hizb ut-Tahrir Wilayah Pakistan organized a forum entitled, "The inherent flaws of Capitalism vs. the ideal Islamic economic system," in the city of Lahore, Pakistan. The event was attended by a selected audience of professors of economics, bankers, business men, ulema, media men and lawyers amongst other influentials and chaired by the Spokesman of Hizb ut-Tahrir in Pakistan, Naveed Butt. The forum elaborated on how Capitalism itself caused the global economic crisis, with concepts such as private ownership of public resources, fiat currency without intrinsic value, usury and fractional reserve banking. In contrast, the Deputy of Spokesman of Hizb ut-Tahrir in Pakistan, Imran Yusufzai, spoke about the implementation of the Islamic economic system by the Khilafah "Caliphate" state as the way- out from the global economic crisis. Islam uniquely ensures that energy resources such as oil and gas are a public property for the benefit of all the citizens of the Islamic state, currency that is based on gold and silver and a state treasury which loans without usury.