Bangladesh Headlines 07/05/2019

Headlines

• Investors take to Streets as Stock continue to fall

• Put up Resistance against Militancy, Terrorism, PM urges all

• Bangladesh Workers renew Old Demands at May Day Events in Dhaka

Details

Investors take to Streets as Stock continue to fall

Small stock investors on Tuesday staged demonstration for the second day protesting at the continuous fall of the key indices at the stock exchanges. In the last two months, DSEX shed 482.58 points. During this period [last two months], the prime bourse market capitalization lost Tk 18,329 crore [Tk 183 billion]” (The Dhaka Tribune, 30 April 2019).

Apart from regular fluctuations and bearish onslaughts, Bangladesh capital market has been experiencing occasional devastating slides throughout its history. Debacles of 1996, 2010, and the recent one were the most destructive. All such debacles, which usually take place after an upward rally of the market, brought opportunities for the large local and foreign capitals to book profit and rebuild their portfolios at rock bottom price. The general people suffer by losing their capital in this shrewdly design process. In reality the large capitals control the market movements and entice general people to bet on the volatile capital market. The common people, who are largely ignorant about the capitalist financial system, are given a false notion of ownership in the listed companies whereas they have little or no control over neither the business nor dividend cash flow. Their return remains at the mercy of the wishful decision of the handful of capitalists. Currently, the market dividend yield is only 3.34%, which is much lower than usual business return. As opposed to the current practice of wishful dividend declaration, Islamic companies shall distribute profits as stipulated by the agreement between the partners of the company (manager and fund providers).

Capitalists also lure general people to buy shares at high price by offering a false promise of capital gain. It will take 30 years to recover their investments in terms of dividend earning, which is completely nonsensical. The current price level is exorbitantly high even at this sluggish situation. The promise of future capital gain remains a farce, therefore. Islam will stop such deceiving function of the capital market by abolishing the capitalist corporate structure, which enables companies to raise capital by selling share, an invalid contract, to common people like commodity. Islam will allow companies to raise capital through sound contract, which will not be tradable by definition. The companies will contribute to the growth of the economy by engaging people with real enterprises.

Put up Resistance against Militancy, Terrorism, PM urges all

Prime Minister Sheikh Hasina on Saturday urged the people of the country to put up resistance against militancy, terrorism and drugs in a coordinated way. Describing militancy, terrorism, drugs and corruption as the wounds of society, the Prime Minister urged guardians, parents, teachers, relatives, Ulema-Mashayekh (Islamic scholars), imams and Muazzins, public representatives and others to keep this society and the country free from these social diseases. "I call upon all, put up resistance, mobilize public opinions and make people aware about the menaces of militancy, drug and terrorism in a united manner”. (27th April, 2019, The Daily Sun)

America is the number one terrorist state in the current world and is calling it “War on Terror” which is actually “War against Islam”. A loyal agent in this war is Sheikh Hasina, recently called 'Lady Hitler' in the media. During her rule, human rights abuses and atrocities have long passed the record of previous rulers. Taking advantage of being America's partner in 'war against Islam' in the name of fighting terrorism and with fake lawsuits, the current regime is busy hunting one by one after the list of its own and Western masters. The current regime turned the state into a hooligan, enacting the “militant drama”, by using a part of the people's salaried security forces for daily murders, abductions and crossfires. Now, in the name of drug control, the regime is establishing the control of their lackeys in narcotics trade. Looting and harassment of extortion on public, private and individual levels has become a routine thing. And at the foreign policy level, Sheikh Hasina is promoting a country (India) as a friend who offers more than one killing every day. The shamelessness of these leaders has become so great that they are not hesitant to walk on the bodies of innocent children to get the blessings of imperialists. In spite of such a great deal of misdeeds of her own, Sheikh Hasina again presented herself as a 'ruthless joker' in front of the people by giving lectures against terrorism and ordering scholars for the Khutba. The people hope nothing from this current democratic regime. The fraudster rulers should know that the people are actually getting united against them.

Bangladesh Workers renew Old Demands at May Day Events in Dhaka

Maximum eight-hour work a day, minimum monthly payment of Tk 16,000, trade union rights, safe workplace, compensation for workers injured or dead at work, and an end to oppression of workers – the same old demands have been raised at May Day programs in Dhaka. On International Workers’ Day on Wednesday, the streets of the capital were filled up by the workers carrying red flags as different organizations rallied and took out processions. On this day in 1886, police opened fire on a demonstration, killing 10 workers in the US city of Chicago near Hay Market, who were demanding an eight-hour working day instead of 12 hours. At the height of agitation, the authorities had to accept the workers' demand and the eight-hour day has been introduced universally since. (bdnews24.com, May 1, 2019)

Celebrating Labor Day is mockery while the workers need to demonstrate demanding minimum wages and eight-hour work in a day since 1889. What is the purpose of observing such kind of day? Secular ruling classes introduced such kind of day to curb the public discontent and mislead the citizen in a wrong way. Moreover, being a man-made system the secular-capitalist system is narrow and contradictory in which the rights of the employer and employee are not defined. The right of a particular group is established only through collective bargaining power and influence in the political spectrum. As owner of capital, the employers have a higher degree of access to the ruling classes and ruling system of a country, the rights of the employee are ignored for a long.

On the other hand in Islam, the rights of the employee are defined. The employers are obliged to ensure safe and healthy working environment for the employees. Moreover, the employers are responsible to ensure on time fair wages. Ibn Maajah (2443) narrated that ‘Abd-Allah ibn ‘Umar (may Allah be pleased with him) said: The Messenger of Allah (peace and blessings of Allah be upon him) said:

«أَعْطُوا الأَجِيرَ أَجْرَهُ قَبْلَ أَنْ يَجِفَّ عَرَقُه»“Give the worker his wages before his sweat dries.” Negligence in fulfillment of rights of employee is a violation of Shariah rules and punishable act. Moreover, the Khalifah, being a guardian of the state is responsible to ensure the rights of every citizen.