Press Release
Hizb ut Tahrir held post budget 2014-15 seminars across Pakistan Pakistan Needs a Radical Islamic Change for Economic Independence

Hizb ut Tahrir Wilayah Pakistan held post budget 2014-15 seminars across Pakistan in Peshawar, Islamabad, Lahore and Karachi. These seminars were attended by bankers, industrialists, traders and journalists. Members of Hizb ut Tahrir addressed these gatherings and highlighted three major aspects of the Budget 2014-15. These three aspects were taxation, foreign exchange reserves verses stability of Pak Rupee and energy policy.

Speakers criticized the heavy taxation measures imposed on the Ummah in the current budget on the dictation of the IMF. They said that Islam has stipulated that only taxes, which have a Shari evidence, can be levied upon the Ummah. Any tax which does not have a Shari evidence cannot be levied upon the Muslims by the Islamic State. Islam has its own unique revenues such as Ushar, Kharaj, Jizya, Zakah on goods and merchandise, etc. The speakers highlighted that a review of Islamic rulings related to revenues reveals that Islam's taxation policies are wealth based instead of transactions based. The speakers criticized the policy of financing fiscal deficits with foreign interest based loans which are not only prohibited in Islam but which open the doors of political and economic interference from Western Colonialists.

On Foreign Reserves, the speakers severely criticized the policy of linking the stability of domestic currency with dollar holdings. Speakers highlighted the Islamic view towards monetary policy which rejects fiat currency and insists that the Islamic state adopt the bi-metallic Gold & Silver Currency. Making Gold and Silver the currency of the state, ensures stable exchange rate internationally and protects the local population from inflation. Moreover by delinking the currency from the dollar and moving to the metallic standard, Pakistan would be protected from adverse impacts due to volatility and instability of international currency markets as Gold and Silver hold an intrinsic value as opposed to currencies like dollar who are sensitive to currency market volatilities and political instability.

Speakers criticized the government policy of foreign investment in energy sector and the privatization of power generation and its distribution companies. They said this policy apart from being prohibited in Islam, benefits the foreign investors who reap maximum profits at the cost of general population. The energy sector is a public property in Islamic economic system and cannot be privatized.

At the end an interactive question and answer session was held. Also book stalls exhibiting the books, Economic System of Islam and constitution of Khilafah "Caliphate" state "Muqadma Dastoor" (Introduction to the Constitution) in Urdu were on display.

Media Office of Hizb ut Tahrir
in Wilayah Pakistan

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