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The Quest for Economic Progress: An Islamic Blueprint for Pakistan

The Quest for Economic Progress: An Islamic Blueprint for Pakistan

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Published by IslamicRedemption
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At this point in time when Capitalist economic solutions have a virtual monopoly in the discussion of economics for both Muslims and kuffar, it is critical that a working alternative model is presented to the world. As the recent Credit Crunch has shaken the global Capitalist structure to its very foundations, people world-wide are questioning its practical stability and intellectual validity. As the bankruptcy of Capitalist thought is revealed, there is an urgent need to replace it with a practical alternative model that is based upon sound ideas and has a pedigree of success.

This book is a presentation of a practical alternative Islamic economic model, with Pakistan as a case study, on which to build a dynamic and innovative economy fit for the 21st Century. Addressing areas as diverse as agriculture to energy, this book is a blueprint for turning a resource rich yet poorly managed country like Pakistan from an economic dependent to a global power. This model draws upon the juristic works of Islamic scholars and applies their research in an unprecedented fashion, bringing together years of Islamic scholastic tradition with the needs of the modern world.

This book also highlights the political implication of basing an economy upon an Islamic model. It serves to highlight how political unification with the rest of the Islamic world can act as a catalyst for economic development and the establishment of a modern Islamic State with unparalleled power and influence.
Download the book from here.

At this point in time when Capitalist economic solutions have a virtual monopoly in the discussion of economics for both Muslims and kuffar, it is critical that a working alternative model is presented to the world. As the recent Credit Crunch has shaken the global Capitalist structure to its very foundations, people world-wide are questioning its practical stability and intellectual validity. As the bankruptcy of Capitalist thought is revealed, there is an urgent need to replace it with a practical alternative model that is based upon sound ideas and has a pedigree of success.

This book is a presentation of a practical alternative Islamic economic model, with Pakistan as a case study, on which to build a dynamic and innovative economy fit for the 21st Century. Addressing areas as diverse as agriculture to energy, this book is a blueprint for turning a resource rich yet poorly managed country like Pakistan from an economic dependent to a global power. This model draws upon the juristic works of Islamic scholars and applies their research in an unprecedented fashion, bringing together years of Islamic scholastic tradition with the needs of the modern world.

This book also highlights the political implication of basing an economy upon an Islamic model. It serves to highlight how political unification with the rest of the Islamic world can act as a catalyst for economic development and the establishment of a modern Islamic State with unparalleled power and influence.

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Published by: IslamicRedemption on Sep 10, 2009
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 An Islamic Blueprint for Pakistan
Hizb ut-Tahrir Britain
 
 Contents
Preface……………………………………………………………………………………………..……..3Introduction………………………………………………………………………………………………6Musharraf’s Economic Deception……………………………………………………………………….9Pakistan’s Economy not fit for Purpose………………………………………………………………...17Islam and the Economy…………………………………………………………………………………21Economic Myths………………………………………………………………………………….…….29Pakistan’s Economic Potential…………………………………………………………………….........41 New Direction – Agricultural led Industrialisation……………………………………………………..47Developing a Sustainable Agricultural Policy………………………………………………….............48Expanding the Manufacturing Sector…………………………………………………………….…….53Building Pakistan’s defences – Expanding the Military industries…. …………………………..…….62Domestic Development without Foreign Dependence…………………………………………...…….68Finance…………………………………………………………………………………………....…….75Conclusions…………………………………………………………………………………….……….77Khilafah………………………………………………………………………………………….……...80Bibliography………………………………………………………………………………………..…...93
 
 3
Preface
Since its inception in 1947, Pakistan has fluctuated from one crisis to another. Indeed, its very existencehas been a painful one, punctuated by periods of superficial progress and on the surface the emergence as ameaningful player on the international scene. Nothing exemplifies this more than the Pakistan’s economiclegacy. Created over 50 years ago Pakistan has failed to develop its economy on a similar trajectory to thatof its contemporary peers. The result of this failure has been that tens of millions of Pakistanis today languish in unprecedented levels of poverty, poor health and illiteracy. The country is plagued by corruption and saddled with debt to both internal and external creditors at overwhelming rates of interest.Far from improving, the situation is steadily deteriorating, weakening Pakistan further and leaving itexposed to manipulative foreign entities such as the IMF and other international institutions and nations. The very real effects of this today include load shedding of electricity in major cities for over 14 hours at atime, a near default on financial obligations and harrowing cases of human tragedy ranging from suicide toselling offspring due to crushing poverty and sheer desperation. Throughout the history of Pakistan, there have been many theories as to how to construct and sustainPakistan’s economy. From the socialist mantra of Zulfiqar Ali Bhutto to the current shamble of the freemarket model, all have been imported from the West and blindly implemented. The stark failure of thesepolicies has not deterred Pakistan’s politicians from continuing to seek economic advice and aid fromforeign governments, agencies and institutions. Though it is no secret that Pakistan is ruled by an elite whois at best incompetent and at worse criminally negligent and corrupt - with the possible exception of theZulfiqar Ali Bhutto era, every Pakistani government has consistently followed capitalist economic modelsand policies formulated by institutions like the IMF and World Bank. Pakistan has faithfully followed acourse of steadily increasing regressive taxes on the nation whilst moving to sell off what assets it owns inorder for short term gain, whether increasing foreign exchange reserves, paying off debt or simply producing a better balance sheet. The ostensible reason for such earnest privatisation has been theadoption of the classic capitalist maxim “The profit motive shall increase efficiency”. Though it is widely known that many Government run agencies are woefully inefficient, if one were to be sincere in theapplication of this slogan than truly the first institution to be privatised should be the State of Pakistanitself (though some may argue, with some legitimacy, that this has been done). The Pakistani economy, indeed the State itself, has been affected by multiple interest groups disunited inthe direction that the state should take; this has prevented the nation from heading in a single and unifieddirection lacking focus as to how its economy should develop and which economic model it should bebuilt upon. As with other aspects, political, social, judicial, ruling and administrative Pakistan has beenreduced to simply imitating actions of developed nations without either understanding the ideologicalunderpinnings or consequences of these policies implemented internationally. So we have post industrialpolicies and thinking being applied to a pre-industrial society. This problem has unfortunately beencompounded by empowering technocrats such as Moin Qureshi and Shaukat Aziz in the vain hope thatthose well versed and positioned with international financial institutions would be able to steer Pakistanout of its economic quagmire. No in-depth analysis is required on the disastrous contribution these

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