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Business Recorder
4 days ago
- Business
- Business Recorder
Navigating Pakistan's debt quagmire through Islamic finance
Pakistan faces formidable economic headwinds amidst the dual debt challenges that threaten to undermine its progress. The nation's determination is being tested as it confronts the pressing issues of stagnant GDP growth, soaring unemployment, persistent inflation, and a lagging Human Development Index (HDI). Yet, within this crucible of challenge lies an opportunity for Pakistan to forge a new path forward, one that is guided by visionary leadership, innovative economic strategies, and a steadfast commitment to the well-being of its people. Pakistan's economic landscape is characterized by a substantial debt portfolio; with the country's total public debt obligations reaching a staggering USD 271.29 (PKR 76.01 trillion), as per the Economic Survey of Pakistan 2024-25. This monumental figure comprises USD 183.88 (PKR 51.52 trillion) in domestic debt, underscoring the government's significant reliance on internal borrowing, and USD 79.13 (PKR 24.49 trillion) in external debt (32.2% of the total), highlighting the country's exposure to global financial markets. However, the debt from IMF stands at USD 8.28 (PKR 2.319 trillion). The aggregate debt and liabilities have skyrocketed to a staggering USD 320.65 billion (PKR 89.834 trillion), underscoring the imperative for prudent fiscal management and strategic debt restructuring. Beyond the government's narrative of economic resurgence, anchored by a projected GDP growth rate of 2.7% in the forthcoming fiscal year, lies a far more pressing concern for the average citizen struggling to make ends meet. The quintessential question on everyone's mind is: how can Pakistan escape the grip of high inflation, unemployment (8.0), and an ever-increasing debt burden, which threatens to undermine the very fabric of the nation's economic stability and prosperity? The answer to this million-dollar question holds the key to unlocking a brighter future for 44.7 % of Pakistan's population (approx.107 millions) living below the poverty line, and it is imperative that policymakers and stakeholders work in tandem to devise effective solutions to alleviate these pressing economic challenges. The adoption of cash and asset-based Waqf, a time-tested Islamic financial instrument, presents a viable solution to Pakistan's economic conundrums. Waqf, as a socio-financial approach in Islam, refers to the dedication of property or wealth for religious or charitable purpose. With its roots in the prophetic era, Waqf has evolved over centuries, demonstrating remarkable resilience and efficacy. During the Caliphate period, Umayyad and Mamluk eras, and notably, the Ottoman Empire, Waqf played a pivotal role in fostering economic growth, social welfare, and infrastructure development. By leveraging Waqf's potential, Pakistan can unlock new avenues for sustainable development, poverty alleviation, and economic stability, thereby harnessing the power of Islamic finance to drive inclusive growth and prosperity. Waqf stands as a shining cornerstone of Islamic finance, with its landscape in numerous countries. From the oil-rich nations of Qatar and Saudi Arabia to the vibrant economies of Malaysia and Indonesia, Waqf has been successfully integrated into diverse financial ecosystems. Singapore, Turkey, and the United Arab Emirates have also harnessed its potential, showcasing Waqf's versatility and impact. As a testament to its enduring value, Waqf continues to inspire innovative financial solutions, fostering economic growth, social welfare, and sustainable development worldwide. By combining the redistributive power of cash and asset-based financing of Waqf with Zakat, visionary nations have synergized the potent forces. By harmonizing these two pillars of Islamic finance, countries have created a powerful framework for poverty alleviation, economic empowerment, and sustainable development. This strategic fusion has yielded remarkable outcomes, demonstrating the immense potential of integrated Zakat and Waqf models. In a compelling critique of conventional financial frameworks, the book 'Beyond the IMF (2024)' masterfully articulated the limitations of traditional financial paradigms, paving the way for a revolutionary concept: the Muslim Common Waqf. This visionary idea, coupled with Pakistan's pioneering National Waqf Common Pool, offers a beacon of hope for Muslim countries seeking greater financial autonomy and self-sufficiency. By harnessing the collective potential of Waqf, nations can break free from the shackles of sovereign and domestic financial dependency; unlock new avenues for economic growth and prosperous future. As Pakistan's debt trajectory hurtles towards a precarious PKR 87 trillion by FY 2026, the imperative for innovative debt management strategies has never been more pressing. To avert this financial precipice, it is crucial to devise visionary plans that can effectively mitigate the debt burden, unlock new revenue streams, and catalyze sustainable economic growth. As the Government of Pakistan contemplates the privatization of 24 State-Owned Enterprises (SOEs), a critical question arises: can the nation's economic sovereignty be compromised for the sake of fiscal expediency? Allowing foreign entities and potentially hostile interests to assume control of strategic assets would be a perilous gamble, undermining the country's economic autonomy. The resounding answer is a thunderous 'NO!' to the wholesale privatization of vital SOEs. The establishment of the Special Investment Facilitation Council (SIFC) marks a significant milestone in Pakistan's economic reform agenda. By providing a platform for streamlined facilitation and coordination, SIFC aims to foster a conducive investment environment, attracting both B2B and G2G investments. This initiative is expected to yield substantial benefits, including enhanced economic activity, job creation, and accelerated growth, ultimately contributing to the nation's long-term economic prosperity. We harbor boundless optimism and soaring aspirations for the SIFC, envisioning it as a transformative catalyst that will unlock Pakistan's vast economic potential. In tandem with its economic reform initiatives, Pakistan can shatter the shackles of crippling domestic debt, amounting to PKR 51.52 trillion, a staggering 67.8% of the total debt burden by unlocking the potential of Waqf. By harnessing the transformative power of the Waqf Fund (WF), the nation can envision a debt-free future, liberated from the weight of internal borrowing. Well beyond a financial mechanism, strategic mobilization of Waqf assets is a farsighted way to fiscal sustainability, inclusive growth, and intergenerational equity. Leveraging this Islamic economic instrument could not only alleviate the short-term budget pressure but also restore public confidence, advance socio-economic justice, and propel long-term national strength. With proper policy commitment and institutional setup, Waqf is poised to emerge as a game-changer and revolutionary pillar of Pakistan's economic rejuvenation which turns tradition into transformation, and religion into a bedrock of sustainable prosperity. (The writer is PhD (Management) from PBS-UPM, Malaysia. Policy Researcher / Policy Analyst and a writer of Political Economy of Bureaucracy in Pakistan-2020)Email:[email protected] Copyright Business Recorder, 2025
News18
5 days ago
- Politics
- News18
'Use Muslims As Vote Bank, Keep Them Poor': Rijiju Blasts Congress For Opposing Waqf Law
Last Updated: Minister Kiren Rijiju crticised Congress and other parties for opposing Waqf Law. He asserted the Modi government's stance of "appeasement to none, justice to all." Union Minister Kiren Rijiju condemned the Congress and other parties for opposing the new Waqf Bill. He said that unlike BJP, other parties treat Muslim Community as their vote bank. However, he added, Modi government believes in 'appeasement to none, justice to all". Speaking to the PTI Video, Rijiju said Parliament's job is to make law and 'the Supreme Court can definitely interpret it in the right way." As the apex court has reserved the interim orders on three key issues after hearing both sides in the Waqf case, Rijiju said he will not make any preemptive statement as the matter is in the court. 'We are very confident that whatever we have done is as per law and as per the provisions and spirit of the Constitution. I am very confident that the role of Parliament will not be taken away," he told PTI. Rijiju also commented on AIMIM chief Asaduddin Owaisi's dejection to the new Waqf law and said he is opposing it out of compulsion. 'The main problem is what I tell you. Some of these leaders, including the Congress party, have treated the Muslims as a vote bank. When you start taking and making a community as a vote bank, then you become irrational. 'Then you put them into one bracket, that good or bad doesn't matter, they will all be rhetorical," the minister added. Union Minister further said those who are opposing the Waqf (Amendment) Bill, are only trying to keep the Muslims poor and ensure that they remain as their vote bank. 'Our thinking is opposite to that. Ours is appeasement to none, justice to all," Rijiju said. There are many within the Muslim community, lots of groups, women, children and backward communities who have not gotten any benefit out of the Waqf properties, the minister told PTI on Friday. 'So, India's Waqf properties you know very well are the highest number of Waqf properties in the world. More than 9,70,000 Waqf properties are there which must be put into use for the purpose for which those properties were created," Rijiju said. The Waqf (Amendment) Act was passed by Parliament in April and subsequently came into force through a government notification. While the BJP-led NDA had rallied in support of the Bill, the opposition INDIA bloc united in opposing it. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
5 days ago
- Politics
- Time of India
Congress, other parties criticizing new Waqf law want to keep Muslims as vote bank: Kiren Rijiju
Minority Affairs Minister Kiren Rijiju accuses Congress and other parties of exploiting Muslims as a vote bank by opposing the Waqf (Amendment) Act. He defends the Act, emphasizing its aim to empower the Muslim community and ensure proper management of Waqf properties for their welfare. Rijiju asserts the government's commitment to justice for all, dismissing claims of unconstitutionality. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Minority Affairs Minister Kiren Rijiju has alleged that the basic purpose of the Congress and some other parties criticizing the Waqf (Amendment) Act is to keep Muslims as their vote bank, and asserted that the Modi government believes in "appeasement to none, justice to all".With the Supreme Court in May reserving interim orders on three key issues after hearing both sides in the Waqf case, Rijiju said he will not make any preemptive statement right now with regard to the matter which is pending in the apex court."But let us make one thing very clear. The job of Parliament is to make laws. The Supreme Court can definitely interpret it in the right way," Rijiju told PTI Videos in an interview."We are very confident that whatever we have done is as per law and as per the provisions and spirit of the Constitution. I am very confident that the role of Parliament will not be taken away," he AIMIM chief Asaduddin Owaisi 's criticism of the new Waqf law, Rijiju said he doesn't want to criticize Owaisi for his opposition to the Waqf (Amendment) Act because he made the remarks against the legislation out of compulsion."The main problem is what I tell you. Some of these leaders, including the Congress party, have treated the Muslims as a vote bank. When you start taking and making a community as a vote bank, then you become irrational."Then you put them into one bracket, that good or bad doesn't matter, they will all be rhetorical," the minister those who criticized the Waqf (Amendment) Bill, are only trying to keep the Muslims poor and ensure that they remain as their vote bank."Our thinking is opposite to that. Ours is appeasement to none, justice to all," Rijiju are many within the Muslim community, lots of groups, women, children and backward communities who have not gotten any benefit out of the Waqf properties, the minister told PTI on Friday."So, India's Waqf properties you know very well are the highest number of Waqf properties in the world. More than 9,70,000 Waqf properties are there which must be put into use for the purpose for which those properties were created," Rijiju pointed out that under the provisions of the Waqf (Amendment) Act, "we are to handle through the mutawallis and the waqf boards proper management for the welfare of the Muslim community, especially the poor.""These (Congress and some other leaders) people know that if the Muslim community becomes better, prosperous then they will be more educated, have more understanding and they will not be the main vote bank for anybody," Rijiju said."So, the basic purpose of Congress and some of the other leaders criticizing the Waqf (Amendment) Bill is to make Muslims as their vote bank and to keep them poor all the time," he said."Otherwise, tell me one reason why they should oppose the Waqf (Amendment) Bill? On a rational basis, they cannot," he the Collector being given more powers under the new law, Rijiju said, "We are making the rules, now it's in the final stage. There is no final authority to any officer. It is only responsibility being given to certain officers. If there are disputes between the government lands and the private, the collector has to decide, but the appeal has to be made to an officer which is higher than the collector. Otherwise, what is the job of the collectors? Collectors are there for revenue purposes primarily.""So, if you don't trust collectors, then who do you trust?" he its observation on the presumption of constitutionality in favour of the law, the Supreme Court in May reserved interim orders on three key issues after hearing both sides in the waqf Centre has strongly defended the Act, saying waqf by its very nature was a secular concept and can't be stayed given the presumption of constitutionality in its though waqf was an Islamic concept, it was not an essential part of Waqf (Amendment) Act was passed by Parliament in April and subsequently came into force through a government the BJP-led NDA had rallied in support of the Bill, the opposition INDIA bloc united in opposing Muslim bodies and opposition MPs had moved the Supreme Court against the law, which the ruling alliance has described as a force for transparency and empowerment of backward Muslims and women from the community. The Opposition has slammed it as unconstitutional and claimed that it infringes on the rights of Muslims.
News18
17-07-2025
- Politics
- News18
'I Will Leave If…' Bengal Minister's Ultimatum To TMC After Attack In Constituency
Siddiqullah Chowdhury warned that if the attackers are not expelled from the party by July 9, he will launch a massive protest rally in Kolkata on July 10 West Bengal's Minister of Mass Education Extension and Library Services, Siddiqullah Chowdhury, has openly expressed his anger and disappointment with the Trinamool Congress (TMC), alleging that he was attacked by miscreants backed by his own party during a recent visit to his constituency in Monteswar. Speaking exclusively to News18, Chowdhury—who also heads the West Bengal unit of the Jamiat Ulema-e-Hind—warned that if the attackers are not expelled from the party by July 9, he will launch a massive protest rally in Kolkata on July 10 and subsequently resign from the TMC. 'If those responsible are not thrown out of the party, I will leave. I will gather 20 lakh people for the rally," he said. Chowdhury's earlier protests over the Waqf law issue had paralysed the city. Describing the incident, Chowdhury said he was conducting meetings in preparation for TMC's annual Martyrs' Day on July 21 when the attack took place. 'At two locations, miscreants waved black flags at me. Suddenly, my car was attacked right in front of the police. My driver was injured. They tried to attack me as well. What is this if not outrageous? Why shouldn't I be upset?" he said. Allegation of Inaction by Police The minister said he had informed the Chief Minister's Office, senior party leaders, as well as the District Magistrate and Superintendent of Police. He claimed the local police station was aware of the possibility of an attack, but no action was taken. 'This was not a surprise ambush; they knew it was going to happen. Yet, they stood by and did nothing," Chowdhury alleged. He added that senior TMC leader and minister Firhad Hakim reached out to him, assuring that justice would be served. 'Firhad told me even the chief minister is furious. I'm watching closely. If no action is taken, I'm out." 'Ahmed Hussain Shek Behind the Attack' When asked if he knew who had orchestrated the assault, Chowdhury named Ahmed Hussain Shek, president of the Panchayat Samiti in Monteswar, and accused him of being a 'known anti-social element". 'He is behind this attack. I will not tolerate criminal activity—not from the CPM earlier, and not now from within my own party." 'False Campaigns Against Me' Responding to claims that he is rarely seen in his constituency, Chowdhury dismissed the allegations as part of a smear campaign. 'These are lies spread by bad elements. I have always worked for the people. As of now, five people have been arrested, and FIRs have been filed against 41 others. But this is not enough." Chowdhury emphasised that leaders like him played a key role in bringing the TMC to power and deserve proper protection. 'If a minister is not safe, how will common citizens trust the police to protect them?" he asked. The political tension comes at a time when the TMC is preparing for its flagship July 21 rally and Chowdhury's threat of a counter-protest could spell trouble for the party leadership if the issue is not resolved quickly. view comments First Published: July 05, 2025, 10:23 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
17-07-2025
- Politics
- News18
Owaisi Demands ‘Revenge' For Pahalgam Attack, Calls For Continuation Of Operation Sindoor
Agency: PTI Last Updated: Taking a swipe at the central government over the attack, Owaisi said that Pahalgam is a successful example of the Modi government's security lapse. AIMIM president Asaduddin Owaisi on Wednesday said "revenge" should be taken for the Pahalgam terror attack and that Operation Sindoor should be continued. Addressing a public meeting organised at Bodhan town in Telangana on Wednesday night to protest against the Waqf (Amendment) Act, he alleged that the Pahalgam terror attack is an example of PM Modi government's security lapse. He took potshots at Jammu and Kashmir Governor Manoj Sinha over his reported comments that he takes responsibility for the "security failure" of the Pahalgam terror attack. Sinha is taking responsibility almost three months after the incident. He should quit his post if he was responsible for it, Owaisi said. Apparently referring to the Centre, the AIMIM president said, "Revenge should be taken for Pahalgam. Continue Operation Sindoor. We will question you until those four terrorists who killed the 26 Indians by asking for their religion are caught and killed". "Pahalgam is a successful example of the Modi government's security lapse," he said. Owaisi also said the alleged incidents of demolishing houses, running bulldozers and "snatching away mosques" are not good for the country. At a time when China is expanding its influence in Bangladesh, he regretted that some in the country talk about things like demolitions and bulldozers. Owaisi said he wants to tell the BJP leaders that the country faces a threat from China and Pakistan. "You pay attention to those who pose a threat to the country. What are you doing inside the country," he asked? Hitting out at the Modi government over the Waqf law, Owaisi said it is a "black law". view comments First Published: July 17, 2025, 07:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
