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Business Recorder
2 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
New Indian Express
16-07-2025
- General
- New Indian Express
Khichda: An expression of grief, solidarity, and historical continuity
The method and meaning Rashida adds that the dish was never meant to be significant at the time. 'The whole idea for them (enemies) was to give them (family) something which was not even a dish at the time.' The Umayyad's army wanted to serve the family with anything they had with them. Over time, the dish has evolved. Today, it is prepared by using a mix of rice, meat, wheat and pulses, which is soaked overnight. 'The next day, we start cooking the rice and pulses in water by adding spices — green chillies, ginger-garlic paste. It is very fluid in consistency,' explains Rashida. The main taste of the dish comes when mutton is added to the fluid. 'The liquid-like consistency from pulses and rice is then cooked on a low flame till the mutton and the mix come together. It is then hand churned. When done, you can readily eat with a spoon,' Rashida says, adding, 'Khichda is a mix of vitamins, minerals from pulses, and carbs with rice and wheat. You can even cook it with chicken, but traditionally, we make it with mutton.'
Observer
15-07-2025
- Politics
- Observer
Oman-Zanzibar: A bond rooted in history, purpose
The relationship between Oman and East Africa dates back centuries, shrouded in the mists of time. While the precise origins remain elusive, we know that during the early Islamic period — specifically in the 7th century — Omani princes Suleiman and Said, sons of Abbad bin Abd bin Al Julanda, sought refuge along the East African coast following the Umayyad conquest of Oman. Yet this article does not seek to recount history already well-trodden by scholars, journalists and explorers. Indeed, libraries and online archives brim with pages detailing Oman's ties with East Africa. Instead, I wish to explore what this relationship could and should look like today — particularly with Zanzibar, now a semi-autonomous region of the United Republic of Tanzania, to which many Omanis remain connected through cultural, familial and economic ties. It is important at the outset to affirm a simple but essential point: Zanzibar is an integral part of Tanzania. Any engagement must respect this political reality, lest ambiguities undermine Oman's constructive relations with the Tanzanian state as a whole. Historically, relations between nations have rested on three pillars: mutual interests (by far the most common), ideological alignment (as during the Cold War), or shared moral and human values — such as the promotion of peace, justice and human rights. In today's complex world, especially in the post-Trump era, these foundations are being re-evaluated. For Oman's part, I believe our relationship with Zanzibar and Tanzania should be built on two complementary principles: ethical responsibility and mutual interest — in equal measure. This is not to suggest idealism for its own sake. Oman is among the few countries that still attaches real weight to moral and humanitarian values in its foreign policy. This tradition of diplomacy grounded in principle should be at the forefront of our engagement with Tanzania — not only because it is consistent with our national ethos, but also because it is politically and diplomatically sound. Some may argue that pragmatism demands interests come first. But Oman's connection with Zanzibar is not an ordinary one. It is underpinned by a unique historical legacy — one that calls not only for investment but also for stewardship. To understand why, we must revisit a formative episode in our shared past. In the 1830s, Sultan Said bin Sultan shifted his capital from Muscat to Zanzibar, largely for economic reasons. Under his rule, trade between Oman and East Africa flourished. Zanzibar became a hub of commerce, and Oman's revenues — from customs duties and agricultural exports — soared. Though Muscat, Gwadar and Bandar Abbas also contributed to the national economy, it was East Africa, and Zanzibar in particular, that underpinned Oman's prosperity during this period. When the Sultan died, internal disputes among his heirs over succession led to the fragmentation of the empire. Oman's revenues fell sharply, and this economic downturn destabilised the political and social fabric of the country. Eventually, Sultan Said's sons reached a settlement to divide the empire. As part of the agreement, Zanzibar committed to an annual financial grant of 40,000 Maria Theresa thalers to Oman — a gesture known historically as the 'Zanzibar Subsidy". This subsidy continued for many years and was funded not through external income, but through Zanzibar's own domestic revenues — customs duties, local taxation, and low-wage labour in plantations and ports. This history matters. It is a powerful reminder that Oman's legacy in Zanzibar is not one of exploitation, but of deep economic and human engagement. For that reason, any modern relationship must be rooted in the values of fairness, historical responsibility and shared prosperity. The second pillar, of course, is mutual interest. Oman has already invested significantly in preserving Zanzibar's heritage and supporting its infrastructure. Omani citizens continue to maintain economic ties with the region — in real estate, tourism and other sectors. These efforts should be scaled up and supported by encouraging private investment and charitable engagement through Omani civil society and philanthropic foundations. A deeper, more structured partnership with Zanzibar would also serve to guard against attempts by others to sideline Oman's historical role in the region. To achieve this, Oman should consider launching a long-term, well-governed development initiative with clearly defined short-, medium- and long-term goals. The focus should be on areas that make a tangible difference: basic and vocational education, primary healthcare and public health, affordable housing and critical infrastructure — especially roads, which require urgent improvement in both urban and rural areas. Understandably, concerns may arise regarding Zanzibar's institutional capacity to manage such a programme. These concerns are legitimate and should be addressed through close coordination with the Zanzibar's government. Oman should retain an active management role, working in partnership to set priorities and ensure resources are used effectively. Ultimately, the scale or format of such a programme matters less than the principle behind it. Politically and diplomatically, it is in Oman's interest to take the lead in fostering sustainable development in Zanzibar. We must not allow this region — so closely tied to Oman by blood, history and mutual reliance — to become a space where past grievances fester or future rivalries take root. In a world increasingly shaped by transactional diplomacy, Oman's enduring connection with Zanzibar stands as a reminder that international relations can still be guided by history, honour and humanity.
Arab Times
08-07-2025
- Politics
- Arab Times
Nations are led by rulers whose sword is used for justice and reform
No one denies that several Arab and Gulf countries have suffered from administrative failures that opened the door to widespread corruption, so much so that citizens have been exploited to serve the interests of their leaders rather than contributing to the development of their homelands. This is what happened in countries like Lebanon, Iraq, Syria, Yemen, and others, where rulers were isolated in ivory towers, and the groans of their people were not heard. In such environments, only the leader's voice is heard, drowning out all others. Over time, this fostered corruption among the people, leading citizens to focus solely on their personal interests. Nearly seven centuries ago, the Arab intellectual Abd al-Rahman Ibn Khaldun warned of the grave consequences that result from a state's lack of strategic vision, how it can collapse into ruin, and how it can rise again. In my last article, I mentioned that some Gulf states had fallen victim to widespread corruption, pushing them to the brink of bankruptcy and even fragmentation. Then came a historic turning point when God granted them responsible leadership, concerned for the nation and its people, and managed to steer the state back onto the right path and restore its leading role. We must openly acknowledge that the democratic chaos that prevailed over the past three decades nearly brought Kuwait to the brink of collapse. It was a period marked by the unchecked spread of obscenity, where its voice often overpowered that of responsibility. During that time, Kuwait embodied what Ibn Khaldun described in his analysis of the decline of states. Corruption had infiltrated nearly every institution, coming dangerously close to the judiciary, the only bulwark of any nation. As former British Prime Minister Winston Churchill famously said during World War II, 'Britain will be fine as long as the judiciary is fine.' In recent years, Kuwait has witnessed a troubling expansion of influence, with parliamentary interference extending even into traffic operations such as preventing the issuance of tickets to certain individuals. This absence of strict accountability has contributed to the spread of drugs, the normalization of administrative corruption, and a general breakdown in oversight. Kuwait has also witnessed systematic crimes involving the theft of public funds and their transfer abroad, while unqualified individuals have been appointed to senior leadership positions. Such a situation was what led to the collapse of the Umayyad state, as described by one of its own princes, who said, 'We entrusted major affairs to the unqualified, and left minor matters to the most capable.' Advisors cannot be absolved of responsibility for what transpired, as some used to tailor their advice to serve personal interests, or to benefit their tribe or sect. The logical and legal principle stipulates that those who rush toward something often lose it entirely, but sadly, that principle was not upheld at the time. To speak plainly, had that situation continued until today, especially amid the sweeping regional crises and tensions, Kuwait would have become the weakest link in the Gulf Cooperation Council. It might have turned into a breeding ground for evil, given the unchecked freedom of reckless voices inciting tribal and sectarian discord, threatening to destroy the national fabric. This is why Kuwaitis came to see cauterization as the last resort. Yet no one heeded the people's cries. So, when the opportunity finally arose to appoint a leader whose sole concern was the unity and well-being of his people, the establishment of justice, and the restoration of Kuwait's lost leadership role, he raised the sword of reform without favoritism, fear, or hesitation, and personally followed up on everything happening in the country, down to the smallest details. He is a leader who is deeply aware of his society's conditions, gifted with foresight, and able to carefully evaluate all matters brought before him. He is committed to ensuring that no one is wronged and is firm with oppressors, firmly believing that even the smallest injustice can open the door to the collapse of the state. He understands that neglecting minor issues can lead to major crises. For this reason, citizens accept the high-level princely actions taken, even when some were strict. What matters most is that these measures are used for the nation's benefit by officials who prioritize the country's interests above all else. They must be prepared to admit and correct their mistakes, especially under the watchful eye of a vigilant leader who closely follows their performance. They are bound by the constitutional oath they have taken, which has great weight and responsibility.
Shafaq News
06-07-2025
- General
- Shafaq News
The Husseini Pulpit: A platform of resistance and reform across centuries
Shafaq News - Karbala/Baghdad The manbar al-Husseini (Husseini pulpit) stands today not only as a religious institution but as one of the most enduring tools for political resistance, moral awakening, and communal reform in the Shiite world. Rooted in the memory of Ashura and the tragedy of Karbala, the pulpit continues to shape public discourse and collective identity across generations and geographies. Historical Anchor of Truth-Telling According to historians and religious scholars, the Husseini pulpit began shortly after the Battle of Karbala in 680 CE, when Imam Zayn al-Abidin (Imam Hussein's son) and Sayyida Zaynab (Imam Hussein's sister) took to public platforms to expose the tyranny of the Umayyad regime and narrate the oppression suffered by Imam Hussein ibn Ali, the Prophet Muhammad's grandson. What began as spontaneous speeches became a ritualized practice of remembrance and resistance, especially during the time of Imam Jaafar al-Sadiq, who encouraged poets to recite elegies commemorating Hussein's martyrdom. As noted by Sheikh Dr. Faisal al-Kadhimi, the pulpit became a means to "expose tyrants and preserve the revolutionary essence of the Husseini message throughout Islamic history." Even during the repressive Umayyad and Abbasid eras, poets like al-Kumayt al-Asadi, al-Tirmamih ibn Adi, and Daabal al-Khuzai used poetry to awaken public conscience—a form of resistance that defined the manbar's early mission. Historical Contexts Throughout various Islamic eras—particularly under the Buyids and Sufis—the Husseini pulpit transitioned from clandestine gatherings to publicly sanctioned platforms. Its formalization allowed it to become not just a space of mourning, but a political stage where historical injustice could be confronted and communal values defended. The Buyids did not invent the majalis (mourning gatherings), but they legitimized them on a state level, setting a precedent for political tolerance of the Shiite narrative in Baghdad and beyond. Even then, the pulpit faced repression. Al-Kadhimi recounts the story of a female mourner in Baghdad who was executed for her elegies—a poignant reminder that the pulpit has always borne a cost for speaking truth to power. In the modern era, according to Sheikh Haider al-Shammari, the pulpit has become a multi-platform media institution, extending its reach through satellite television and digital channels. It continues to shape spiritual identity while engaging with contemporary political realities across Iraq, Lebanon, Iran, and the broader Shiite world. Political Compass In Iraq, the Husseini pulpit played a major role in mobilizing public sentiment during the 1920 Revolution against British colonial rule and again during the 1979 Iranian Revolution, where it served as a vehicle for anti-imperialist and anti-authoritarian discourse. Al-Shammari emphasized that the pulpit "has never been merely a platform for weeping—it is a school of thought, instilling loyalty to the Ahl al-Bayt (Prophet Mohammed's family) and reinforcing beliefs in monotheism, imamate, and moral resistance." Its content has long exceeded ritual lamentation, evolving into a political sermon of national relevance. Post-2003 Iraq Following the US invasion of Iraq in 2003, the Husseini pulpit faced new threats—from terrorism, sectarianism, political fragmentation, to socio-economic collapse. Yet, as noted by Sayyid Abadi al-Mousawi, the pulpit maintained its credibility and influence by adhering to the guidance of the Marji'iyya (Shiite religious authority). Al-Mousawi noted that in recent years, the pulpit shifted toward constructive criticism, promoting unity among Iraq's diverse communities and speaking against both internal and external political conspiracies. It also played a key role in supporting reform protests, while cautioning against their politicization. Despite some instances of sectarian rhetoric, which al-Mousawi described as "exceptions that do not reflect the pulpit's core," the dominant message remains one of national cohesion, social justice, and Islamic humanism. Religious Identity The pulpit's political role is not partisan but deeply rooted in the spiritual rebellion embodied by Imam Hussein. It rejects injustice not as a political slogan but as a religious imperative. As al-Shammari warns, the pulpit must avoid becoming a tool of narrow political interests, and instead continue to speak on behalf of the broader community's concerns—poverty, inequality, governance, and dignity. The phrase 'Hayhat minna al-dhilla' (Never to humiliation) is more than a historical chant—it embodies a living political philosophy. Through the Husseini pulpit, this call resonates across generations, keeping the memory of Karbala alive not merely as a past tragedy, but as a continuing call for justice in the present.
