Islamabad: Jamaat-e-Islami Pakistan Emir Engineer Hafiz Naeemur Rehman has called for a complete overhaul of the current global financial system, declaring that only Islam can offer a just and sustainable economic model.
Speaking at a pre-budget seminar in Islamabad, Hafiz Naeemur Rehman sharply criticized the IMF and international financial institutions, saying they are tools of imperial powers that perpetuate economic exploitation, especially in developing countries like Pakistan.
'The existing economic order is exploitative. Following IMF directives blindly will never lead Pakistan to economic stability,' he said, highlighting what he described as a global double standard where the U.S., despite being $36 trillion in debt, is never subjected to IMF scrutiny, while Pakistan faces constant pressure and conditions.
Hafiz Naeemur Rehman asserted that Pakistan, as a nuclear power, cannot be declared bankrupt. He demanded that the government prioritize salaried workers, small farmers, and the common people in the upcoming federal budget. He also called for action against feudal elites, an end to unjust Independent Power Producers (IPP) contracts, and transitioning from an interest-based economy to a zakat-based one. 'The Federal Board of Revenue (FBR) has become a hub of corruption and has failed to bring meaningful tax reforms,' he added.
He further proposed tax exemptions for salaries up to Rs. 120,000 per month and demanded an end to discretionary development funds for parliamentarians. "There must be a clampdown on elite privileges funded by public money. The ruling class must be held accountable."
Critiquing the current state of governance and wealth disparity, Hafiz Naeemur Rehman noted that a tiny global elite controls the wealth of the vast majority. 'Less than 20% of people control 80% of the world's resources. The interest-based system is the root of this exploitation,' he said, adding that the U.S. continues to exploit weaker nations under the guise of democracy while supporting monarchies when it suits its interests.
The JI chief emphasized the importance of mosques in Islamic societies, stating they should function as economic, judicial, and political centers. 'If mosques are revitalized in this manner, the burden on our judiciary will be significantly reduced,' he argued. However, he lamented that the ruling elite, which has maintained its grip on power for 76 years, would never enable such reforms.
Commenting on Pakistan's recent military success against India, he said that this victory has elevated Pakistan's stature globally. He urged the nation to use this momentum to achieve self-reliance and economic stability. 'We cannot compromise on our independence and sovereignty,' he asserted.
Addressing the issue of taxation, Hafiz Naeemur Rehman criticized the burden placed on the middle and lower-income groups. 'Even those earning Rs. 50,000 a month are being taxed. People earning Rs. 400,000 are taxed at 35%, leaving them with almost nothing. This is unjust.'
He also painted a grim picture of the education sector, citing that over 26 million children are out of school. 'Education has become a commodity. Around 100 million people live below the poverty line. The middle class is vanishing-how can a country run like this?' He also pointed out that qualified youth are leaving the country due to a lack of job opportunities, blaming flawed government policies.
The JI leader criticized the lavish spending by the ruling elite, contrasting it with their reluctance to reduce perks even when the IMF demands austerity. 'If our economy is struggling, why are civil servants and bureaucrats not reducing their privileges?' He disclosed that when the party engaged 27 IPPs in dialogue, solutions emerged, and if 100 such companies are consulted, electricity prices could be halved.
On education, he argued that making education free for all is achievable if the government makes it a priority. 'If Rs. 2 trillion were allocated, education could be made free. Currently, 80% of Pakistan's population is excluded from the education race due to high costs. No one knows where provincial education budgets are going.'
He criticized the Punjab government for handing public schools over to private entities and condemned the Sharif family for spending billions on self-promotion while ignoring national heroes like Dr. Abdul Qadeer Khan.
Other prominent economists also addressed the seminar, highlighting that 80-100 million Pakistanis live in poverty and that indirect taxation disproportionately affects the poor. They echoed the call for an Islamic economic model, claiming that it would end inflation and allow for the collection of up to Rs. 2 trillion annually in zakat.
In conclusion, Hafiz Naeemur Rehman reiterated that Islamic principles offer solutions to all societal problems and demanded a shift away from a corrupt and imperialist-driven system that has failed Pakistan for decades.