The Economic Terrorism: But No One is Terrified

The Economic Terrorism: But No One is Terrified

by Nisaar Y. Nadiadwala on Wednesday, April 27, 2011 at 11:38am

 Few years back a news paper headlines form Midday struck my eyes: Unable to repay loans,More than 5000 defaulters in New Mumbai.......We are observing a new system of slavery in today’s world. In this system people have willingly  sold their financial liberty to Banks, Financial institutions and money lenders. Indeed it is very sad to accept that most of the people’s financials liberty is held and controlled by various financial Institutions and banks through housing loans, personal loans, credit cards and what ever other loans they have taken.

   We are in an age where the economic system has a tremendous impact on our individual lives as well as on the whole society. Our choices, our tastes, our fashion, our food, our entertainment, our culture our national policies as well as international politics are influenced by conventional economic system.
The components of this economic system are banks, insurance, credit cards, as well as advertising and marketing world.

 So what’s wrong with this system?

   This system seems to be prosperity oriented but is it actually? In fact, scholars have already spoken vociferously against this economy stating that this financial system is creating more problems than solving. In fact we are seeing an emergence of slavery, as well as transformation of an entire civilization in to extravagant resulting in mass depression suicides, divorces, besides this, the  present economy strives on obscenity. Let us examine main hazards of this economy system.

  Mountainous loans

Whether it is the Indians, or Americans or Europeans, slavery is being revived almost globally. Individuals, local governments, as well as nations are burdened under mountainous debt. An average American has around 5,500 US$ as debt on his head, Great Britain itself has to pay around 2 trillion pounds to its creditors, this is worse than the economic condition during World War II.

   One of the Indian state Maharastra has 12 thousand crores of debt to be paid as per the budget of 2008, the budget said that around 13 % of the state’s income goes in Interest.

 How much loans are people taking?  In India housing loan is the biggest factor for domestic debt. In 1991, the total housing loan was 3,300 crore and in 2005 the total soared up to 1 lac 35 thousand crores. Besides this personal loans for marriage and other small business went up to 2 lac and 58 thousand crore.

   According to USA Today’s survey the greatest fear in US was not terrorism but the fear of running out of money during retirement. Today, the Americans are one of the most unsecured people in the world. Today due to economic meltdown, they have job insecurities which results in social insecurities leading to divorces, adultery, fornications, and domestic violence. This results in a hostile society where we receive news about people committing suicide or killing their whole families.

 The Moral of the story? Lets learn from the Qur'an itself :

Nor strain thine eyes in longing for the things We have given for enjoyment to parties of them the splendor of the life of this world through which We test them: but the provision of thy Lord is better and more enduring.  

(Surah Taha ch 20 verse 131)

Author: Nisaar Nadiadwala writes and speaks on Soico- educational issues from Islmaic view point. he can be reached at nisaar_yusuf@yahoo.com