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Economic reforms of Hazrat Umar Farooq R.A are the need of time for developing countries like Pakistan

  Economic reforms of Hazrat Umar Farooq R.A are the need of time for developing countries like Pakistan   Who is ''Farooq The Great'' Hazrat Umar R.A is the second caliph of Islam from 634 to 644 AC and a great administrator.  Gandhi said about him that he was a leader of a vast empire(Arabian Peninsula) but lived simple life to cut the public expenditures by adopting a simple lifestyle. He was the influential king who trigger the economic revelation in Arabia and was worthy of the following but unfortunately, he is ignored by the intellectuals of the world. so it is the need of time for poor developing countries to follow his reforms to overcome the challenges which are faced by them.   Islam and welfare economics   It is not an exaggeration to say that Islamic teachings paved the way for welfare economics and introduced great reforms which are applicable to the present and future. Islam forced the state to give all basic rights and to provide basic needs to t...
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Understanding Current Inflation: Causes, Effects, and Implications for Consumers and Businesses in 2024

Understanding 0f Current Inflation: Causes, Effects, and Implications for Consumers and Businesses in 2024 Introduction Inflation is the constant rise in the price level of goods and services. It is a fundamental economic occurrence that influences everyone. The current flow in inflation rates across the globe has glimmered general concern and debate. Understanding the causes of current inflation, its effects, and the implications for consumers and businesses is crucial for directing this stimulating economic environment. Inflation not only affects the common man life but also affects the business and industry all over the world. So it is necessary to understand what inflation is and how it affects the economy. Understanding Current Inflation in 2024 Causes of Current Inflation Several features contribute to the existing inflationary pressures, each playing a exclusive role in driving up rates of goods. 1.   Supply Chain Disturbances The COVID-19 pandemic triggered signi...
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What is FATF and how does it add countries to the grey and black list? What about Pakistan?

 What is FATF and how does it add countries to the grey and black list? What about Pakistan? what is FATF The Financial Action Task Force is a decision-making institution. It deals with the issues of money laundering and virtual currencies. This body aimed to give protection to the security of the financial system at the international level. For this, it's one role is the war against terror financing. Greylisting is not as harmful to a country as much blacklist. FATF can influence economic activities by scrutinizing and keeping eye on their international level transections. So it can say that the blacklist is the "call for action" and the grey list is "monitoring by FATF". So it will decrease trade opportunities and has the disadvantage of a closed economy. The war against terror financing FATF is against the support of terrorists by money. For this reason in 2019, it blacklisted two countries Iran and North Korea. Twenty-three countries are on the grey list. Pa...
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