Islam’s Response to the Global Economic Crisis
by Dr. Iftikhar Ahmad Ayyaz, Khuddam Event Bradford, UK. 13th February 2010
It is a great privilege and honour for me to be given this opportunity to address this meeting on a critically crucial subject such as ‘Islam’s Response to the Global Economic Crisis.’
I am fully aware that the topic I am here to expose is so wide and deep that trying to do justice to it within the time at my disposal would be like trying to contain an ocean in a cup.
Referring to the global situation, Douglas Alexander, U.K Secretary of State for International Development recently stated: “The global Community faces enormous challenges. The Economic Crisis, food security, climate change, energy insecurity, conflict, rising population – these are the challenges of unprecedented magnitude which affect us all, and in particular the world’s poorest and most vulnerable.
The global financial crisis has brought the most significant economic downturn for decades, which has devastated the developing world as 90 million more people are forced into poverty.
The billionaire Investor Warren Buffet, as the unprecedented worldwide financial crisis began to unfold commented: “If the U.S government does not act, we face an economic Pearl Harbour!”
The evaluation of the Credit Crunch in the same breath as Pearl Harbour is a frightening one. The attack on Pearl Harbour was one of the most visible and defining moments of US involvement in the Second World War.
On 7 December 1941, Japanese Imperial General Headquarters initiated the Battle of Pearl Harbour. An incredibly audacious unannounced military strike in which the Japanese navy attacked the United States naval base at Pearl Harbour.
The attack shattered a significant part of US capability and was close to defeating the USA. It was these massive losses and surprise nature of the attack that caused the US to rise and enter into World War II.
When we examine the results of the financial crisis we see that as with Pearl Harbour, the markets had been brought under surprise attack, as with Pearl Harbour none of the experts predicted it’s birth or its consequences and as with Pearl Harbour, it almost destroyed a significant part of the USA’s, and indeed, the world’s economic strength.