'' Our Lord ! grant us good in this world and good in the hereafter and save us from the torment of the Fire '' [Ameen]
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Rabbanaa aatinaa fid-dunyaa hasanatan wafil aakhirati hasanatan waqinaa 'athaaban-naar/-
(Surah Al-Baqarah ,verse 201)
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the world economy, and in the USA in particular, that had long since
been sending signals of its impending arrival. A number of experts
and analysts predict that this crisis could even dwarf the Great
Depression that began in the 1920 and continued throughout the
1930s.
However, in addition to its economic aspect, there is another side
to this crisis that is prompting various countries to take joint
decisions and implement precautionary measures. This crisis may be a
sign of important events due to take place in the next period of
world history. (Allah knows the truth.)
The hadith of our Prophet (saas) contain much detailed
information and many signs about the End Times that will take place
close to Doomsday. According to the information provided by our
Prophet (saas), a great many significant events will take place –
one after the other – in this period. The growth of corruption,
unlawful things being regarded as lawful, worldwide confusion and
chaos, the Iran-Iraq War and the invasion of Afghanistan are some of
these signs reported in the hadith and that have recently been
taking place.
The economic crisis that will take place at a specific time in the
End Times is, according to various accounts, a most significant
portent that will take place immediately before the return to Earth
of the Prophet 'Isa (as) and the coming of the blessed Mahdi and
the Dajjal. Indeed, the economic collapse that has been anticipated
for some time and that has affected the whole world economy,
starting from America in early October, shows that another portent
of the End Times we are living in has taken place. (Allah knows the
truth.)
As revealed in the hadith of our Prophet (saas), the worsening of
the global economic outlook is one of the portents of the End Times
that are currently taking place one after the other.
"What are they awaiting but for the Hour to come upon them suddenly?
Its Signs have already come. What good will their Reminder be to
them when it does arrive?" (Surah Muhammad, 18)
How Do the Hadith of Our Prophet (saas) State That the Economic
Outlook Will Worsen?
Economic problems are one of the most discussed issues today. A
great many people in the world are living at the poverty threshold
and many countries of the world could not survive without external
aid. But aid by itself is not enough, because the countries in
question face greater problems due to an inability to pay the
interest accruing from that aid.
There is an economic bottleneck in all countries today, from
the richest to the poorest, and unemployment is on the rise. On the
one hand there is great wealth, waste and squandering, and all
forms of degeneration resulting from this, while on the other hand
people come to blows over a crust of bread. Articles are always
being written and symposiums and meetings held on the subject, but
no permanent answer can be found; indeed, hunger and poverty are
increasing by the day.
The continuing collapse of global markets despite the precautionary
measures in central banks and rescue packages announced in various
regions of the world, from Frankfurt to Washington, and from Hong
Kong to London, caused a loss of more than $4 trillion in the
financial markets within one week. www.patronlardunyasi.com/
news_detail.php?id=51295
The crisis that began in the USA in October has not affected
that country alone; it has turned into a global crisis that has
rocked all the economic markets across the world, from Britain to
Germany and from France to Russia and the Far East. Poverty has
stopped being a problem of concern to only certain countries in the
world and has become a danger threatening societies in modern
countries, too. But this latest instability in the global economy
has a far greater importance than that of the economic. Some 1400
years ago, our Prophet (saas) revealed in the hadith that the
economy would be generally impaired during the End Times, and
described this as a portent that would take place before the coming
of the Prophet 'Isa (a.s.) and the Mahdi. The hadith say:
Before the Mahdi appears, trade and roads between nations will be
severed, and strife between people will grow. [i]
"Everyone complaining of low earning... The rich being respected for
their money..." [ii]
"The markets being stilled, a decrease in earnings..." [iii]
What Is the Main Reason for the Crisis in Countries' Economies?
The world has gone through several crises since that of 1929, in
which business lost 72% of its value, or 60% of volume. The last 20
years (1990-2008) in particular have seen major crises closely
connected to the economy today; the 1992 European crisis, the
Mexican crisis, the Asian crisis, the Russian and Brazilian crises,
the Argentinean crisis and the latest US crisis...
The factor triggering a crisis may differ from country to country,
and may be internal or external. For example, a significant change
in the domestic political balance, or an economic collapse in a
field such as real-estate or the banking sector, which previously
enjoyed an unlimited flow of capital, may trigger a crisis inside a
country. However, whether it be the latest U.S. crisis or the crises
in the economies of the other countries of the world, the
fundamental cause of all crises is moral degeneration.
Moral degeneration such as corruption , unequal distribution of
income, bribery, and people tending to – rather than production –
based revenue (the interest system, in other words) lies at the
heart of all such crises. These are all things forbidden by Allah.
People with no fear of Allah, who do not live according to His
commandments, have no hesitations about going down unlawful paths. In
a society that knows no moral bounds, that fails to admister
justice and that acts solely for the sake of its own interests, the
climate of confidence essential if the economy is to remain healthy
disappears.
Crises will naturally follow on one another's heels when there is no
climate of confidence. In addition, the post-crisis period bring
with it a time full of injustices. As with Argentina, which
suffered an economic crisis in 2001, mass protests on the streets,
acts of looting and pillaging and even the deaths of many people
are all fundamentally the result of moral deficiencies.
The true solution, therefore, lies in abiding by the moral values of
the Qur'an, which prohibits injustice, corruption and bribery and
instead commands people to help one another, to aid the poor and
orphaned, to give alms and to compete with one another in
performing good deeds.
Everything is under the control of Allah. Believers who know this
and have a sincere faith in Him submit to our Lord under all
circumstances, material and physical, in the awareness that they are
following their destinies. Allah has flawlessly created every detail
from the creation of the world right up to Doomsday. Everything,
including the latest economic crisis, is recorded in the book known
as the "Lawh al-Mahfuz" [the Tablet of Allah's Decrees]. Everything
has already happened in a single moment in the sight of Allah, Who
is unfettered by time and space. The timing and place of every
event has already been ordained, as set out in the verse, "
communication has its time, and you will certainly come to know ."
(Surat al-An'am, 67)
THE GLOBAL IMPACTS OF THE ECONOMIC CRISIS
* In the middle of September (2008) the 158-year-old Lehman
Brothers, America's fourth largest investment bank, filed for
bankruptcy as it was unable to weather the difficult conditions of
the economic crisis. [iv]
* Merrill Lynch, the world's largest investment bank, suffered
losses of around $46 billion because of the global crisis. As a
consequence of those losses, it was bought by Bank of America, the
second- largest US bank. [v]
* Following the collapse of investment banks, the USA's largest
savings bank, Washington Mutual, filed for bankruptcy at the end of
September (2008). This brought the number of banks folding in the
USA since the beginning of 2008 to 13. [vi]
* According to a report by the US Department of Employment, the
number of those losing their jobs in August stood at 73,000,
compared to 159,000 in September. This figure, the worst redundancy
level for the last 5 years, brought the total number of job losses
for the preceding 9 months to 760,000. [vii]
* Japan, the world's second-largest economy, has also been affected
by the global crisis. Yamato Life Insurance, an insurance company
dating back 98 years with debts totaling $2.7 billion, declared
bankruptcy in October 2008. [viii]
* Iceland, standing in third place on the United Nations' List of
Most Prosperous Countries, has been severely affected by the
economic crisis. The country was unable to meet its external debt,
and its three largest banks, with total debts of 44 billion euros,
were taken over. [ix] Long queues began forming in front of
Icelandic bank branches.
* A public opinion poll in Belgium showed that 57% of the public
were worried about their savings. [x]
* The Hertie retail chain, with 4,100 employees and 73 branches
across Germany, declared bankruptcy in July 2008. The finance
company affiliated to Hertie announced losses of 30 million euros.
[xi]
* XL, Britain's third largest tourism company with a fleet of 21
planes, went bankrupt in September 2008. British Airways also cited
the crisis as the reason for making 1,200 employees redundant. [xii]
Natural Disasters Also Point to the End Times
It is a statistical fact that there has been an increase in the
number and intensity of natural disasters in recent years.
Disasters caused by the climate changes over the last 10 years are
regarded as a turning point. It is very probable that the increasing
numbers of natural disasters such as earthquakes, hurricanes,
lightning strikes and floods are also portents of the End Times that
will take place, according to the hadith of our Prophet (saas)
near to Doomsday. (Allah knows best.)
Doomsday will not take place until 10 portents are seen. The tenth
is a storm that will hurl people into the sea... [xiii]
Doomsday will not happen until these events occur ... earthquakes
will increase... [xiv]
Doomsday will not happen until a fierce rain pours down that leaves
no house or home standing. [xv]
Lightning strikes will so multiply as Doomsday approaches that
people will say (to one another): "Who did it strike yesterday?" and
they will answer, "It struck so-and-so yesterday." [xvi]
Some of the natural disasters of the last 5 years:
* Various disasters have occurred in Asia and the Far East
throughout the course of history. Terrible destruction has been
caused by these, and vast numbers of people have lost their lives in
them. However, the worst of these was the tsunami that struck
South Asia on 26 December, 2004, costing the lives of more than
225,000 people.
* Hurricane Katrina that struck the US Gulf of Mexico in August 2005
wreaked terrible destruction in the region. The hurricane cost the
lives of 1,836 people and caused damage estimated at $81.2 billion,
making it the costliest natural disaster in American history.
* On 8 October, 2005, an earthquake measuring 7.6 on the Richter
scale struck 95 kilometers to the east of Islamabad in Pakistan,
costing 73,320 lives. A further 1,244 people lost their lives due to
the quake in the Indian region of Kashmir.
* In June and July 2007, 1,750 died due to monsoon flooding in
Afghanistan, China, India and Pakistan.
* The tropical storm Nargis that struck Myanmar in May 2008
resulted in the deaths or disappearance of more than 134,000 people.
Another 2.5 million people were left in need by the storm. [xvii]
* Sixty-five thousand people were killed, 23,000 disappeared,
360,000 were injured and 5 million left homeless in an earthquake
measuring 8.0 in China's Sichuan province. The earthquake also
caused damage totaling $9.6 billion in Sichuan alone.
The profound economic troubles caused by the interest system have
manifested themselves in many countries, and the peoples of those
countries are having to pay the heavy bill for them. Allah has made
the solution to these difficulties, caused by personal interests and
immoral earnings and that continue to plague many countries, quite
clear in the Qur'an. Allah has made the unfair consumption of assets
and wasteful use of existing resources unlawful, and forbids us to
regard other people as worthless and inflict troubles upon them for
the sake of our own interests. The solution to the problems in the
economy is for an efficient, just and entrepreneurial social system
in which everyone lives according to the moral values of the Qur'an.
As noted in this report, there are certainly very many apparent
causes for the recent economic crisis. But the important thing here
is that the dire state of the economy may be a portent of the End
Times revealed in the hadith. (Allah knows the truth.) Because as
with all events that take place in the world, it is Almighty Allah
Who created the conditions and causes of the economic crisis
happening today.
Some Hadith of our Prophet (saas) Regarding the Impairment of the
Economy in the End Times:
· Revenues will revolve around a few people, and those with limited
incomes will fall into hunger and trouble. [xviii]
· Everyone will complain of "being unable to earn and make ends meet." [xix]
· The poor will grow in number. [xx]
· "Hunger and high costs of living will spread to the fullest extent." [xxi]
· When trade and roads are severed and corruption multiplies... [xxii]
· Business becomes stagnant. Everyone will complain, "I cannot sell,
or buy or earn anything." [xxiii]
The great majority of Muslim countries both enjoy a geo-strategic
advantage and also possess valuable energy resources and natural
wealth, especially oil and natural gas.
Yet these resources and strategic advantages have not been properly
exploited for hundreds of years, and Islamic countries have been
unable to assume a leading role in the global economy, despite all
the means at their disposal. Yet as economists have recently noted,
this state of affairs is changing rapidly and the economic center of
power is shifting from the West to the East. By Allah's leave, the
21st century will see the strengthening of the economy in the
Islamic world and Islamic countries shaping the global economy.
Qur'anic Moral Values Are the Only Source of Social Justice and
Economic Stability
Since people who take the moral values of the Qur'an as their
guide, act out of a fear of Allah, they strive not only for their
own interests but for the interests and well-being of everyone.
Because unity, togetherness, mutual aid and solidarity are very
important in Islamic moral values. Nobody trespasses on anyone
else's rights, because Allah has forbidden such ugly behavior. No
bounds are transgressed. No system that exhibits the injustice of
atheism, that is based on self-interest, in which the strong oppress
the weak and in which people misappropriate what rightfully belongs
to others is possible in a society that lives by the moral values
of the Qur'an. There is no waste nor wasteful consumption of
resources in a society guided by the Qur'an. Thanks to solidarity
and justice, people's economic strength grows. A wealthy society
emerges. This is one of the clearest proofs of the Age of Happiness,
when people lived by Qur'anic moral values, and which is renowned
for its wealth and well-being.
It must not be forgotten that various temporary solutions to
poverty may be proposed. But the important thing is to believe that
the true solution, as with all problems, is to live by the moral
values of the Qur'an. Because the superior moral virtues revealed
in the Qur'an, such as feeding the poor and orphaned even though one
is in need oneself, never giving other people things one would not
want oneself, and helping others without making them feel a sense
of obligation, can only emerge when people fully live by Qur'anic
moral values. Allah has revealed in Surat an-Nur how materially
powerful people should behave:
Those of you possessing affluence and ample wealth should not make
oaths that they will not give to their relatives and the very poor
and those who have emigrated in the way of Allah.* They should
rather pardon and overlook. Would you not love Allah to forgive
you? Allah is Ever-Forgiving, Most Merciful. (Surat an-Nur, 22)
To What Is Social Justice Ascribed in the Risale-i Nur Collection ?
In his Risale-i Nur Collection , Bediuzzaman Said Nursi, one of the
greatest Islamic scholars of the 13th century (Hegira style), noted
that social problems such as economic injustice and huge financial
gulfs arise when two concepts prevail in society. The first is
selfishness, that disregards others' situations and says, " So what
if others die of hunger as long as I am full? " [xxiv] The second is
the mindset that thinks, " You labor so that I can rest; you work,
so that I can eat. " [xxv] These are the main causes underlying the
economic crisis today. Moral and economic collapse is inevitable in
societies in which people enjoy financial interest even though this
is forbidden in the Qur'an, in which they think only of themselves
because they fail to abide by the moral values of the Qur'an, in
which they feel no unease about hurting others for the sake of
their own interests and in which they have no qualms about
oppressing others and making use of their labor.
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