ccun.org, November 12, 2008

  
   Eventually, the West has observably, begun to think Qur'anically, in addressing the financial downturn, from which people suffer quite dearly. Now, we have begun to hear that, major Western governments seriously, consider both, tax and interest cuts.
 
   Typically, as usual, the West did not confess that, the taxing system, and the interests rate had been "devoured men's substance wrongfully" (Holy Qur'an, 4:16.) but, its representatives were lately, so close.
 
  
   Obviously, it has become clearer than any time before that, taxes, and banking interest rates, were fundamentally, responsible for the ongoing credit crisis, "O you believe, you shall not take riba, compounded over and over." This verse is a reference to accumulated interests banks usually, inflict upon people (i.e., taking advantage of the situation they are in), and people have no alternative but, to payoff. "Observe God that you may succeed" (Holy Qur"an, 3:130.)
 
   The West, whether at the Asian-European meeting (ASEM) in xinhua\China, during September, this year, or at Sao Paulo\Brazil, this week, or next week-end in Washington\U.S.A., were well ware of their catastrophic conduct of both taxing people, and imposing banking interests upon their necks.

They realized in China's and Brazil's conferences, and they would in leaders' conference of the G20 economies, in the week-end at Washington that, Allah's teaching in the Holy Qur'an is the salvage, and where the real reforms are,

 "Those who charge Riba (Usury) are in the same position as those controlled by the Devil's influence. This is because they claim that Riba (Usury) is the same as commerce. However, God permits commerce, and prohibits Riba. Thus, whoever heeds this commandment from her\his Lord, and refrains from Riba, she\he may keep her\his past earnings, and his judgment rests with God. As for those persist in Riba, they incur Hell, wherein they abide for ever" (Holy Qur'an, 2: 257.)

  "God condemns riba, and blesses charities. God dislikes every disbeliever, guilty. Lo! Those who believe and do good works and establish worship and pay the poor-due, their reward is with their Lord and there shall no fear come upon them neither shall they grieve. O you who believe, you shall observe God and refrain from all kinds of riba, if you are believers. If you do not, then expect a war from God and his messenger. But if you repent, you may keep your capitals, without inflicting injustice, or incurring injustice" (Holy Qur'an 2:120.)    
 
   The West, is intelligent enough to comprehend that, tax cuts for example, are essentially, necessary to salvage people's jobs. Lower paid and middle class employees in particular, were most hit by the credit crunch. One presumes, as do many that, both taxing people, and charging them with banking interests, are two faces of one coin, as through both practices, people's money is consumed illicitly, "And for practicing riba, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers, among them painful retribution" (Holy Qur'an 4:161.)   
  
   Some 'ridiculous' taxes such as, income tax, has already, been reformed in some Western countries. For instance, the U.K.'s government has started refunding 120 Sterling Pounds into people's income tax, as a result of the 10 pence tax dispute. Apparently, because of feeling the scale of the credit crunch on people, Western governments have looked into bringing down the cost of food in the supermarkets, along with lowering petrol prices.   
 
   Undoubtedly, these difficult times through which the West passés, are due to the Western 'fat cats' monopoly and greed. These 'fat cats' sadly, speaking are like dog's flees everywhere, within the government, and within the financial systems. There have always been mutual interests between both sides. Those 'fat cats' arguably, share more or less, the same interests, with those 'fat cats' within the governments.

The victims are of course, the people, because they who have to pay more taxes, and the interest (riba), to rich people under an umbrella of banks, or governments, "The riba that is practiced to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold" (Holy Qur'an 30: 39).
 
   Key Western governments face up difficulties with banks, when it comes to interest cuts. Many in Western governments fear that, interest cuts wouldn't be of help to people, "If the debtor is unable to pay, wait for a better time. If you give up the loan as a charity, it would be better for you, if you only knew" (Holy Qur'an 2:120.)     .
 
   Nevertheless, the size of the crisis is so huge upon people livelihood that, major Western governments consider now, even wiping off the V. A.T. (value added tax). This tax is so lucrative, and stupid. As a matter of fact, it's presumably, goes to the pockets of the 'fat cats'.
  
   These measures, and more ought to (if not must) be taken urgently, so people who are in the work force now, don't join the dole. However, it's still highly, controversial, how to fund tax cuts. Would it be funded through savings? Or else, via extra borrowing. Some economic analysts argue that, borrowing, could potentially, lead to higher interest rates, mortgage bills, and higher taxes. The matter seems to be extremely, problematic, in the West. However, the West, has to study Allah's rules within the Qur'an. They might learn something new, and helpful to them in such a huge-scaled credit crisis.

Professor, Dr. Ali Al-Hail, Professor of Mass Communication, Twice Fulbright

Award Winner, Fulbright Visiting Scholar, Vice-President Of Qatar Fulbright Group, CSR Award Judge and Board Member of AUSACE, ASC, IABD, NEBAA, BEA, IMDA and EAJMC American Associations.