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Jamaat-e-Islami’s head Sirajul Haq calls for Riba-Free budget

Jamaat-e-Islami urges Government to uphold commitment to interest-free economy

Lahore, 9 June, 2023 (GNP): Jamaat-e-Islami’s head Sirajul Haq has urged the government to deliver on its commitment to create an interest-free economy by announcing a Riba-free budget.

Addressing a pre-budget seminar, Haq emphasized that the people of the nation were disheartened and skeptical, expecting no relief from the current administration.

Highlighting concerns, Haq stated that the budget document had been finalized following the directives of the International Monetary Fund (IMF), disregarding valuable input from local experts, industrialists, traders, and labor and farmer organizations.

He urged the government to increase the minimum wage to Rs 40,000, implement an earnings tax, and eliminate indirect taxation systems. Haq stressed the importance of interest-free micro-financing for the youth, which he considered a pressing need.

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Moreover, Haq emphasized the need to provide support to small farmers, impose taxes on feudal lords, and ensure that banks grant loans to small and medium-sized industries.

He assessed the current system where the industry’s contribution to the Gross Domestic Product (GDP) was 20 percent, yet it accounted for 70 percent of the tax revenue, labeling it unfair.

Haq suggested that by gaining the trust of overseas Pakistanis, remittances could be boosted to reach an annual total of US $40 billion. He identified corruption, unequal resource distribution, and non-developmental expenses as the root problems plaguing the national economy.

Haq questioned the government for its inability to effectively address these issues and stressed the importance of good governance and resource management.

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Furthermore, he also called for the government’s focus on developing the IT industry and adopting a progressive approach to fix the economy, rather than blindly following outdated approaches and IMF directives.

He expressed his dissatisfaction with the repeated claims of the country being in deep trouble while the poor continued to face difficulties, and the ruling elite enjoyed opulence.