2 November 2008 – British Prime Minister Gordon Brown is currently visiting the Gulf asking oil-rich states to replenish the International Monetary Fund’s coffers and invest in British businesses as the country enters a recession. He said they had a responsibility to contribute “hundreds of billions” more to the IMF’s emergency bailout package “to lend to those countries at risk of financial collapse” and said he was keen on them investing in British business, following the example of Manchester City Football Club and Barclays Bank, which this week raised £5.8 billion from funds in Abu Dhabi and Qatar.
Commenting on Brown’s visit, Taji Mustafa, media representative of Hizb ut-Tahrir Britain said, “The gall of Brown and other western leaders is amazing. This crisis originated in the US sub-prime market and has been magnified by the casino of the derivatives market . As people in the West fundamentally question the banking and finance system that has brought this disaster and profits in the hands of rich financiers, it is extraordinary that these Arab regimes are now buying up and bailing out a failed product. They are throwing good money after bad, wasting Muslim oil resources on bailing out the gambling debts of western banks.”
“The system brought obscene private profits for some in the banking industry but losses are to be shared between the tax payer and the oil rich Gulf states. Yet, only last week we saw third-quarter profits of £6.4 billion at BP and £5 billion at Shell. Why doesn’t Brown demand a bail out from these companies?”
“Gulf states have not raised a finger to help poorer Muslim countries facing huge fuel and food price hikes preferring to buy foreign football Clubs and pump money into Barclays bank despite the massive losses of previous bailout investments from these Sovereign Wealth Funds.”
“All the talk of bringing ‘freedom and democracy’ to the Muslim world is on hold as oppression and dictatorship make for more reliable ‘bankers’ when it comes to bailing out disaster capitalism.”
“Saudi Arabia refused help to Pakistan forcing it to turn to the IMF who demand humiliating conditions such as curbing the size of the armed forces, and who will further cripple the country with high interest rates. Yet, the largest supporter of the IMF and the world’s largest debtor - the US - does not follow IMF dictates.”
“Now is a time for real vision from the Islamic world, that can only come from the establishment of the Islamic Khilafah state. The Muslim world needs the Islamic economic system, distinct from other systems. A system that will:
1. See oil as a public property and as such oil revenues need to be used to help the poor and hungry and not bail out banks, football clubs or finance the oppression of the IMF.2. A finance system that does not run on interest, and a currency backed by gold and silver such that people have real confidence in the system.3. A market that has clear rules of trade defined by the Shariah, not subject to manipulation, that facilitates free trading within these rules in a real economy - not a casino economy”
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