Opening Speech

<video src="https://htmedia.htcmo.info/HTAmeer/2009/AmeerHT03012009.mp4" controls="controls" width="810" height="499" type="video/mp4"></video>

All praise is due to Allah, and peace and blessings be upon the Messenger of Allah, and upon his family, companions, and those who follow him.

O esteemed audience:

Assalamu Alaikum Wa Rahmatullahi Wa Barakatuh (Peace, Mercy, and Blessings of Allah be upon you).

You have witnessed, and continue to witness, the global financial crisis, the flames of which erupted from the United States of America, then spread to affect other nations worldwide through the arms of Capitalism and the fragments of Globalization. No country, however small or distant, remained safe from the sparks of that crisis.

You have also witnessed, and continue to witness, the international approaches to resolving the crisis—whether those solutions came from individual states or were collectively discussed in summits, conferences, or unions, such as the European Union meetings, the G20 summit in Washington, the Lima summit, the Qatar conference... or others. These solutions were unable to resolve the crisis. At best, they only managed to alleviate its severity for days, or even mere hours or moments, before the crisis returned to its original course and ignited once more.

Esteemed audience:

He who reflects upon the ruling political class and economists in the major nations finds them divided into two teams regarding their handling of this crisis:

The first team closed its eyes to the corrupt foundations of Capitalism that produced this crisis. This team focused its treatments on the symptoms and did not seek to cure the foundations. They looked at the manifestations of the crisis: they saw financial institutions lacking liquidity, so they said, "Therefore, let us inject billions and billions to create liquidity for institutions." They saw that financial markets and investment had stagnated and frozen, so they said, "Therefore, we shall reduce the usurious interest (riba) on loans, encouraging borrowing and thus stimulating the market." They saw that stocks, bonds, and financial instruments had lost most of their value and crossed red lines, so they said, "Therefore, the state shall intervene and buy troubled assets and many of the stocks, bonds, and financial instruments..."

Thus, this team focused its treatments on the symptoms of the crisis, remaining willfully blind to the corrupt and failed foundations of Capitalism in dealing with the economic problem. They left those foundations intact, forgetting or choosing to forget that they were the very cause of the crisis. Consequently, their treatments have amounted to nothing more than temporary sedation and numbing. The crisis soon returns to its former state, sometimes intensifying beyond what it was before.

The state of this team is exactly like the man who saw slanting cracks in the walls of his house. He went and brought cement paste, smeared those cracks, and covered them, thinking he had solved the matter. Then he relaxed! After hours or moments, the cracks reopened. This was neither strange nor surprising, because the man had not addressed the cause of the cracks, which stemmed from weak and subsiding foundations.

Therefore, this team did not cure the cause of the crisis; the most it achieved was slight sedation...

As for the second team, they did not close their eyes to the corrupt and failed foundations of Capitalism in addressing the economic problem. Rather, they confined their thinking to two systems and no third: Communist Socialism, which failed and then collapsed, and Capitalism, which is staggering but has not yet collapsed. They saw that Capitalism, despite its corruption, is better than Communist Socialism. Therefore, they turned towards the critics of Capitalism's failure and its role in producing the crisis, asking: "What is the alternative?!" They see no alternative because they are confident that the answer won't be Communist Socialism, since they and their economists recognize only these two economic systems: Socialism, which has collapsed and fallen to the ground, and Capitalism, which is rapidly bending toward the ground but whose head has not yet hit it!

What is strange about this team is that they were ignorant of, or ignored, an ancient economic system whose roots are deeply entrenched in history—a system that endured on earth longer than any other economic system. Under its shade, people lived in abundance, security, and safety, enjoying a secure economic life free from crises for over thirteen centuries. During this time, people would search for a poor person to give what they deserved from Bayt ul-Mal al-Muslimeen (The Treasury of the Muslims), yet they would not find one. Today, conversely, the poor in the world's richest countries number in the millions because of the Socialist or Capitalist economic systems that have caused and continue to cause human misery.

What is strange about this team is that they were ignorant of, or ignored, this just Islamic Economic System which provided people with a secure economic life for centuries and centuries, free from hardship and exploitation...

This team remains confined to the idea that there are only two economic systems: either Socialism or Capitalism. This is their habit in any economic discussion. If they discuss the ownership of economic resources, they limit it to two types: either the state owns everything (State Ownership), or the private sector owns everything (Private Ownership), with no third option! Either the state owns industry, agriculture, and trade (Communist Socialism), or companies and individuals own industry, agriculture, and trade (Private Ownership, market freedom), with no state intervention in financial markets!

Had this team looked and reflected upon economic resources, they would have found that they differ from one another. Owning subterranean mines (metals, petroleum, gas) is not the same as owning a piece of land or a house... Owning petrochemical factories, energy plants of various types, or factories for destructive weapons is not the same as owning a spinning and weaving factory, iron bars for reinforcing building roofs, or a sweets factory... Owning trains and trolleybuses is not the same as owning cars...

Had this team taken an objective look at the Islamic Economic System, they would have found that in defining ownerships, it took into account the reality of the economic resource in terms of how it should be owned. Islam established three types of ownership:

1. Public Ownership (Milkiyah 'Aammah): The income of which is distributed to the Ummah (nation) after deducting costs. This relates to the ownership of mines, whether solid (like metals), liquid (like petroleum), or gaseous (like gas), and similar resources. All of this is Public Ownership; the state, individuals, or private companies are not permitted to own it. Rather, it is Public Ownership for the state's citizens, and its income is distributed to them in kind or as services after deducting costs...
2. State Ownership (Milkiyah Dawlah): The state disposes of its income to spend on its interests, such as the state investing in agriculture, industry, and trade that does not fall under Public Ownership, or spending it to restore balance in wealth circulation among the people, as detailed in the Islamic Economic System.
3. Private Ownership (Milkiyah Khaassah): This encompasses everything else, owned by companies and individuals in agriculture, industry, and trade that is neither Public Ownership nor State Ownership, as also detailed in the Islamic Economic System.

Islam has defined these ownerships with a precision that dazzles the minds with its accuracy and splendor. I will provide two examples of this precision and splendor:

The First Example: Transportation

Islam differentiated between transportation that runs on a track (like trains, or electric wires above ground, like tramways and trolleybuses...), and transportation that runs on a paved or similar road surface, such as regular cars and buses...

The first category permanently occupies a part of the public utility (the road), such as the railway which permanently occupies the ground beneath it, or the electric wire which permanently occupies a part of the road's space. Since the road is a public utility falling under Public Ownership, permanently occupying a part of it is not permissible for the state, individuals, or companies. It remains Public Ownership. Therefore, trains, tramways, trolleybuses, and the like must be Public Ownership, supervised by the state, which distributes their income to the citizens after deducting costs.

As for buses and cars, they run on roads that are not permanently reserved for them but are used by others for travel. Therefore, buses and cars can be owned by the state or by individuals; meaning they are permissible for the state, companies, and individuals.

The Second Example: Electricity

Electricity is used as a source of power to run factories (i.e., fuel for engines...) and also for illumination.

Regarding its use as fuel in factories, the term "fire" (An-Nar) in the noble Hadith applies: «الناس شركاء في ثلاث الماء والكلأ والنار» (People are partners in three: water, pastures, and fire). Fire, and what falls under its connotation—energy and fuel, whether from burning wood, coal, or electricity... all of this falls under Public Ownership. Neither the state nor individuals or companies are permitted to own the sources of electricity used as power to run factories. Rather, this is Public Ownership, supervised by the state, which distributes its income to the citizens after deducting costs.

However, the use of electricity for illumination is not included in Public Ownership; thus, the term "fire" does not cover it. Therefore, the state, individuals, or companies may own an electricity source specifically for illumination, such as owning a generator to light their private residence or private office, provided they do not extend their wires through public utilities, otherwise, it would become Public Ownership based on that consideration.

I suffice with these two examples to demonstrate the precision and splendor of Islam's definition of ownerships.

Despite the fact that this economic system is not merely philosophical theories in books, but was applied for the longest period known to history for the continuous existence of a single economic system, this team has nevertheless closed its eyes to it and has not researched it.

Thus, this team has also failed in treating the crisis because it confined its thinking to two failed man-made systems, and closed its eyes to the true Economic System. Its state is like that of one who has sight but does not see with it. If they opened their eyes, they would not ask about the alternative; they would find the alternative right before their eyes.

Esteemed audience:

Yes, O esteemed audience, the Islamic Economic System within the Khilafah State is the only system that provides people with a secure, just, and crisis-free economic life.

It is the System revealed by Allah, the Lord of the Worlds. He is the Creator, and He knows what is best for His creation: {أَلَا يَعْلَمُ مَنْ خَلَقَ وَهُوَ اللَّطِيفُ الْخَبِيرُ} (Does He who created not know? And He is the Subtle, the Acquainted.) Indeed, He knows, Glorified and Exalted is He.

I ask Allah, the Sublime, for success and prosperity for your conference, and that through it, you may see that the Islamic Economic System is truly the one that provides a secure, just, and crisis-free economic life.

Wa Assalamu Alaikum (And peace be upon you).