Deputy Chairman, BoG of Minhaj University Lahore and the renowned expert on economic affairs Prof Dr. Hussain Mohi-ud-Din Qadri has proposed the idea for the establishment of Muslim Common Waqf (MCW) with the mandate to help the Islamic countries out of the economic crises and support the financial crisis economies. He said that the poor and middle income Islamic countries are gradually losing their sovereignty due to the IMF’s strict conditionalities and high interest on the loans.
Throwing light on the details of the proposed initiative, Dr. Hussain Mohi-ud-Din Qadri said that there are hundreds of billionaires in the Islamic world who can be persuaded to deposit seed money. They can also be asked to deposit some portion of their profits or donate their assets for the creation of such a fund. He further proposed that the fund can be set up at the forum of the OIC as well and it can be further strengthened and expanded through different investments.
Prof Dr. Hussain Mohi-ud-Din Qadri said that the Ottoman Empire ensured its economic sovereignty, and stability for 700 years through this economic model. He said that humanity was served under the same model during the periods of the rightly guided Caliphs. He said that after Egypt, it is Pakistan that has looked towards the IMF for bailout packages every now and then, adding that the persisting economic vulnerabilities and the dire security challenges of these two Islamic countries are before everyone to see. He said that the concept of national security cannot be completed without ensuring economic security.
Deputy Chairman, Board of Governors, MUL, said that the idea of the brotherhood will be extended to the countries instead of the people under the proposed fund. He further said that the fund should not be confined to the provision of donations; rather it could also play a leading role in the building of infrastructure including the projects of public health and education in the Islamic world. He said that Muslim Common Waqf would be a chief instrument to promote and strengthen economic bonds and linkages between the Islamic countries. He said that the distinguished economic experts would also be co-opted to help the developing Islamic countries with technical advice.
Dr. Hussain Mohi-ud-Din Qadri said that Allah Almighty has blessed the Islamic world with enormous human, natural, and mineral resources. He said that despite the possession of these resources, it is humiliating to see poor Muslim countries extend a begging bowl to the IMF, adding that the bailouts have failed to deliver long-term solutions with the result that these countries’ economies are totally broken. He said that there are traders and investors with personal portfolios of billions of dollars individually, and their help can make Muslim Common Wafaq a pioneering initiative. He said that the economic model can be launched within the Islamic countries and at the time of need, it can become a part of the solution. He said that MCW can also be leveraged to deal with natural catastrophes such as climate change, floods, and earthquakes.
“Time has come that the Islamic world stops looking to others for support. They need to create interdependence and mutually beneficial arrangements and institutions to help each other,” he concluded.