The president of Cyprus might visit snow covered Brussels this Sunday for a meeting with government officials of Europe and International Monetary Fund (IMF) delegates on the major concern of the economic crisis for deciding whether Cyprus will be the first country to be allowed for adopting currency other than pound. The economy of this island is on the verge of collapsing.

There are possibilities that the Cypriot president Nicos Anastasiades will meet International Monetary Fund executive Christine Legarde, and the European Central Bank head Mario Draghi. Presidents of European council and European commissions, Herman Van Rompuy and Jose Manuel Barroso, are also expected to join this meeting after cancelling EU-Japan summit and returned to Brussels due to the emergency situation created in Cyprus.

Anastasiades would probably unveil novice suggestions to strike wealthy Cyprus banking traders that contain large levied amounts on their deposit funds so that it could help for earning one-third of the €17 billion rescue fund; the country is in stiff need to rescue it from the inevitable sellout. He proposed last week for minimizing the taxes by 10% to lure foreign investors of Russia and Britain of taking money out of the country. It is now being strained for doubling that to 20%.

Although the ventures of Cyprus are not that high, the European Central Bank has threatened to stop midterm funds and further piling up the financial sector of Cyprus unless a deal was presented which satisfied Island’s gradually raising creditors of the Euro zone that were led by Germany.

The largest economy of the Euro zone has found that Cyprus shrunk a widespread of the financial sector; that is estimated to be about eight times larger than the economy of this country.

Finance minister of Germany, Wolfgang Schäuble has said to a German Sunday paper that he would not allow himself to be blackmailed by anyone. He is aware of his responsibilities for stabilization of Europe.

There will be emergency meetings of finance ministers of the Euro zone at Eurogroup after Anastasiades’s meetings. He has accepted much bigger exclusion for rich depositors’ money. and concluded by saying that the persons having more than €100,000 in the bank of Cyprus will be levied 20% taxes, and same apply for depositors of other banks with 4% taxes.

This deal that was presented in parliament is still pending for its confirmations, after collectively rejecting the tax saver agreement. If the agreement between Cyprus and Eurogroup is settled then the parliament would be called urgently.

The EU’s economic affairs chief Olli Rehn has said “there are only hard choices are left”. Also, the European Central Bank policymaker Ewald Nowotny also specified that if the deal is not set before Monday’s deadline then there would be possibilities that the threats of ECB to cutoff the financial support would not set off general crisis across the Euro zone as Cyprus only accounts for 0.2% of Euro zone Gross Domestic Product (GDP). He also confirmed that the Austrian depositors’ money is completely safe, and their funds will never be compromised.

The rescue deal of Cyprus was distorted after lawmakers discarded proposals of including a tax of 6.75% on deposits below €100,000. Due to this cut of taxes the trust of public in Euro projects is breached as fund deposited under €100,000 were confined among the European Union. Banks of Cyprus have €68bn as deposits inclusive of €38bn that are present in accounts of depositors that are greater than €100,000. Officials of the IMF, the EU and ECB have said to the government of Cyprus that some pain of bailout should be carried by the depositors, or there is full risk of their savings being swabbed completely.

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The religion Islam has its own economic system that is quite different from the world economics because Islam tends to provide its own systems guiding the Muslims in every sphere of life. The basics of this Islamic economic system are laid down in the Quran and Sunnah (traditions) of Prophet Muhammad. These basics are not just available in theory but they have practical examples from the life of Prophet and his companions. The system given by Islam is just and it ensures maximum benefit to all people by prohibiting the concentration and extra accumulation of wealth by the people.

The major economic principle of Islam lies on the concept of prohibition of Riba (interest), whereas the modern world economy relies upon the value of interest. In such an interest based system, there is no share to protect the rights of the poor classes and the rich are allowed to gain a specific amount of interest on their money. Islam, on the other hand, provides alternatives for the interest based system, including the profit sharing, selling goods for a reasonable cost, hiring, renting and getting a small amount of profit between a stockholder and an entrepreneur.

Islamic economics intend to achieve moral growth, encouraging unity, social justice, just and impartial distribution, and transmission of capital and providing basic human necessities. Therefore, Islam promotes reasonable profit and restricts Riba (interest), “O you who believe! Fear Allah, and give up what remains of your demand for usury, if you are indeed believers.” (Surah Baqra 2:278) and the Muslims who continue to deal with interest are committing sin according to Islam and in a Hadith, it has been said that “Riba is of seventy different kinds, the least grave being equivalent to a man marrying his own mother”. (Ibn Majah, baihaqi)

The major aim of the Islamic economic system is to  bridge the gap between different economic classes and financial sectors of the society. Therefore, in order to ensure it, Islam has introduced the system of Zakat. This welfare system makes it  obligatory for every Muslim whose annual income is greater than the amount of 85 grams of gold to donate 2.5 percent of his wealth as contribution for the benefit of poor. This system of Zakat helps in solving the economic imbalance that exists in the modern society.

Moreover, the Islamic system of economics restricts the accumulation and keeping of luxury items and advises the Muslims to lead a simple life, not an extravagant one. It lies on the concept that every human being has the right to equal financial and social needs and these rights must be protected by the modern states. Similarly, the people who are disabled and poor and not in a condition to earn and work properly must be taken care of through the money generated by Zakat and Usher.

In today’s world, in most of the Muslim countries and the Western world, the prevalent system is the interest based capitalist system. The concept of Islamic banking has started emerging recently, which must be adopted and Riba must be completely avoided in order to ensure the prevalence of the Islamic economic system in the modern world.

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Tea party and anti-Muslim activists are taking aim at a recent hire by the administration of Gov. Bill Haslam, targeting one of its top economic development officers based on her religion and past work experience.

The Center for Security Policy, a Washington, D.C., organization that has frequently attacked Muslims for perceived ties to Islamist groups, and the 8th District Tea Party Coalition, an umbrella organization of West Tennessee tea party groups, have urged their members to pressure Haslam and Economic and Community Development Commissioner Bill Hagerty to dump Samar Ali, an attorney appointed last month as the department's new international director.

The groups depict Ali as an Islamic fundamentalist with close ties to President Barack Obama. The claims are spurious and ECD has no intention of firing Ali, said Clint Brewer, a department spokesman. "She's eminently qualified to do the job," Brewer said. "We are lucky to be able to have her."

The pressure campaign, which began last Thursday with a posting on a Center for Security Policy blog, does not appear to have been effective. Brewer said ECD has received fewer than two dozen emails and phone calls. David Smith, a spokesman for Haslam, said his office had received 18 emails and 13 calls, all of them before Tuesday.

The Center for Security Policy has frequently involved itself in Tennessee politics in recent years. Its head, Frank Gaffney, testified in litigation seeking to stop construction of a Rutherford County mosque. An attorney associated with the organization drafted legislation that would have let Tennessee officials label as terrorist any organization that follows Shariah, a loosely defined set of rules and religious laws.

Tea party and anti-Muslim activists have zeroed in on one aspect of Ali's resume: experience as a corporate lawyer in helping Muslim-owned companies structure deals so they fit Islam's ban on collecting interest and comply with other religious rules. In their calls to action, opponents portray her as working, now and in the past, with "financial jihadists" who "seek to embed Shariah law into America's financial system."

Ali's duties have nothing to do with Shariah law – or even finance – Brewer said. As international director, Ali oversees the department's TNTrade program, an effort to boost the state's exports. She also supervises the department's four branch offices, in Canada, China, Germany and Japan.

The Tennessean, 13 June 2012

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