Islamic Revival

In May 2008 the price of oil reached an unprecedented $125 a barrel, Oil has continued to hit record levels since January 2008 as the price of Oil passed the $100 mark when a single trader in search of market fame pushed through a small trade. It has risen by 25% in the last four months and by nearly 400% in the last seven years. The importance the black stuff plays in the modern economy is so crucial that slight changes in prices can affect economies. Oil past and present It was British naval power that brought Oil to the international scene. In 1882, Oil had little commercial interest. The development of the internal combustion engine had not yet revolutionised world industry. It was Britain's Admiral Lord Fisher, who argued that Britain must convert its naval fleet from bulky coal-fired propulsion to the new oil fuel. With Germany on the verge of shifting the global balance of power by developing its own oil propelled ship from that point, oil conversion of the British fleet dic

The weakening US dollar is not a phenomenon restricted to its borders as its effects are being felt the world over. The fiat currency has insured that America will not suffer in isolation but rather ensure that its grip on power is firmly held in place. Allah (swt) has commanded that the Khilafah adopt the bimetallic standard. Only through the complete implementation of Islam will mankind be removed from the injustice and oppression of man-made systems. The sharp decline of the US dollar has been felt across the globe. Traders, unsure of the value of paper assets, are bidding up the price of commodities. The Associated Press recently reported that,”Huge price hikes have been caused by a weaker U.S. dollar and financial turmoil that saw investors stash money in commodities such as oil, which hit another record high Monday [April 28, 2008] of $119.93 per barrel.” With a recession looming and inflation on the rise, the US has exported its financial crisis beyond its borders to other count

The spate of food riots seen across the developing world in recent months lays bare the fragility of globalisation and is an indictment on the World Bank and IMF and their dogmatic free market liberalisation agenda. Several near term factors have combined to propel the price of grains including increasing food demand in industrialising China and Indian, droughts in Australia and Central Europe and perhaps more insidiously greedy market speculation as traders shift into food commodities and away from beleaguered equities due to the effects of the credit crunch in the West. The increasing use of ever greater amounts of vital land to grow bio-fuels to power apparently more environmentally friendly cars in the West has also contributed to tightening supplies. World Bank and the IMF chiefs have been quick to absolve responsibility citing many of the above issues as the causes for the food crises. The doubling in grain prices has made vital staple foods inaccessible for the billions living i