Updated 23 Februrary 2009
“Shall I introduce to you a weapon which will protect you both from the evils of enemies and increase your sustenance? They said: Yes o Messenger of Allah. He said: Call your Lord day and night, for Dua is the weapon of a believer.” (Holy Prophet, saw)
With the world in an economic slump, financial struggles are prevalent in the homes and businesses of our community members across the world. Dismal news about the economy has everyone stressed. People are worried about their retirement savings, their mortgage payments, their credit card bills, their jobs, their banks and just about everything else.
Beginning in 2008, the global economy saw large declines in employment, as well as housing and manufacturing output. Whilst this trend is carried over into 2009, economists predict that the downturn has several more months to go before we may see some sort of recovery. Governments worldwide are generating strategies to kick-start the interdependent global economy. Insha’Allah, these efforts will create a steady path to economic recovery in the months and years ahead.
2008 ECONOMIC STATISTICS BY COUNTRY
| Country |
GDP Growth |
GDP (per capital) |
UNEMPLOYMENT |
| USA |
2.0% |
$46,000 |
4.6% |
| Canada |
2.5% |
$38,200 |
6.0% |
| United Kingdom |
2.9% |
$35,300 |
5.4% |
| Dubai |
8.5% |
$55,200 |
4.0% |
| Australia |
4.2% |
$37,500 |
4.7% |
| Africa - Kenya |
6.3% |
$1,600 |
40% (2001) |
| Africa - Tanzania |
6.9% |
$1,100 |
n/a |
| Africa - Uganda |
6.0% |
$1,100 |
n/a |
| India |
8.5% |
$2,700 |
7.2% |
| Pakistan |
6.3% |
$2,600 |
7.5% |
THE POWER OF DUA
The World Federation would like to take this opportunity to remind everyone that whilst the struggling economy is affecting each one of us in one way or the other, we must remember to have complete faith in Allah (swt) and remember him through Dua. For the Holy Prophet has said:
“Do not abhor God’s blessings nor ask for any things without giving it a thought. If affliction befalls sustenance and life of any one of you, do not ever ask for a change, since a change might lead to death or destruction. You should rather say: O God, by the position of Muhammad (saw) and his household, if there is a blessing in what has befallen me, make me patient and give me not only the power of forbearance, but make me pleased with it too. Yet if there is a blessing in something else, give that something to me. At any rate, make me pleased with Your decree, for praise is due only to you.”
COPING WITH THE ECONOMIC SLUMP
To help ride out the volatile market conditions, The World Federation offers the following recommendation:
- Take care of your self. Medical experts say the best way to cope with stress is to exercise, eat healthy and spend more time with family and friends.
- Chart out a plan. Identify those things that cause you financial stress. Consider ways you can decrease expenses and manage your money more efficiently. Even small changes like giving up your daily cup of gourmet coffee can help.
- Seek opportunities. Improve your future job potential. Learn a new skill, take a course through your employer or tap into free and low-cost job skill resources available in your community.
- Call in the pros. Seek help from a professional credit counsellor or financial planner if you feel like you're in over your head.
- Seek support. If you still feel overwhelmed, talk with members of your Jamaat Executive. Don't let yourself sink into depression. Everyone needs a little extra help some time.
- Volunteer. If you have free time, consider using some of it to volunteer to help those less fortunate in the community at large, and thus be a good citizen.
- Have faith. Don't ignore the power of prayer.
The President of The World Federation, Dr. Ahmed Hassam said: 'Our community members in all corners of the world are affected by the worldwide economic downturn. In particular, our community in the Middle East, Europe and in North America have seen problems by way of rising unemployment, reduced job security, higher prices and of course much greater instability. Africa and Asia too are not immuned and may also suffer considerably. Worldwide growth levels are forecasted to be lower in 2009 and even in 2010. We must continue as a community to invest in education, industry, entrepreneurship, and must also pray to Allah (swt) to help us in these endeavours.'
The Assistant Secretary General for Relief & Economic Development, Shan-E-Abbas Hassam explained how The World Federation can help: "The World Federation will be supporting the Regional Federations to encourage them to open dialogue on this issue with all our Jamaats. In addition, on our website we will be placing various suggestions for families to help them in these times. Let us pray to Allah (swt) to help all our community members worldwide whether they live in Africa, Asia, North America, Europe or any other part of this world, Ameen.'
Click here to view/download article “World Faces Deepening Crisis” featured in IMF Survey Magazine.
For further information please email relief@world-federation.org