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 Al -Khilafah PublicationsSuite 298

56 Gloucester RoadLondon SW7 4UB

e-mail: info@khilafah.com website: http:/ /www.khi la fah.com

The turbulence

of the Stock Markets:

Their causes & the Shari'ah rulepertaining to these causes

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 Al -Khilafah PublicationsSuite 298

56 Gloucester RoadLondon SW7 4UB

e-mail: info@khilafah.com website: http://www.khi la fah.com

1418AH / 1998CE

ISBN: 1 899574 301

Tr 

a

nslat

ion of the Qur’an

It should be perfectly clear that the Qur’an is only authentic in its originallanguage,Arabic. Since perfect translation of the Qur’an is impossible,wehave used the translation of the meaning of the Qur’an’ throughout the

book, as the result is only a crude meaning of the Arabic text.

Qur’anic Ayat  and transliterated words have been italicised in main part of the book.

Saying of the Messenger appear in bol

d

- subhanahu wa ta’ala - sallallahu ‘alaihi wa sallamRA - radhi allaho anha/anho

 AH - After HijrahCE - Common Era

I

n the last week of October 1997, the major stock marketssuffered a sharp fall in share prices. It started in Hong Kong,moved to Japan, then to Europe and then on to America.The

fall moved in succession, from one country to another at the startof the day in each country. The sharp drop was coupled with afrenzied panic from a possible repeat of October 1987,when theDow-Jones Index in New York dropped by 22% in one single day,or even worse, a possible repeat of what happened in 1929,whenthe collapse in the value of shares in America led to a major economic depression, which is referred to by historians as "The

Great Depression". This depression lasted for ten years andresulted in widespread poverty, starvation and misery. Thisdepression did not lift until Franklin Roosevelt decided that America should enter the 2nd World War and revitalise her economy through a huge military armament.

Prior to this latest crisis in Europe,a host of countries in South-East Asia, witnessed in the summer a decline in the exchange rate

of their local currencies coupled with a drop in the share pricesof their companies, and a near collapse of scores of banks andcompanies. This trend started in Thailand, then moved to thePhilippines, Malaysia and Indonesia; the crisis then mushroomedlike an epidemic to South Korea and Taiwan in North Asia until i treached the largest financial base of the West in Asia, which isHong Kong. Only then did the stock markets in the West realisethat the epidemic was serious, subsequently a collapse occurredin Europe and New York.

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 2 6    v  T h e T u r b u l e n ce o f t h e S t o c k M a r k e t s :

T h e i r c a u s e s & t h e S h a r i ' a h r u l e p e r t a i n i n g t o t h e s e c a u s e s

May Allah's mercy and peace be upon our Master the Messenger of Allah , his family, companions and those who follow them

 with goodness till the Day of Judgement.

 Hi  zb ut-Tahrir 

Rajab 1st 1418 AH, 16th November 1997 CE.