Constitution of the Caliphate State / Economic System

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Category: Economic System §123-169

The Constitution of the Caliphate State, Article163:Individuals are prevented from possessing laboratories producing materials that could harm the Ummah or the State, or materials that the Shari’ah forbade.

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Category: Economic System §123-169

The Constitution of the Caliphate State, Article 164:The State provides free healthcare for all, but it does not prevent the use of private medical care or the sale of medicine.

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Category: Economic System §123-169

The Constitution of the Caliphate State, Article 165: Development and investment by foreign funds within the State are forbidden. It is also prohibited to grant franchises to foreigners.

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Category: Economic System §123-169

The Constitution of the Caliphate State, Article 166: The State issues its own independent currency, and it is not permitted for it to be linked to any foreign currency.

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Category: Economic System §123-169

The Constitution of the Caliphate State, Article 167: The currency of the State is to be restricted to gold and silver, whether minted or not. No other form of currency for the State is permitted. The State can issue something as a substitute for gold or silver provided that the Bayt Al-Mal has the equivalent amount of gold and silver to cover the issued coinage. Thus, the State may issue coinage in its name from brass, bronze or paper notes and so on as long as it is covered completely by gold and silver.

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Category: Economic System §123-169

The Constitution of the Caliphate State,

Article 168: It is permissible to have exchange between the State currency and the currency of other states like the exchange between the State’s own coinages. It is permissible for the exchange rate between two currencies to differ provided the currencies are different from each other. However, such transactions must be undertaken in a hand-to-hand manner and constitute a direct transaction with no delay involved. The exchange rate can fluctuate without any restriction as long as it is between two different currencies. All citizens can buy whatever currency they require from within or outside the State, and they can purchase the required currency without obtaining prior permission or the like.

Development and investment by foreign funds within the State are forbidden. It is also prohibited to grant franchises to foreigners.

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Category: Economic System §123-169

The Constitution of the Caliphate State, Article 169: It is completely prohibited to open banks, and the only one permitted will be the State bank, and there are no transactions upon interest. This will be dealt with by a particular department of the Bayt Al-Mal. Financial loans will be undertaken in accordance with the rules of the Shari’ah and the financial and currency transactions will be facilitated.