In response to a recent friendly concern raised by Mr. Mohammad Fadeel of Egypt (Actuarist) is, the revolution of Egypt & some thoughts towards its socio-economic achievement for the interest of the country & its people is as follows:
(i) the process & the achievement was great & people of Egypt deserve enjoying prosperity & progress with dynamism.
(ii) Egypt is a country, which has the right to hold its pride with its uncompromised identity "Islamic Nation" ever since from the ancient history of Islam thus, no alternative, but only "Islamic" in its belief, system, operation & achievement.
(iii) The revolution opens up the opportunities for Egypt to clear its undesirable haze and march ahead with its new economic model besides socio-political & cultural orders by complying and respecting the Shari'ah principles while adapting the modern operational mechanisms to reform Egypt as an "Islamic Modern State" to wake up along with the Globalization.
To achieve the dynamic goal, the following avenues may be recommended in the master plan:
1. Increase Islamic Barter Trade (among G2G, B2B, G2B or B2G).
2. Implement Islamic Cooperative Micro-finance (on asset based with risk sharing) as opposed to Micro-credit (on debt based with risk transferring).
3. Creating an Enterprising & Entrepreneur based nation.
4. Increase issuance of SUKUK to help modern development of Egypt.
5. Develop Islamic Micro-credit (al-Rahnu) to enrich Entrepreneurs nationwide among all levels.
6. Develop sustainable Islamic MLM to fight the retrenchment while creating more job / income opportunities especially among the young generation / junior families / fresh graduand / low income group / unemployed.
7. All level of risks shall be minimized by appropriate Takaful operation.
8. Rating in all sectors (Government or Private, Commercial or otherwise) shall by by prioritying the public interest over corporate or otherwise interests.
I appreciate this. We hope for the better future of egypt under the islamic framework.
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