Demanding the Issuance of the Gold Pound is a Failed Attempt in a Corrupt Capitalist System
Academic analyst Dr. Lؤay Abdul Moneim called for the necessity of taking decisive steps to strengthen the Sudanese economy by introducing the "Savings Gold Pound" as a banking tool aimed at reducing gold smuggling and dollar speculation.
Abdul Moneim confirmed in special statements to Al-Sudani newspaper on September 8, 2025, that this banking product should be limited to circulation within banks in the first stage with the aim of enhancing banking liquidity to finance economic development projects. He explained that this step will contribute to reducing reliance on the dollar in the parallel market, which enhances the monetary value of the Sudanese pound and increases gold reserves in the Central Bank.
Abdul Moneim pointed to the importance of the state entering into direct production instead of being satisfied with limited levies, explaining that this trend will achieve greater benefit from natural resources, especially in the gold sector. In this context, he called for reliance on the "BOT" system in concession contracts, reducing their duration to 8 to 10 years, and reducing the number of registered companies by setting a minimum investment of between 150 and 200 million dollars, depending on the location and area of the concession.
Abdul Moneim concluded that these measures, if implemented in an integrated manner, will contribute to stabilizing the national currency, strengthening monetary reserves, and achieving sustainable economic development in light of the current challenges facing Sudan.
This is how economists who have studied the capitalist system in universities and higher institutes think, and they build their ambitions and the ambitions of the nation on a capitalist basis whose fragile structure has been eaten away by decay, and they mix some of the rulings of Islam in the Islamic economic system, thinking that they are doing good!
What the doctor presented from a vision that mixed the monetary system in the capitalist system, "the pound," by making its base gold, with a banking system based on the capitalist corporate system based on usury and the dollar not covered by gold or silver, this prescription that the doctor thought of does not fit with the capitalist system, which US President Nixon abolished the gold and silver standard in 1971 in what was called the Bretton Woods Agreement, and decoupled the gold and silver standard and the dollar, announcing a new era based on the dollar supported by legal value, not real value represented in the metals gold and silver, so the dollar became dominant in all global financial transactions and all global currencies are measured on the basis of the dollar, so any thinking outside the box of the capitalist economic system in the presence of fragile cartoon national states to form a mixed, hermaphrodite economic system, will not succeed and will not be upright under the American hegemony over a global economic system built on capitalism.
The doctor wants to come up with an economic mix far from the rulings of Islam and at the same time wants to rebel against the global system of American hegemony, to work to dry up the dollar from the region! Such a mentality is far from political awareness and from the hidden dimension of the dollar's hegemony and America's absolute control. Such recipes will not succeed; they are just wishes, dreams, and tickling of emotions, and mere statements and analyses that end up being just throwing dust in the eyes.
Then, the BOT system is the destroyer of the doctor's recipe, and it has dangerous dimensions that lead to weakening the state's capabilities in managing people's affairs. BOT in Arabic means "transfer, operation, and construction," i.e., transferring public ownership to private ownership, so that an investor from the private sector, after being granted a license from a competent government authority, builds or constructs a project, an infrastructure such as building a power plant or building an airport, on the condition that he operates and manages it after the completion process, with a specific concession that may last from 30 to 40 years, and during this period he operates the project and obtains the costs and profits through the fees and revenues paid by the users of the project. After the expiration of the concession period, the project with all its elements is transferred to the government agency or the state.
This is the BOT system, which is the same as the privatization that took place in the country at the beginning of the millennium, and led to the dismissal of thousands of employees and workers, and also led to weakening the structure of the state and disavowing its basic responsibilities. The case of Sudan Railways is just a witness to the danger of this idea. This important transport sector deteriorated after the BOT system was applied to it, and other projects such as river and sea transport, airports, and electricity in Sudan, whether they were public or state-owned, the state collapsed and became flabby and crowded with investors who only look at their profits away from taking care of people's affairs. Even more dangerous than that, the BOT idea opens the door wide for major transnational corporations to plunder the country in the name of improving infrastructure, so taxes and levies on people are multiplied and they lose the service due to them by the state. All of that in the name of the capitalist system whose stench has offended noses.
Senior academics and graduates of universities and higher institutes have continued to resort to this system without understanding its reality and its major evils. Sound thinking that leads to good results and makes people happy and gets them out of the greed of global money sharks is nothing but great Islam with its rulings in economics. Therefore, I call upon all economic experts and academics to read the book "The Economic System in Islam" by the author, the scholar Sheikh Taqi al-Din al-Nabhani, may God have mercy on him. It is available in the electronic library, and there are good highlights from this book, a simple summary of which is:
Great Islam built its economic system on a solid foundation from a wise and knowing being about the conditions of people and their livelihoods in satisfying their basic needs of food, drink, and housing, and defined the economic problem from a deep angle, where it said that poverty is the poverty of individuals, not the poverty of the state, and that the economic problem lies in the distribution of wealth, not in its collection and production, and that a person has basic needs that must be known and satisfied for every individual in society; so the economic system in Islam separated between luxury needs and basic needs, then Islam separated in ownerships and defined them and said that there is public ownership, state ownership, and individual ownership. Then Islam made the control of the movement of exchange in goods and services and to control their values, Islam made gold and silver its base as money, not gold and silver as a commodity.
The doctor realized, based on thinking far from the Islamic vision, that the origin of gold is to be money, and this is a good angle in research, but the danger is in linking gold to the pound and to the capitalist system, and this is a legal violation, for gold is linked legally to the dinar as the Prophet ﷺ did. He made gold the basic foundation in building the economy, which is the cornerstone in Islam. When Islam made gold the basic foundation in the exchange process and a measure of the value of things and services, because God is the one who made this precious metal money and did not make it a commodity, as evidenced by the verse ﴿And those who hoard gold and silver and do not spend it in the cause of Allah - give them tidings of a painful punishment﴾. Hoarding is in money, not in goods, because goods are related to storage, not hoarding. Then the Messenger of Allah ﷺ made gold and silver the official currency in his state. With this great principle, Islam established a solid standard system with which it fought the phenomenon of inflation and stabilized prices so that it made them range between a slight price instead of the state of price runaway and the state of stagnation, which is a phenomenon in the capitalist economic system, and Islam also treated the recession in the process of weakening the purchasing power of the individual, so that Islam looked to enabling the individual and the group to satisfy their basic needs by the state bearing the greater burden in providing services of electricity, water, medical care, and free education for the members of the flock, which raises the ability of individuals to satisfy their basic needs because the state has torn up a number of bills that weigh on his back, so what he collects from money he spends on his food, drink, housing, and other luxury needs.
These are snippets here and there from the philosophy of the economic system in Islam. Islam has not left any detail from broad outlines and contains minute details that help whoever wants to save this nation and the world from the destruction of the capitalist system that puts poison in the fat, and from the tunnel of mixing the concepts of the corrupt capitalist economic system with the system of economics in Islam. Such a proposal only leads to increasing the life of falsehood and does not destroy it, and at the same time leads to distorting the truth and corrupting people's tolerant nature to understand great Islam.
Written for the Central Media Office of Hizb ut-Tahrir
Sheikh Muhammad Al-Samani - Sudan Province