According to Umer Latif author of the book,
"Decades of brain storming into intricacies led me to believe that
economic equilibrium blended with social justice can be mobilized,
harmonized and promoted by combination of fiscal and monetary policies
and pursuit on equitable basis. This will put requisite supportive
structure in place, accelerate positive and sustainable contributions
compatible by contribution of each on merit."
Quite vivid and exhaustive definition of money has
been that money is a matter of four functions — a medium of exchange,
a measure, a standard and a store of value. However, according to Umer,
these four functions could not define its functions well. Therefore, he
has added two more — unit of deferred payments and transferability of
ownership of assets. He also believes that in the real life the role of
money has not been fairly and equitably stretched to all the six
He says that money has gone far beyond and much
wayward, to the extent of making individuals salve. Chase for money has
been a contagious evil, extending from country to country and getting
globally widespread. Stretched distress-state of developing countries
has not been due to lack of their economic potentials or laggard
performance in growth gains but due to inequitable distribution of
Injection of additional currency and creation of
money more than the real growth of gross national product has led to
erosion in purchasing power of money internally. Similarly such currency
fails to hold its par value externally in its exchange parity. This
chronological follow up of such trend has been a persistent devaluation.
This trend has denuded developing countries of their material resources.
Devaluation has never been and would never click to be the remedy for
economic revival and progress is the proclamation of the author.
According to Umer, money is being mismanaged, so much
so that each individual, group, society, country, is dumped by it into
deep distress. Concurrent inflation and recession, named as
'stagflation' occur by dint of paper money floating freely, creating
complicated problems of debts, making massive transfer of resources from
poor to rich. Spread of violence and rebellions are the byproducts of
mismanagement of money.
The author in his previous book, 'New Treatise on
Taxation in Developing Countries' and the latest book has tried to
provide prescription for restructuring economies of developing
countries. Umer's approach and sequence has not been his own but
inspired from the everlasting source of guidance, Al-Qura'n. From
countrymen to global population, he has offered solution to myriad
fiscal and monetary intricacies, in simple spirit and true perspective.
Umer believes that peace dawns, springs and
flourishes by economic emancipation, education, and knowledge. For this,
equitable fiscal and taxation plus equitable monetary systems and
structures tend to be the meticulous and meritorious exponents. Other
tools are but taboos. The author has contemplated, rather completed
codes of integrating fiscal, taxation and monetary components, covering
entire economic spectrum in his two books.
Addressing the book launching ceremony Saifuddin
Zoomkawala, Managing Director, EFU General Insurance company, said,
"Like a thorough gentleman, but a tough critic, with quality of not
to spare and no compromise, he has lived on. His criticism has not been
against a person or institution but related to deeds and performance.
That has been a beauty, loved also by those criticized. His approach in
writing and speaking has been bold to the bitterness a virtue coming off
devotion to truth."
S. G. M. Badruddin, a veteran journalist in his
Editor's epigraph said, "The sense of happiness emanates not just
from sentiments. It arises from the firm recognition of the fact that
the book provides a fresh and undaunted view of our monetary system and
related issues, which is rare in our context. Spread over 18 plus
chapters, the book deals in considerable detail with money related
issues. The author has no doubt taken pains to provide relevant facts
and data as well as his analysis and interpretation of the subject
matter. The author has discussed several issues relating to the economy,
which have remained significant over the decades. A reference to them
appears relevant as the author does not conform to the traditional
approach and offers his own analysis and interpretation."
Much is being talked about Riba free banking and
economy that cannot be achieved in Umer's opinion without reforming the
monetary system and practices. The concept, Dr. Mufti Nizamuddin Shamzai
observed, is in perfect consonance that Imam Ghazali is his famous work
'Al-Ahyanul Uloom' underscored need and justification of holding
intrinsic value of currency intact.
According to Umer, "Well defined and coded in
form of studies has not been there, This dangerous deficiency has led to
degeneration of lofty values, which Islam upholds. An ideological state
stands fragmented and dumped into perpetual crises, both political and