The Levy System May Make The National Economic Recession | CENTRE FOR MANAGEMENT OF WAQF, ZAKAT AND ENDOWMENT (WAZAN)
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The Levy System May Make the National Economic Recession

          The country's banking system needs to increase risk-based investments and not only focus on generating product-based profits through debt or levy systems. According to lecturer, Professor Dr Mohd Nazari Ismail, a system that focuses on profits through debt can result in an economic recession thus affecting the cost of living of the community.

           This levy system give bad effects on the lives of an individual. Through this system, the cost of living will increase and cause the life of an individual to be more difficult. For example, Japan and the United States have been using this system until these two countries are facing a severe financial crisis.

            Additionally, young people also get the side effects where they find it is difficult to find jobs because some companies face financial and debt problems. Thus, these young people are only given contractual employment due to this problem. Therefore, young people unable to cope with this such situations. If this problem is not addressed as soon as possible, young people will probably live in a hassle-free environment.

            However, banks will continue to pursue this system as they will always accept customers who want to make loans and buy real estate. Hence, attitude must be changed especially for young people. In this case, young people do not need to own a real estate where they just need a comfortable place to stay by renting. Professor Dr Mohd Nazri Ismail said, "As in the United States, all residents only rent because they can not afford to buy a home. We do not want to wait for such situations to come first before we are realize it."

            This system are difficult to change because of the attitude of the young people today. Young people always follow their own need and desires to have something luxurious like  luxury cars and homes. To overcome these problems, we need to convince young people in order to avoid getting caught up in debt problems by making a bank loan to buy real estate. Young people need to use money wisely and invest in business activities.

            The book "Till Debt Do Us Part" published by Professor Dr Mohd Nazri Ismail, could be used as a reference to learn more about the levy system. The book also reviews the history of the financial industry, especially the debt-based financial system since the 15th century. The existence of this system repeatedly proves political and social conflicts apart from the economy. In conclusion, this system can be changed if the attitude and lifestyle of the young people change.

 

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Date of Input: 02/11/2018 | Updated: 02/11/2018 | m.jazmi

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