Islamic Economics Project

March 2026 issue (Vol 6, Issue 3) of Moral Reflections on Economics features

• “Fasting in Ramadan and UN Sustainable Development Goals” by Salman Ahmed Shaikh.

• “The Erosion of Value: A Macroeconomic Analysis of Inflation” by Ahmed Mohamed.

• Highlights of World Inequality Report 2026 by Muhammad Hammad.

• Book review of “Islamization of Human Sciences” by Prof. Mohd. Yusof Hussain.

• Research paper in focus on “Islamic Economics and Economics as a System of Power” by Dr. Adem Levent and Dr. Fahriye Afacan.

• Regular sections of reflections, market news, economic and financial indicators and call for papers.

Rate this:

Remembering Royal Prof. Syed Muhammad Naquib al-Attas

By Islamic Economics Project on March 9, 2026 • ( Leave a comment )

Prof. Dr. Naquib at Attas lived a prolific scholarly life which spanned almost a century. One of the pioneer figures in Islamisation, Decolonisation and Desecularization literature. He shared his profound thoughts in his books and public lectures. He provided deeply profound critique of contemporary philosophies of his time and how to respond by not copying rather than deconstructing, decolonising, desecularizing and embracing the ideals, values and principles of Islamic revealed knowledge as foundation. May Allah bless him for his tremendous contributions and mentoring generations of Muslims relentlessly, devotedly and wholeheartedly.

Rate this:

The Erosion of Value: A Macroeconomic Analysis of Inflation

By hammadiep on March 8, 2026 • ( Leave a comment )

Modern economies operate on fiat currency, which is legal tender not backed by a physical commodity like gold or silver but by the government that issued it. Because fiat money lacks intrinsic value, its primary distinction is not stability, but the varying velocity of its depreciation. To gain an objective understanding of value, economists often look to hard assets or a basket of goods (a representative sampling of consumer products).

Rate this:

Fasting in Ramadan and UN Sustainable Development Goals

By hammadiep on March 7, 2026 • ( Leave a comment )

Fasting in the month of Ramadan compels all individuals to practice self-restraint and control consistently for the entire month. It has the potential to share the emotional and physiological reality of what is it like to be not eating food. It builds thankfulness that at least by sunset, one can break the fast. But, it also compels one to think that what if one is hungry and not able to eat because of lack of affordability. This experience has the potential for bringing greater commitment in a person to share and to avoid waste. In the sayings of Prophet Muhammad (pbuh), it is encouraged to facilitate people in breaking the fast. The spirit of sharing the food is a trait to be practiced year-round.

Rate this:

Highlights of Al-Baraka Forum 2026

By hammadiep on February 13, 2026 • ( Leave a comment )

The AlBaraka Forum held the 6th AlBaraka Forum Regional Conference on 19 & 20 January 2026 at the Pearl Continental Hotel, Karachi, under the theme “Islamic Economy in the Digital Age: Innovation within the Framework of Compliance”. On this occasion, H.E. Mr. Yousef Hassan Khalawi, Secretary General of AlBaraka Forum for Islamic Economy, assured that Islamic finance now has the potential to be on the same stage as conventional banking, as both enter the digital age at the same moment, asking the question: “Will we follow the same trend for the last fifty years? No. From today, by entering this age, either you choose to be innovative, or again, you will be number two, always like before.”

Rate this:

Breaking Bad: How Health Shocks Prompt Crime

By hammadiep on February 12, 2026 • ( Leave a comment )

The study identifies two primary economic mechanisms: a loss of human capital leading to illegal revenue seeking and a decrease in survival probability which reduces the perceived long-term cost of punishment. While the paper is technically robust within its econometric framework, it operates within a strictly secular, rational-choice paradigm that fails to account for the metaphysical and moral dimensions of human behaviour during crisis.

Rate this:

Iqtisaduna (Our economics)

By hammadiep on February 10, 2026 • ( Leave a comment )

The book begins with an incisive academic criticism of dialectical materialism, the philosophical backbone of Marxist thought. Al-Sadr argues that history is an incredibly complex phenomenon that cannot be reduced to a single driving force, such as the economic factor or the means of production. He asserts that various other elements, including religious convictions, political structures, and social dynamics, play primary and often independent roles in shaping human destiny. He challenges the foundational logic of materialism by pointing out that it cannot explain the “first push” of the universe or human development without acknowledging a non-material or Divine cause. For al-Sadr, the materialist view is a narrow lens that fails to capture the multidimensional nature of human existence.

Rate this:

Highlights of Resisting the Rule of the Rich Report by Oxfam

By hammadiep on February 9, 2026 • ( Leave a comment )

The number of billionaires has surpassed 3,000, with their wealth reaching a record $18.3 trillion in November 2025, an 81% increase since March 2020. This concentration of wealth is exacerbating global inequality, with the 10 richest billionaires holding over $2.4 trillion. The super-rich are profiting from crises like trade tensions, wars, and climate change, while over 2 billion people face food insecurity. The richest 1% own 43.8% of global wealth, while the poorest half hold just 0.52%. This inequality is undermining democracy and perpetuating poverty.

Rate this:

Money and Inflation

By hammadiep on February 8, 2026 • ( Leave a comment )

We often hear the term ‘inflation’ to describe a general increase in prices, this rise is typically caused by one of two factors. First, it can occur due to a change in the purchasing power of what the money symbolizes, often triggered by a deliberate reduction in the quantity of wealth it represents. This is the essence of monetary manipulation. Second, prices may rise due to a fall in purchasing power without any change in the quantity of the money itself. For instance, if gold becomes naturally cheaper because of a new supply, an Islamic Dinar made of 4.25 grams of gold will naturally buy less.

Rate this:

Pricing Benchmark, Money Market Instruments and Monetary Policy

By hammadiep on February 7, 2026 • ( Leave a comment )

Islamic banks currently use the same interbank offered rate in pricing their products. By and large, they provide debt based financing rather than equity based modes of financing. Thus, the promise of egalitarian distribution and inclusivity remains unrealized in practice at the moment. From a more pragmatic view to achieve the promise of Islamic economics, it is important to transform the way Islamic banking and finance is conducted in the contemporary monetary system. One way to achieve that is to link the payoffs to the saving deficient and saving surplus units through real sector economic payoffs. This article gives a review of literature on this issue and the next section presents an alternate proposal to achieve the aim of having a distinct system of financial intermediation which is less reliant on debt based financing and which is closely aligned with the real sector of the economy.

Rate this:

Rate this:

Rate this:

Rate this:

Rate this:

Rate this:

Rate this:

Rate this:

Rate this:

Rate this:

Reflections on the Origins in the Post COVID-19 World

Islamic Economics Project

Islamic Economics and Finance Videos

Subscribe to Islamic Economics Letters

Follow Us