Islamic Economics Project

Illustration reading “Is a Crypto Asset Mal?” with “Classical Economics,” “Digital Innovation,” “MAL! Unsubstantiated Value,” “New Asset Class! Part of the Future,” “Crypto Asset,” and “Two Schools, One Answer – Part 4.”

This paper does not re-argue either view. Part 2 showed that crypto assets, in general, are mal under the Maliki, Shafi’i, and Hanbali schools, referred to together as the Jumhur. [1] Part 3 showed the same conclusion under the Hanafi school, reached through a different structure. [2] This paper places the two findings side by side and asks one question: does the difference in structure change anything in practice? As a quick recap, the Jumhur include permissibility of benefit directly into the definition of mal, so asking whether something is mal already includes asking whether it is lawful (halal). The Hanafi school splits this into two separate steps instead. First, is it mal at all using it as a general term. Second, is it a valid or valuable asset in Shari’ah (mal mutaqawwam).

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Is a Crypto Asset Mal? The Hanafi View – Part 3

By hammadiep on October 3, 2026 • ( Leave a comment )

In Hanafi school, saying something is not mal at all is different from saying, it is mal but unlawful. The first claim removes the thing from the law of wealth completely. The second keeps it inside that law and then restricts it. This part deals only with the first question, whether a crypto asset is mal at all. The second question, whether it is also lawful or not, is addressed in the later articles of this series.

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Moral Reflections on Economics, Vol 6, Issue 10

By Islamic Economics Project on October 2, 2026 • ( Leave a comment )

October 2026 issue (Vol 6, Issue 10) of Moral Reflections on Economics features

• “Concept of Mal in Jumhur and Hanafi School” by Dr. Farrukh Habib, CEO Azka Capital, UK & Co-Founder Alif Technologies, Dubai.

• “Islamic Finance and Blue Sukuk Can Unlock Pakistan’s Maritime Century: Financing the Blue Frontier” by Naufil Shahrukh, Co-founder, Maritime Study Forum, Senior Consultant-Researcher, AAOIFI.

• “Rethinking Modern Money” by Azah Atikah Anwar Batcha, Research Scholar, UiTM, Malaysia.

• Highlights of Social Protection Report 2026 by Muhammad Hammad.

• Book review of “The Qur’anic Worldview” edited by Dr. Abdul Hamid Abu Sulayman.

• Research paper in focus on “Entrepreneurship from an Islamic Perspective” by Dr. Abdelkader Chachi and Prof. Kemal Hattab.

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

Download at: https://islamiceconomicsproject.com/periodicals/

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Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform

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

Prof. Zaman’s paper, ‘Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform’ argues that contemporary monetary reform remains incomplete because it concentrates on technical solutions – such as macro prudential regulation, institutional safeguards, and regulatory redesign – while insufficiently addressing justice and public welfare. He observes that Islamic finance has developed relatively sophisticated mechanisms for micro-level Shari’ah compliance but still lacks comparable institutional capability for governing systemic outcomes in accordance with the public interest. The paper therefore reframes monetary reform as a problem not only of technical design but also of moral governance.

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Kalam and Its Relevance in Muslim Scholarship of Religion

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

The book addresses a central methodological tension in religious studies: the demand for epoché, or the suspension of personal belief. Prof. Haslina Ibrahim argues that ‘value-free’ neutrality leads to methodological sterility. Asking scholars to detach from their worldview strips inquiry of purpose; instead, the Kalam tradition treats theological commitment as a foundation for rigorous rational inquiry, compelling scholars to actively evaluate truth (haqq) and falsehood (batil) rather than remaining passively neutral.

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Key Highlights of the Global Housing Crisis

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

Article illustration of the global housing crisis: key highlights. Rising housing costs and unaffordability—costs skyrocket, incomes stagnate; shortage of affordable supply—construction lagging behind demand; high demand and urbanization—population growth and rural-urban migration; speculation and financialization—real estate investment and speculation; homelessness and overcrowding—increased homelessness and poor living conditions; impact of evictions—evictions and housing instability; policy and global response—policy solutions and international cooperation. Labels: Crisis, Global.

The global housing affordability crisis has worsened significantly over the past two decades, driven by supply shortages that expanded from 251 million units in 2010 to 288 million in 2023 alongside global price-to-income ratios jumping from 9.5 to 11.7. This escalation is fuelled by rapid urbanization, soaring construction costs, and speculative financial investment, leaving 44% of global renters spending over 30% of their income on housing. The burden falls heavily on vulnerable groups—such as youth, migrants, and low-income households—widening intergenerational wealth gaps and triggering widespread tenure insecurity and displacement anxiety.

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The Late Dr. Muhammad Umar Chapra

By hammadiep on September 6, 2026 • ( Leave a comment )

Dr. Muhammad Umar Chapra (February 1, 1933 – June 13, 2026) was a prominent economist, researcher, professor, and intellectual. During his student days, he was associated with Islami Jamiat-e-Talaba Karachi, and thereafter, throughout his life, he remained actively engaged in the field of knowledge and scholarship as a servant of Islam. As an author of numerous scholarly books and a creative thinker in Islamic economics, he left an indelible mark.

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Is a Crypto Asset Mal? The Hanafi View – Part 3

By hammadiep on September 5, 2026 • ( Leave a comment )

Part 2 of this series asked whether crypto assets are property (mal) under the Maliki, Shafi’i, and Hanbali schools. The answer, at the level of the asset class, was yes. But that left one question open: whether specific crypto assets are actually lawful in Shari’ah. That question was deferred, and this series takes it up later, alongside the Hanafi school’s own version of the same question. This part asks whether crypto assets are mal under the Hanafi school, and it needs a part of its own, because the Hanafi school does not approach the question the same way.

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Moral Reflections on Economics, Vol 6, Issue 9

By Islamic Economics Project on September 4, 2026 • ( Leave a comment )

September 2026 issue (Vol 6, Issue 9) of Moral Reflections on Economics features

• “Concept of Mal in Hanafi School” by Dr. Farrukh Habib, CEO Azka Capital, UK & Co-Founder Alif Technologies, Dubai.

• “Remembering Dr. Umar Chapra” by H. A. Raquib.

• Highlights of World Housing Report 2026 by Muhammad Hammad.

• Book review of “Kalam and Its Relevance” edited by Prof. Haslina Ibrahim.

• Research paper in focus on “Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform ” by Prof. Asad Zaman, reviewed by Prof. Tariqullah Khan.

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

Download at: https://islamiceconomicsproject.com/periodicals/

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The Determinants of Donors’ Behaviour Toward Islamic Charities: A Phenomenological Inquiry

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

Book cover titled Islamic Charity Research: Mapping the Pathways of Giving edited by Amina Khan and Omar Farooq

This paper investigates the underlying psychological and practical factors that motivate Muslims to pay their mandatory religious alms to specific Charity Organizations (COs) in Pakistan. Moving away from traditional quantitative approaches, the authors employ a qualitative phenomenological design, utilizing in-depth interviews with 16 participants from diverse urban and rural backgrounds.

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