Islamic Economics Project

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

• “Integrative Methodology of Islamic Economics: A Note” by Prof. Dr. Tariqullah Khan, CEO and Principal Economist, Ventureethica, Toronto, Canada.

• “Beyond Pork and Alcohol: What Halal Compliance Really Means in the Modern Era” by Dr. Nezir Khan.

• Highlights of IFSB Report 2026 by Muhammad Hammad.

• Book review of “The Great Escape” by Prof. Angus Deaton.

• Research paper in focus on “Assessing Universal Basic Income: An Islamic Historical and Maqāşidī Perspective” by Prof. Abdulazeem Abozaid and Saqib Hafiz Khateeb.

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

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Integrative Methodology of Islamic Economics: A Note

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

Book cover titled Integrative Methodology of Islamic Economics with icons for justice, ethical finance, sustainable development, poverty alleviation, and social welfare

The methodological contribution of Shaikh (2026) is to formulate, more sharply than most of the literature, the choice between an assimilative economics that prices the sacred and a distinctive economics that abandons the analytical, and to argue – on the strength of World Values Survey evidence of broadly shared moral and market attitudes – that the discipline should occupy neither pole but an integrative middle. That diagnosis is sound, and the integrative impulse is the correct one. Its limitation is structural rather than substantive: Shaikh (2026) integrates the scope of analysis while partitioning its method, housing market and beyond-market behaviour under one disciplinary roof but assigning each its own separate toolkit. The result is integration by segregation, a one- dimensional fork resolved by keeping the two domains apart, and the seam shows wherever a single decision carries mixed motives.

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Reply to the Second Rejoinder: Breaking the Trap of Debt, Inflation, Interest and Poverty

By Islamic Economics Project on May 15, 2026 • ( Leave a comment )

This is reply to the second rejoinder written by authors of the book “Breaking the Trap of Debt, Inflation, Interest and Poverty” while responding to the book review.

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Second Rejoinder: Breaking the Trap of Debt, Inflation, Interest and Poverty

By Islamic Economics Project on May 14, 2026 • ( Leave a comment )

The is second rejoinder to the book review of Breaking the Trap of Debt, Inflation, Interest and Poverty. Original review can be accessed at: https://islamiceconomicsproject.com/2026/05/08/breaking-the-trap-of-debt-inflation-interest-and-poverty/

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Reply to the Rejoinder: Breaking the Trap of Debt, Inflation, Interest and Poverty

By Islamic Economics Project on May 13, 2026 • ( Leave a comment )

It is encouraging to see the commitment of the authors to engage with criticism of their proposal. Such efforts to engage with critical issues of the economy and society are highly respectable and deserve appreciation. Some further clarifications are humbly provided in response to the rejoinder by the authors.

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Rejoinder on Review: Breaking the Trap of Debt, Inflation, Interest and Poverty

By Islamic Economics Project on May 12, 2026 • ( Leave a comment )

Rejoinder on the Book Review: Breaking the Trap of Debt, Inflation, Interest and Poverty. Original review can be seen at: https://islamiceconomicsproject.com/2026/05/08/breaking-the-trap-of-debt-inflation-interest-and-poverty/

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Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance

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

Book titled Islamic Finance Principles Practice and Innovation by Dr. Abdullah Al-Hassan with intricate gold and teal Islamic design

This research paper provides a theoretical reframing of the objectives underlying Islamic economics and finance. While Islamic finance is largely known for avoiding specific prohibitions—such as Riba (interest), Gharar (excessive ambiguity), and Maysir (gambling)—critics argue that it has become operationally identical to conventional finance. The author argues against this phenomenon of ‘Shariah arbitrage’, where the outward form is Islamic but the substance remains conventional.

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Breaking the Trap of Debt, Inflation, Interest and Poverty

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

The book by Qanit Khalilullah and Sohaib Umar offers a critique of the modern fractional-reserve banking system, arguing that it is the primary engine behind chronic economic instability, inflation, and wealth inequality. The authors propose a radical macroeconomic transition to a full-reserve banking model. This proposal is specifically tailored as a structural panacea for Pakistan’s crippling debt crisis, while simultaneously being framed as a genuine path to establishing a Shari’ah-compliant Islamic financial system.

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Key Highlights of the Global Trade Report

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

Infographic showing global trade highlights, regional export/import trends, sectoral growth, and future projections.

World merchandise trade grew 4.6% in 2025, beating the 2.4% forecast, as demand for AI-related goods offset tariff uncertainty and policy risks. Asia drove 71% of that growth, supported by resilient emerging-market demand, expansionary policies, and North American frontloading ahead of US “reciprocal” tariffs. Pre-conflict projections had 2026 merchandise trade growth slowing to 1.9% and global GDP at 2.8%. However, the Middle East conflict has curtailed Persian Gulf oil shipments, which account for 20% of global liquid petroleum use, pushing crude to ∼$90/barrel and LNG to ∼$16/MMBtu. If prices stay high, merchandise trade growth may drop to 1.4% and GDP to 2.5% in 2026.

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From Ontological to Epistemic–Institutional Halal

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

Conceptual graphic showing transition from ontological halal focusing on intrinsic nature, divine commands, and raw substances to epistemic-institutional halal involving knowledge, methods, verification, and institutional governance.

Contemporary halal certification represents a fundamental institutional transformation: the shift from an ontological framework in which permissibility is assessed directly against Islamic law to an epistemic-institutional regime in which halal status is constituted through institutional verification. This transformation is a necessary response to the informational conditions of modern economies, but it introduces structural risks—certifier-pay conflicts, interpretive fragmentation, and form-over-substance compliance—that the current institutional framework inadequately addresses.

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