Islamic Economics Project

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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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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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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Muhammad Nejatullah Siddiqi

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

The book discusses the vast contributions of Dr. Muhammad Nejatullah Siddiqi in disciplines like economics, finance, Islamization, Maqasid-e-Shar’iah and contemporary socio-political and economic issues. As one of the chief contributors in Islamic economics, Dr. Nejatullah Siddiqi firmly believed that Islamization, or the acquisition of knowledge, should not be pursued for the sake of gaining power and authority. Instead, the creation, acquisition, and utilization of knowledge are fundamentally intended for the betterment of humanity. Its goal is not the universal domination of Muslims, but rather the overall welfare of humanity as a whole.

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Key Highlights of Global Energy Review Report 2026

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

Infographic showing IEA's 2026 global energy outlook with trends in renewables, electricity demand, emissions, investment, and energy efficiency

Global energy demand grew 1.3% in 2025, slower than 2024’s 2% growth, driven by solar PV (meeting >25% of demand growth) and natural gas (17%). Low-emission sources contributed 60% of growth. Fossil fuel demand rose slower: coal +0.4%, oil +0.65 mb/d, gas +1%. China’s growth slowed to 1.7%, US demand accelerated >2%. CO₂ emissions rose 0.4% to a record 38 Gt, with weather and hydropower shortfalls pushing up emissions by 90 Mt. Advanced economies’ emissions rose 0.5%, while China’s fell 0.5% and India’s dropped for the first time in normal conditions. Solar PV surged 600 TWh, cutting coal generation. The energy transition continues, with renewables and nuclear exceeding global electricity growth.

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Mufti Taqi Usmani’s Fatwa on Cryptocurrency

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

This note does not seek to examine the various juristic definitions of māl. Rather, it argues that merely describing cryptocurrencies as digital numbers or ledger entries does not seem sufficient to exclude them from the category of māl. The same description applies to modern banking, electronic money, and numerous forms of intangible financial rights. In fact, what we call fiat currencies—such as the Pakistani Rupee or the US Dollar—have themselves largely become ledger entries. The balances held in bank accounts (including those of Islamic banks) are, in reality, digital records.

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Fiqh of Cryptos – Part 1 and Part 2

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

Islamic jurisprudence and cryptocurrency symbols with digital economy elements

The most common objection to crypto assets in Shar’iah discussions is not about risk. It is not about volatility either. It is more basic than that. The objection says there is no ‘thing’ here to judge in the first place. A crypto asset, based on this view, is not property that happens to be risky. It is not property at all. It does not exist. It is only an imaginary or a fictional number in a database, created by a computation. And numbers in a database are not wealth or assets (mal).
If this premise is correct, every later question is already settled. Is a crypto asset property (mal)? Does it carry financial or economic value (maliyyah) in the Shar’iah sense? Is it a form of wealth Shar’iah recognizes (mutaqawwam)? None of these questions need to be asked if the object itself does not exist. This series of articles explores these questions in depth.

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Moral Reflections on Economics, Vol 6, Issue 8

By Islamic Economics Project on August 5, 2026 • ( Leave a comment )

Geometric patterned light panel with blockchain network overlay next to open laptop showing data charts

August 2026 issue (Vol 6, Issue 8) of Moral Reflections on Economics features

• “Fiqh of Crypto” by Dr. Farrukh Habib, CEO Azka Capital, UK & Co-Founder Alif Technologies, Dubai.

• “Analysis of Fatwa on Crypto Currency” by Prof. Dr. Zahid Mughal.

• Highlights of World Energy Report 2026 by Muhammad Hammad.

• Book review of “Muhammad Nejatullah Siddiqi” edited by Muhammad Ahmadullah Siddiqi and Imtiaz Yusuf.

• Research paper in focus on “The Determinants of Donors’ Behaviour Toward Islamic Charities: A Phenomenological Inquiry” by Mohsin Ali, Yasir Aziz, Najeeb Zada, Fadillah Mansor.

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

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

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Bayt Al-Mal Revitalisation: A Transnational Framework for Islamic Economic Sovereignty

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

Bayt al-Mal treasury distributing resources

The authors identify a significant blind spot in modern Islamic economics, noting that contemporary Muslim jurists have historically ignored the concept of a universal, unconditional cash transfer. This silence stems from a long-standing academic preoccupation with targeted, faith-based wealth redistribution mechanisms like Zakāh and Sadaqah, which are structurally designed for selective poverty alleviation rather than serving as a baseline macroeconomic floor for every citizen regardless of financial status. By shifting the analytical lens toward the broader state obligation of ensuring collective welfare, the authors construct a fresh, normative framework that integrates UBI within an Islamic moral economy.

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Islam and the Economic Challenge

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

In his exhaustive deconstruction of capitalism, Chapra exposes what he terms the limits of capitalism and the logical flaws inherent in its foundational architecture. He explores the historical genesis of the market system, tracing its roots back to the Enlightenment worldview, which systematically unseated Christian scholastic moral constraints in favour of secularism, utilitarianism, and social Darwinism. The reason behind capitalism’s failure to actualize the socially-desired goals is the conflict between the goals of society and the worldview and strategy of capitalism. The goals were humanitarian, based on a moral foundation; the worldview and the strategy were social Darwinist.

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