Islamic Economics Project

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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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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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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Key Highlights of the World Health Statistics Report 2026

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

2026 world health statistics report key highlights including health trends, disease burden, health systems, emerging threats, and data collection.

The 2026 edition consists of three chapters: Chapter 1 reviews the status of the health-related indicators of the Sustainable Development Goals (SDGs), covering age- and cause-specific mortality, infectious diseases, risk factors for health, and universal health coverage (UHC) and health systems. Chapter 2 presents an in-depth analysis of global and regional estimates of excess mortality associated with the coronavirus disease 2019 (COVID-19) pandemic, life expectancy and healthy life expectancy (HALE). Chapter 3 assesses the availability and quality of country cause-of-death registration as reported to the WHO mortality database. This chapter also presents selected country experiences demonstrating how strengthening civil registration and vital statistics (CRVS) systems improves the quality, completeness and use of mortality data.

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Conscience as Sensor

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

Illustrated human heart with glowing circuits and flowing streams

A sensor is a device that detects changes in its environment and sends information about those changes to another device or system. A sensor is like a sense organ — just as your skin feels heat or cold, a sensor feels or senses things like temperature, light, movement, sound, or pressure.

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Remembering Dr. Umer Chapra

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

Dr. Umer Chapra was born on February 1, 1933, in Bombay, British India. Chapra’s family moved to Karachi following the 1947 partition. Despite early financial hardships after his father passed away when Chapra was only six, his mother prioritized his education. This investment paved the way for an extraordinary academic trajectory. He attended the University of Karachi, topping his class to earn a Bachelor of Commerce (B. Com) in 1954, followed by a Master of Commerce (M. Com) in 1956. In 1950, out of 25,000 students who sat for the high school leaving examinations in Karachi, Chapra topped the list, earning the prestigious Model Student title.

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Moral Reflections on Economics, Vol 6, Issue 7

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

July 2026 issue (Vol 6, Issue 7) of Moral Reflections on Economics features

• “Remembering Dr. Umer Chapra” by Dr. Salman Ahmed Shaikh.

• “Conscience: A Sensor” by Dr. Farida Khanum.

• Highlights of World Health Report 2026 by Muhammad Hammad.

• Book review of “Islam and the Economic Challenge” by Dr. Umer Chapra.

• Research paper in focus on “Bayt Al-Mal Revitalisation: A Transnational Framework for Islamic Economic Sovereignty ” by Abdullah Shakir and Malik Muhammad.

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

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