Complexity economics taught us that the world is an ever-changing system with no simple answers. The Dynamic Prescriptive Economics framework takes this knowledge and turns it into a governing principle: Adaptive Governance.
It provides a robust, measurable methodology to:
Quantify the cost of trade-offs using NBCs.
Design a path to synergy using STOs.
Integrate long-term wisdom using AER.
November issue of Moral Reflections on Economics is published, featuring:
• “Complexity Economics: Dynamic Perspective” by Prof. Dr. Tariqullah Khan.
• Problems with Interest Based System by Hifz Ur Rab.
• Highlights of Social Report 2025 by Hammad.
• Book review of “Methodology of Economics” by Dr. Waleed.
• Research paper in focus on “The Economics Profession, the Financial Crisis, and Method” by Dr. David Colander
• Regular sections of reflections, market news, economic and financial indicators and call for papers.
Islamic digital currencies must refrain from a number of actions deemed prohibited by Islamic law, in contrast to traditional cryptocurrencies like Bitcoin. They cannot entail interest-based transactions (Riba), undue speculation or uncertainty (gharar), or gambling (maysir). Their frequent backing by physical assets, such as gold, gives them inherent stability and lessens the speculative bubbles that are typical of traditional cryptocurrencies, which is what makes them so intriguing.
Author explained the problem of double coincidence of wants in the barter trade. He wrote that even if the wants coincide, there may be disagreement on the counter values in exchange. Without divisibility of the good, the barter economy runs into barriers to trade. He also wrote on prudence in economic management. He emphasized the need for proactive procurement and infrastructure investments to ensure smooth supply chain, production process and market stability. He favoured procurement from the original nearby source to avoid intermediation mark-up and make purchases when the market has adequate supply and availability so as to avoid cost-push inflation.
Entrepreneurs may have less or more capital than they plan to invest. Owners of surplus capital may withhold it or may make it available to investors. This may be based on profit sharing ratio or interest. In the Islamic system, charge of Zakah assisted by expected share in profit motivates the owners of capital to get it invested while in a capitalist system, interest motivates the capitalist creditors to lend capital for earning interest.
October 2025 issue (Vol 5, Issue 10) of Moral Reflections on Economics features
• “Debt Dominance Vs Risk-Sharing Ideals: How Sukuk Reshape the Debate” by Prof. Dr. Turalay Kenc, INCEIF University.
• “Integration of Tawhidic Epistemology in ESG” by Prof. Dr. Suhaimi Bin Mhd. Sarif, IIUM, Malaysia.
• “Zakah Driven Islamic Economy and Interest Driven Capitalism” by Hifz ur Rab.
• Book review of “Kitab al-Isharah ila Mahasin at-Tijarah” byAbū al-Faḍl Jaʻfar ibn ʻAlī al-Dimashqī ; translated by Dr. Adi Setia.
• Research paper in focus on “Do Islamic Cryptocurrency and Bitcoin Co-move at Different Investment Horizons?” by Mosharrof Hosen, Hassanudin Mohd Thas Thaker, Mohammad Nazim Uddin, Abdul Qoyum & Farhad Taghizadeh-Hesary.
• Regular sections of reflections, market news, economic and financial indicators and call for papers.
Halal ESG shaped by Tawhidic epistemology is not merely an alternative model; it is a civilizational intervention—calling for harmony between the sacred and the temporal, between environmental responsibility and metaphysical awareness, between economic development and divine accountability. It is this synthesis—rooted in Tawhid, driven by Ummatic consciousness, and aspiring toward Ummatic excellence—that will enable halal industries to become ethical vanguards in a fractured world.
Using a contract-theoretic model, Khan compares two financial arrangements: the Fixed Return Scheme (FRS), which mirrors conventional debt, and the Variable Return Scheme (VRS), which represents profit-and-loss sharing (PLS) contracts such as Mudarabah or Musharakah. His analysis assumes a single lender allocating a fixed pool of funds across many independent projects, with symmetric information and costless observability.
The United Nations Environment Program is mandated to keep the environment under review, which means monitoring environmental changes and issues that may impact our shores. The Frontiers report is a key component of this effort, uniting scientists and specialists from around the world to explore critical emerging environmental issues and recommend policies and courses of action. The 2025 edition of this report addresses four issues that need greater attention from policymakers.
The authors argue that these two fields have traditionally been studied separately, with corporate responsibility focused on the meso (corporate) level and leadership responsibility on the micro (individual leader) level. The proposed relational model seeks to overcome this separation by viewing leadership as a relational phenomenon that is not tied solely to individuals but is instead a “social process” involving all stakeholders.
Islamic Economics Project 