Islamic Economics Project

Highlights of Resisting the Rule of the Rich Report by Oxfam

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

The number of billionaires has surpassed 3,000, with their wealth reaching a record $18.3 trillion in November 2025, an 81% increase since March 2020. This concentration of wealth is exacerbating global inequality, with the 10 richest billionaires holding over $2.4 trillion. The super-rich are profiting from crises like trade tensions, wars, and climate change, while over 2 billion people face food insecurity. The richest 1% own 43.8% of global wealth, while the poorest half hold just 0.52%. This inequality is undermining democracy and perpetuating poverty.

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Money and Inflation

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

We often hear the term ‘inflation’ to describe a general increase in prices, this rise is typically caused by one of two factors. First, it can occur due to a change in the purchasing power of what the money symbolizes, often triggered by a deliberate reduction in the quantity of wealth it represents. This is the essence of monetary manipulation. Second, prices may rise due to a fall in purchasing power without any change in the quantity of the money itself. For instance, if gold becomes naturally cheaper because of a new supply, an Islamic Dinar made of 4.25 grams of gold will naturally buy less.

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Pricing Benchmark, Money Market Instruments and Monetary Policy

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

Islamic banks currently use the same interbank offered rate in pricing their products. By and large, they provide debt based financing rather than equity based modes of financing. Thus, the promise of egalitarian distribution and inclusivity remains unrealized in practice at the moment. From a more pragmatic view to achieve the promise of Islamic economics, it is important to transform the way Islamic banking and finance is conducted in the contemporary monetary system. One way to achieve that is to link the payoffs to the saving deficient and saving surplus units through real sector economic payoffs. This article gives a review of literature on this issue and the next section presents an alternate proposal to achieve the aim of having a distinct system of financial intermediation which is less reliant on debt based financing and which is closely aligned with the real sector of the economy.

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Moral Reflections on Economics, Vol 6, Issue 2

By Islamic Economics Project on February 6, 2026 • ( Leave a comment )

February 2026 issue (Vol 6, Issue 2) of Moral Reflections on Economics features

• “Pricing Benchmark, Money Market Instruments and Monetary Policy” by Salman Ahmed Shaikh.

• “Money and Inflation” by Hifz ur Rab.

• Highlights of Oxfam Report on “Resisting the Rule of the Rich” by Muhammad Hammad.

• Book review of “Iqtisaduna” by Baqir Us Sadr.

• Research paper in focus on “Breaking Bad: How Health Shocks Prompt Crime” by Steffen Andersen, Elin Colmsjö, Gianpaolo Parise, Kim Peijnenburg.

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

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Environmental Sustainability in the Prophetic Sunnah: A Foresight Perspective

By hammadiep on January 21, 2026 • ( Leave a comment )

The author argues that the Sunnah presented a forward-thinking model long before the modern concept of sustainability emerged. This model emphasizes resource preservation, responsible consumption, and the protection of future generations’ rights. Unlike modern secular models, the Sunnah is argued to provide a holistic framework that integrates spiritual, moral, and practical dimensions into environmental care. The author argues that environmental protection is an inherent part of the higher objectives of Islamic law (Maqasid al-Shariah), specifically the preservation of the five essentials: religion, life, intellect, progeny, and wealth.

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A Critical Survey of Islamization of Knowledge

By hammadiep on January 20, 2026 • ( Leave a comment )

The book is a succinct summary of the major thoughts in Islamization of knowledge and the noted author provides a clear demonstration of ideas and how they contrast with each other. An equally useful contribution of the book is the illustration of the different views in flowchart diagram to ease understanding through illustrations. Finally, the book also contains abstracts of seminal works together with a useful and relevant bibliography for interested readers.

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Highlights of World Health Statistics 2025

By hammadiep on January 19, 2026 • ( Leave a comment )

The COVID-19 pandemic led to a 1.54-year global drop in Healthy Life Expectancy (HALE) between 2019 and 2021, with mortality and pandemic-related outcomes causing 1.29-year and 0.28-year losses, respectively. The impact was most severe among adults aged 30+ years. Regions like the Americas and Southeast Asia saw significant HALE losses (2.72 years and 2.5 years, respectively), mainly due to COVID-19 mortality. Increased morbidity from COVID-19, anxiety disorders, and depressive disorders also contributed to HALE declines, offsetting pre-pandemic gains.

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Measuring What Truly Matters: A Maqasid al Shariah Approach to Reforming Gross Domestic Product

By hammadiep on January 18, 2026 • ( Leave a comment )

When economic policy is guided solely by GDP, these ethical imperatives may be undermined. For example, a country may pursue industrial expansion that increases GDP but harms public health, violating hifz al nafs. Liberalization of entertainment sectors may boost GDP but erode moral and family values, violating hifz al din and hifz al nasl. Financial expansion through interest-based lending may raise GDP but undermine fairness and risk sharing, violating hifz al mal.

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IIUM’s Vision 2077: Toward a Just and Balanced Economy (Al-Iqtisad Al-Wasati)

By hammadiep on January 17, 2026 • ( Leave a comment )

Vision 2077 is an ambitious intellectual project that successfully identifies the ontological and epistemological shortcomings of modern economic policy. By utilizing Futures Thinking, it avoids the trap of forecasting the past and instead empowers policymakers to design a future rooted in the Maqasid al-Shariah (objectives of Islamic law).

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Moral Reflections on Economics, Vol 6, Issue 1

By Islamic Economics Project on January 16, 2026 • ( Leave a comment )

January 2026 issue (Vol 6, Issue 1) of Moral Reflections on Economics features

“Roundup of IIUM Symposium on Ummah at 1,500 Years” organized by Department of Economics, KENMS, IIUM.

“A Maqasid al Shariah Approach to Reforming Gross Domestic Product” by Davi John J Simundo Palo.

Highlights of Global Health Report 2025 by Muhammad Hammad.

Book review of “A Critical Survey of Islamization of Knowledge” by Prof. Mohamed Aslam Haneef.

Research paper in focus on “Environmental Sustainability in the Prophetic Sunnah: A Foresight Perspective” by Dr. Usama Abdul Majid Alani.

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

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