Moral Reflections on Economics, Vol 5, Issue 5

May 2025 issue (Vol 5, Issue 5) of Moral Reflections on Economics features

 Remembering Prof. Khurshid Ahmad

 Labour in Comparative Economic Systems by Salman Ahmed Shaikh

 Highlights of Global Energy Review Report 2025 by Muhammad Hammad

 Book review of Methodology of Islamic Economics edited by Syed Agil and Aidit Ghazali

 Research paper in focus on Monetary Policy and Islamic Banking by Zakaria Savon and Abdellah Yousfi

 Reflections on “Control Over Past and Present”

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

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Theoretical and Analytical Approach of Financial Stability: Islamic Perspective

Financial crises are often linked to unsustainable booms in financial and business cycles. Research shows that credit and house price cycles are closely tied to output cycles. From an Islamic perspective, synchronizing financial and business cycles can promote stability. A Shari’ah-compliant system without interest rates can align the financial cycle with the real economy, bolstering stability.

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The Divine Whispers

The book aims to reconcile scientific understanding with Islamic faith, suggesting that the natural world contains “divine whispers” that point to the existence and wisdom of God. It seeks to demonstrate that scientific discoveries can strengthen, rather than contradict, religious belief. The author addresses the limitations of purely materialistic scientific explanations, arguing that science, while valuable, cannot fully account for the origins and purpose of the universe. It is noted that science is limited to the observations of our senses, and the brain, which are limited to the material.

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Highlights of Net-Zero Banking Alliance 2024 Progress Report

When joining the Alliance, each member bank voluntarily commits to independently setting, disclosing, and reporting on their progress towards science-based de-carbonization targets, as data and methodologies allow. These individual targets aim to align portfolios to pathways that limit global warming to 1.5°C above the pre-industrial global average temperature, in line with the goals of the Paris Agreement. The Guidelines for Climate Target Setting for Banks outline eight key sectors: power generation, oil and gas, coal, transport, iron and steel, cement, commercial and residential real estate, and agriculture.

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Insaan Ki Kahani by Abu Yahya

The documentary presents historic and scientific information that is easy to understand and taken from authentic and established sources. Instead of over-arguing the case for religion from science and unproven archaeology and historical records, it limits the attention to focus on Qur’an, established scientific facts, established archaeological evidence and universally well-established historical records. In essence, it seeks to bridge the gap between faith and reason, presenting Islamic teachings in a modern and engaging way.

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Moral Reflections on Economics, Vol 5, Issue 4

April 2025 issue (Vol 5, Issue 4) of Moral Reflections on Economics features

Introduction and Review of the Documentary Insaan Ki Kahani by Abu Yahya

Highlights of Net Zero Banking Alliance Progress Report by Muhammad Hammad

Article on Towards Understanding Riba by Hifz Ur Rab

Book review of Divine Whispers by Mujeeb Haqqie

Research paper in focus on Financial Stability by Dr. Hassan and Dr. Noureddine

Reflections on Self-Help Books

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

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Towards Understanding Riba

Riba is one of the most widely discussed issues around Islamic finance. It has many dimensions, but we will confine ourselves to specific issues of Riba al Fadl and Riba in loans. To achieve the objective, we must define Riba in contemporary terminology. Let us explain it for loan of an amount of money. We need to know whether Riba is nominal excess (nominal interest) or real excess (real interest) or something else.

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جناب جاویداحمد غامدی صاحب کی معاشی آراء کا جائزہ

اس مختصر مضمون میں محترم جاوید صاحب کےمعاشی افکار پر کچھ اشکالات پیش کیے جاتے ہیں،  خاص طور پر وہ اشکالات جو بینکنگ سے تعلق رکھتے ہیں۔ اپنے ان افکار کا خیال انہوں نے اپنی کتاب میزان کے قانون معیشت اور چند مضامین میں بھی کیا ہے جو ان کی کتاب مقامات میں چھپے ہیں۔ اس کے علاوہ الیکٹرانک اور سوشل میڈیا میں اورعوامی اجتماعات سے گفتگو کرتے ہوئے بھی ان افکار کا اظہار کیا ہے۔ چونکہ یہ پیچیدہ اور اطلاقی مسائل ہیں، اس لیے ممکن ہے اس میں اختلاف رائے اور اختلاف فہم پایا جائے۔ ایسا بھی ضروری نہیں کہ ایک دفعہ کے غور و فکر اور مشاہدہ و مطالعہ سے مسائل کی جڑ اور حل تک کامیابی سے پہنچا جاسکے۔ یہ بھی ضروری نہیں کہ ایک شخص ہی اس ساری تحقیق کو انجام دے یا اس کا ذمہ اٹھائے۔ چنانچہ تبادلہ خیال اور ایک دوسرے کے افکار کا جائزہ لینے میں قباحت نہیں بلکہ اس سے غلطی سے بچنے اور مسائل کے حل تک پہنچنے کا زیادہ امکان ہے۔ اس امید پر یہ چند اشکالات بصد احترام مزید غوروفکر کے لیے پیش کیے جاتے ہیں۔

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