Islamic Economics Project

In extreme situations where a person’s survival is in question, Allah allows exceptions. One can use forbidden things with two conditions. The first is that there should be no desire and the second is that it should not exceed the limit. Then, it would not be morally wrong.
Allah in Qur’an says:
“He has only forbidden you (to eat) carrion, blood, swine, and what is slaughtered in the name of any other than Allah. But if someone is compelled by necessity—neither driven by desire nor exceeding immediate need—then surely Allah is All-Forgiving, Most Merciful.” (Surah Al-Nahl 16, verse 115).

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The Value of Societal Values in Finance

By hammadiep on January 12, 2025 • ( Leave a comment )

The author urges that deep and rapid decarbonization must become a global priority because climate tipping points will likely be reached much sooner than previously expected as greenhouse gas emissions continue to rise. To safeguard humanity and its societal systems, it is not only important to consider the time it takes to achieve decarbonization, but to ensure that we avoid reaching the climate tipping points.

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Reconstruction of Religious Thought in Islam

By hammadiep on January 11, 2025 • ( Leave a comment )

The lectures given by Allama Iqbal even after one century are as fresh and illuminating as ever. They show the tremendous depth and breadth of his knowledge, vision and also his commitment and passion for religion and its progressive application at the personal level and societal level in Muslim polity. Amidst the height of passion and devotion, Allama Iqbal still highlights important factors of stagnation which need to be avoided. He urges Ijtihad, Ijma and reconstruction of thoughts to foster change while retaining the eternal principles of religion.

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Highlights of Global Hunger Index 2024

By hammadiep on January 10, 2025 • ( Leave a comment )

In South Asia, serious hunger reflects rising undernourishment and persistently high child under nutrition, driven by poor diet quality, economic challenges, and the increasing impact of natural disasters. The goal of Zero Hunger by 2030 now appears unreachable, and if progress remains at the pace observed since the 2016 global GHI score, the world will not reach even low hunger until 2160 more than 130 years from now.

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Theories of Economic Development and Islamic Economics

By hammadiep on January 9, 2025 • ( 1 Comment )

In Harrod (1939)-Domer (1946) and Solow’s Growth model, the emphasis is on increasing savings and investments and that is supposed to lead to increased productivity corresponding to lower Incremental capital output (ICOR) ratio in Harrod (1939)-Domer (1946) model and hence higher rate of growth and to higher steady state level of output in Solow’s Growth model. Savings that result in investments contribute to growth. Essentially, what leads to growth is investment. Savings are only the source of investment funds.

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Moral Reflections on Economics, Vol 5, Issue 1

By Islamic Economics Project on January 8, 2025 • ( Leave a comment )

January 2025 (Vol 5, Issue 1) issue of Moral Reflections on Economics is online. It features article on Theories of Economic Development and Islamic Economics, Highlights of Global Hunger Report 2024 by Hammad, IEP Public Poll results on Challenges to Banking Sector in 2025, book review of Reconstruction of Religious Thought in Islam by Allama Iqbal, research paper in focus on The Value of Societal Values in Finance by Carolin Schellhorn, Reflections on Quran and Ethics by Abrar Ahmed and regular sections of market news, economic and financial indicators and call for papers.

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Configuring Problems of Economics in Islamic Perspective

By Islamic Economics Project on January 4, 2025 • ( 2 Comments )

This paper explores answers to the question that what should be the subject matter of Islamic economics.

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Oxfam Report on Survival of the Richest

By Islamic Economics Project on January 3, 2025 • ( Leave a comment )

This report has four chapters and this report focuses on how taxing the rich is vital to addressing unprecedented and skyrocketing inequality. It shows how taxing the rich can set us clearly on the path to a more equal, sustainable world free of poverty.

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Values in Economic Choice Behaviour

By Islamic Economics Project on January 2, 2025 • ( Leave a comment )

Use of mathematics in economic theorizing has restricted economic analysis of consumer behavior within a confined boundary of certain axioms. Often, these axioms are found to be empirically false.

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The Political Economics of Green Transitions

By hammadiep on December 14, 2024 • ( Leave a comment )

The authors caution that democratic politics may or may not help fix dynamic social problems. The authors argue that even in their own optimistic model of politics—where parties maximize average utility of those currently alive— equilibrium policies may not put society on the right path, and the speed of the green transition may be too slow. Climate change and environmental degradation is a slow and cumulative process. To protect environment, the efforts also need to be cumulative and consistent. A self-centric secular worldview encourages the self-centric use of private property resources. However, even small things done collectively and consistently can have a larger effect.

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