Tag: DynamicPrescriptiveIslamicEconomics

Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform 

Illustration titled ECONOMICS, RECLAIMING ECONOMICS AS A MORAL SCIENCE, AN ISLAMIC APPROACH TO MONETARY REFORM

Prof. Zaman’s paper, ‘Reclaiming Economics as a Moral Science: An Islamic Approach to Monetary Reform’ argues that contemporary monetary reform remains incomplete because it concentrates on technical solutions – such as macro prudential regulation, institutional safeguards, and regulatory redesign – while insufficiently addressing justice and public welfare. He observes that Islamic finance has developed relatively sophisticated mechanisms for micro-level Shari’ah compliance but still lacks comparable institutional capability for governing systemic outcomes in accordance with the public interest. The paper therefore reframes monetary reform as a problem not only of technical design but also of moral governance.

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