It is encouraging to see the commitment of the authors to engage with criticism of their proposal. Such efforts to engage with critical issues of the economy and society are highly respectable and deserve appreciation. Some further clarifications are humbly provided in response to the rejoinder by the authors.
Rejoinder on the Book Review: Breaking the Trap of Debt, Inflation, Interest and Poverty. Original review can be seen at: https://islamiceconomicsproject.com/2026/05/08/breaking-the-trap-of-debt-inflation-interest-and-poverty/
The book by Qanit Khalilullah and Sohaib Umar offers a critique of the modern fractional-reserve banking system, arguing that it is the primary engine behind chronic economic instability, inflation, and wealth inequality. The authors propose a radical macroeconomic transition to a full-reserve banking model. This proposal is specifically tailored as a structural panacea for Pakistan’s crippling debt crisis, while simultaneously being framed as a genuine path to establishing a Shari’ah-compliant Islamic financial system.
May 2026 issue (Vol 6, Issue 5) of Moral Reflections on Economics features
• “From Ontological to Epistemic–Institutional Halal” by Prof. Dr. Turalay Kenc, INCEIF University, Malaysia.
• “The Social and Cultural Importance of Hajj” by Dr. Salman Ahmed Shaikh.
• Highlights of Global Trade Report by Muhammad Hammad.
• Book review of “Breaking the Trap of Debt, Inflation, Interest and Poverty” by Qanit Khalilullah and Sohaib Umar.
• Research paper in focus on “Beyond Prohibitions: Unveiling the Hidden Dynamics of Islamic Economics and Finance” by Prof. Dr. Burhan Uluyol.
• Regular sections of reflections, market news, economic and financial indicators and call for papers.
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